NEW YORK, Jan. 19, 2023 (GLOBE NEWSWIRE) -- Here are some key points from IndexBox's latest report on the global potassium chloride market.
Global Potassium Chloride Market Overview
The global potassium chloride market is expected to grow from $43B in 2022 to $50B in 2030, increasing at a CAGR of around 1.9% during the forecast period. The major factors driving the growth of the market are the rising demand for fertilizers and potash in agriculture, and the increasing use of potassium chloride in water treatment, and as a de-icing agent.
However, stringent environmental regulations regarding the discharge of brine effluents containing potassium chloride are expected to restrain market growth over the forecast period. Moreover, health concerns associated with high intake of potassium chloride are also anticipated to hamper market growth during the forecast period.
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Potassium chloride, also known as KCl or potassium salt, is a metal halide compound with the chemical formula KCl. It is odorless and has a white or colorless vitreous crystal appearance. Its solutions are neutral to litmus. Potassium chloride has low solubility in water but is highly soluble in ethanol and methanol.
Potassium Chloride Application
Potassium chloride finds applications in agriculture as a fertilizer and soil conditioner; in the industry as an electrolyte for batteries and capacitors; and in medicine as an electrolyte replenisher.
The agricultural sector is the major consumer of potassium chloride, as it is used as a fertilizer to improve crop yields. Potassium chloride is also used in the manufacturing of detergents, glass, and other industrial products.
In the healthcare sector, potassium chloride is used in the treatment of electrolyte imbalance and hypertension. It is also used as an antidote for magnesium sulfate toxicity.
The other segments include mining and construction applications. Potassium chloride is used in drilling operations in the mining industry and in concrete production in the construction industry.
Asia Pacific is projected to grow at the highest CAGR during the forecast period. The high growth of this regional segment is attributed to the increasing demand from end-use industries such as chemical & fertilizer and the growing population in countries such as India and China.
Potassium Chloride Prices
Amid logistic tensions and volatile prices for energy resources, the average export price for potassium chloride surged from $281 per ton in 2021 to $605 per ton in 2022. According to the latest market forecast, potassium chloride prices are expected to rise in the first half of 2023, driven by increased demand from the agricultural sector.
About IndexBox
IndexBox is a market research firm developing an AI-driven market intelligence platform that helps business analysts find actionable insights and make data-driven decisions. The platform provides data on consumption, production, trade, and prices for more than 10K+ different products across 200 countries.
Companies Mentioned in the Report
Agrium Inc., Compass Minerals International Inc., Intrepid Potash, Inc., K+S AG, Israel Chemicals Ltd., Sichuan Lutianhua Co. Ltd., EuroChem Group AG, Yara International ASA, Rio Tinto Group, Karnalyte Resources Inc., Potash Corporation of Saskatchewan, Mosaic Company, AkzoNobel, BASF SE, Dow Chemical Company
Sources
World – Potassium Chloride - Market Analysis, Forecast, Size, Trends and Insights
EU - Potassium Chloride - Market Analysis, Forecast, Size, Trends and Insights
Asia - Potassium Chloride - Market Analysis, Forecast, Size, Trends and Insights
U.S. - Potassium Chloride - Market Analysis, Forecast, Size, Trends and Insights
