LONDON–(BUSINESS WIRE)–#GlobalPotassiumChlorideMarket–The potassium chloride market is expected to grow by 11 million MT during 2020-2024, expanding at a CAGR of almost 3%. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Potassium Chloride Market: Increasing demand from fertilizer industry to drive growth
The land available for cultivation has decreased steadily over the past few decades due to urbanization and increasing construction activities. For instance, globally the total available arable land in 2018 was about 46% lesser when compared with 1961. Besides, the rise in per capita income in developing countries such as China, India, and Brazil has increased the demand for food and beverages. In addition, the global population is anticipated to reach 9.7 billion by 2020. These factors have led to a surge in the use of fertilizers such as potassium chloride to increase crop yield. This is one of the key factors driving the growth of the global potassium chloride market.
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As per Technavio, the high demand from APAC will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Potassium Chloride Market: High Demand from APAC
The consumption of fertilizers in Asia is more than 50% of the total global consumption. Countries such as China and India are exhibiting higher demand for potassium chlorides owing to the growing population, rise in per capita income, and the growth of various end-user industries. Besides, in 2018, Asia accounted for about 19% of the total global agriculture and food exports. In addition, many governments across APAC are offering subsidies and incentives to encourage agriculture and increase the production of food. All these factors are contributing to the growth of the global potassium chloride market.
“Demand for feedstock in biofuels and the increasing use of potassium chloride in de-icing applications will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Potassium Chloride Market: Segmentation Analysis
This market research report segments the potassium chloride market by Application (Fertilizer, Industrial, Pharmaceutical, and Others) and Geography (APAC, North America, South America, Europe, and MEA).
The APAC region led the potassium chloride market in 2019, followed by North America, South America, Europe, and MEA respectively. During the forecast period, APAC is expected to register the highest incremental growth due to rapid industrialization and urbanization in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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