Potassium Fertilizers Market: Overview
When wood is burned, natural compounds called potassium fertilisers are produced. In addition to the ocean, mines also contain them. Fertilizers high in potassium improve plants’ capacity to fight off illness. They are crucial in raising crop output and general quality. Additionally, potassium safeguards the plant by bolstering its root system and preventing wilting in cold or dry weather. 60% of potash, measured in K2O, is present in potassium chloride, also known as muriate of potash (MOP). Brazil is one of the biggest consumers of potash fertilisers, mainly because of its substantial soybean production. Muriate of Potash (MOP) and Sulfate of Potash are frequently used formulations of potassium fertilisers that are sold in the market (SOP).
The market for potassium fertilisers is expanding as a result of rising fertiliser demand. Due to the rise in population, the increased demand for food, and the increase in government support for the use of cutting-edge methods and fertilisers for high productivity, the market for potassium fertilisers is also anticipated to grow. High potassium levels, on the other hand, can inhibit plant development and result in renal disease in people. High exposure might cause fluid to accumulate in the lungs. Permanent eye injury might result from contact with the eyes. The market for potassium fertilisers is suffering as a result.
Growing desire for more food crop output combined with rising soil deficiency, convenience of use, and consistent application are projected to propel the expansion of the potassium fertilisers market. Because potassium intake differs between crops and different soils, the amount of potash fertiliser needed depends on the type of crops planted. The market for these liquid potassium fertilisers is expected to increase in the upcoming years because precision agriculture is known to reduce nutrient losses by permitting the variable-rate fertiliser application.
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The Canadian government anticipated that the world’s potash production would reach about 69.2 million tonnes in 2020. With 32% of the global potash production in 2020, Canada will be the leading producer in the world. In 2020, the production of potash was accounted for by four nations: China, Russia, Belarus, and Canada. Potassium is a significant nutrient that plants need in large quantities. The potassium liquid fertiliser market is predicted to expand rapidly over the next few years due to rising food consumption and higher output as a result of rising population.
The projection period is expected to see slow growth due to reasons including strict government requirements for the approval of potash fertilisers. Additionally, the market’s expansion has been hampered by a fall in demand for potash fertiliser as a result of price volatility. Additionally, rising trends in the consumption of organic foods, unfavourable regulatory standards, and a lack of standards and protocols could all hinder the global potash fertilisers market’s overall growth. Nevertheless, there are prospects for favourable growth due to the increase in investments in agricultural activities, the requirement to improve pasture production, and unrealized potential in emerging markets.
COVID-19 Impact:
The World Health Organization (WHO) Worldwide Health Regulations Emergency Committee declared the COVID-19 outbreak a public health emergency of international significance on January 30, 2020. The virus started in China and has now reached at least 214 nations and territories.
Due to recent events surrounding the COVID-19 pandemic, a number of governments and private sector businesses are operating at a reduced capacity or have totally suspended operations.
With the tightening of the worldwide supply-demand balance for potash, the market for potassium fertilisers has been rebounding.
During the COVID-19 epidemic, supplies have had a difficult time keeping up with demand in several nations, including the United States. To meet the growing demand, major businesses including Nutrien Ltd. and K+S AG are increasing their production capabilities.
Global Potassium Fertilizers Market: Major Players
- K+S
- SABIC
- QingHai Salt Lake Industry
- Mosaic
- ICL
- Belaruskali
- Sinofert
- SQM
- APC
- Xinlong Holding
- Potash Corp
- QSLI
- Agrium
- Uralkali
Segmentation:
Global Potassium Fertilizers Market: Types
- Liquid
- Solid
Global Potassium Fertilizers Market: Applications
- Foliar
- Fertigation
- Broadcasting
Global Potassium Fertilizers Market: Regional Analysis
All the regional segmentation has been studied based on recent and future trends, and the market is forecasted throughout the prediction period. The countries covered in the regional analysis of the Global Potassium Fertilizers market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Russia, Italy, Spain, Turkey, Netherlands, Switzerland, Belgium, and Rest of Europe in Europe, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, China, Japan, India, South Korea, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), and Argentina, Brazil, and Rest of South America as part of South America.
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