Potassium Chloride Market Size Worth USD 18.17 Billion in 2032 | Emergen Research

Rising demand for KCL in the fertilizer and food industries and increasing need of KCL from multiple end-industries, including metal, glass, and petroleum sectors are key factors driving potassium chloride market revenue growth

Vancouver, Jan. 08, 2024 (GLOBE NEWSWIRE) — The global potassium chloride market size was USD 13.08 Billion in 2022 and is expected to register a rapid revenue CAGR of 3.3% during the forecast period. Rising demand for KCL in the fertilizer and food industries and increasing need of potassium chloride from multiple end-industries, including metal, glass, and petroleum sectors are key factors driving market revenue growth.

An emerging trend in the market is increasing consumption of potassium chloride in healthcare and pharmaceutical sectors. Potassium chloride is an ingredient in drugs and treatments that are used to prevent or treat hypokalemia, a condition characterized by low blood K levels brought on by illness, side effects from prescription drugs, or chronic conditions that induce vomiting or diarrhea. Numerous meals include KCL, which is essential for a number of bodily processes, including the regulation of heart rhythm. In addition, highly concentrated K is given to patients to make up for K deficits when these are fluid restricted and unable to handle the usual fluid volumes in injectable K solutions with lesser concentrations.

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A toxic nature of potassium chloride is a key factor, which could restrain market revenue growth. Supplements containing potassium chloride can be used to treat hypokalemia, or low K. This kind of electrolyte aids in the control of heartbeat, muscular contraction, neuron activity, and other processes. Taking potassium chloride increases the chance of hyperkalemia, which is the overconsumption of K in the body. Small intestinal lesions, paresthesias, paralysis, paralysis, weakness of muscles, and cardiac arrhythmia are among the more severe symptoms it produces.

The market, however, faces challenges due to the toxic nature of KCL, restricting growth in certain medical conditions. Overconsumption, particularly through supplements, may lead to hyperkalemia, causing severe symptoms such as intestinal lesions, paralysis, and cardiac arrhythmia. Careful consideration and medical supervision are advised for patients with specific health conditions.

Market Segment Insights

Potassium Chloride Crop Insights:

On the basis of crop, the global potassium chloride market is segmented into cereals, oilseeds, fiber and sugar, and fruits and vegetables. The oilseeds segment accounted for largest market share in the global potassium chloride market in 2022 due to rising awareness about K in oilseeds yield. Cultivars, including canola, flax, soybean, sunflower, and sesame, that provide oil from their seeds are known as oilseed crops. The need for K in oilseed crops is significant, particularly during the flowering and seed-filling phases. One of the most abundant elements in oilseed rape is K, and when the soil lacks sufficient available K, a proper K application rate is essential to achieve optimal yield. Oilseed rape has a high K requirement, with absorption varying between 150 and 300 kg K2O ha−1 annually.

Product Type Insights:

On the basis of product type, the global potassium chloride market is segmented into powder, granular, and crystal. The granular segment is expected to account for significantly large market share in the global potassium chloride market during the forecast period due to versatility and effectiveness of potassium chloride in agricultural applications. KCL in its coarse, granular form is known as granular Potassium Chloride (KCl). The dry agglomeration process of compaction, which takes place between two counter-rotating rolls, is the first step in potassium chloride granulation process.

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Regional Insights:

Asia Pacific accounted for largest market share in the global potassium chloride market in 2022 due to increasing use of potassium chloride in fertilizers. China is a significant player in the Asia Pacific region, and the demand for potassium chloride is greatly influenced by its expanding industrial and agricultural sectors. Japan is the second largest importer of fertilizer containing KCL. In 2021, East Asia’s fertilizer consumption reached 61.9 million metric tons and South Asia followed closely with a consumption of 38.7 million metric tons, highlighting the significant demand within the region.

Europe is expected to register fastest market growth rate in the global potassium chloride market during the forecast period due to rising demand for potassium chloride in Germany, France, and the UK. For instance, the largest single K+S site, Zielitz Potash Plant in Saxony Anhalt, extracts K-containing crude salts for use in fertilizer manufacturing, industrial products, and feed and food sector products. It is one of the biggest and most advanced potash facilities in the world, producing over 12 million tons of crude salt annually.

Scope of Research

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Major Companies and Competitive Landscape

The global KCL market is fairly fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective KCL solutions in the market.

Some major players included in the global KCL market report are:

• Sinofert Holdings
• SQM S.A.
• ICL
• Belaruskali
• K+S Aktiengesellschaft
• Arabpotash
• IMC Global Inc.
• Potash Corporation of Saskatchewan Inc.
• Agrium Inc.
• Nutrien Ltd.
• Uralkali
• Mosaic
• CF Industries Holdings, Inc.
• Yara
• Intrepid Potash
• Cargill Incorporated
• Compass Minerals
• QingHai Salt Lake Industry Co., Ltd.
• Israel Chemicals
• EuroChem Group

Strategic Development

• In October 2023, ICL announced the launch of high-purity KCL, which is made by refining KCL that has been enormously retrieved from the Dead Sea as part of the much larger operations of Dead Sea Works (DSW) complex. Pharmaceutical, food, feed, and industrial grades, as well as rehydration formulations, are all included in the KCL product line. In addition, it finds extensive use in various industrial processes such as metal treatment and gas and oil drilling.
• On 5 April 2023, Uralkali reached an agreement with Indian Potash Limited (IPL), the country’s biggest importer of mineral fertilizer, to supply KCL at a cost of USD 422 per tonne, under CFR terms and conditions. Uralkali believes that the price parameters of this agreement maintain the company’s position in one of its major markets while considering the interests of producers and consumers equally in the current economic situation.

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Segments Covered in Report

For the purpose of this report, Emergen Research has segmented the global KCL market on the basis of grade, crop, product type, application, and region:

• Grade Outlook (Revenue, USD Billion; 2019-2032)
  • Agricultural Grade
  • Chemical/industrial Grade
• Crop Outlook (Revenue, USD Billion; 2019-2032)
  • Cereals
  • Oilseeds
  • Fiber and Sugar
  • Fruits and Vegetables
• Product Type Outlook (Revenue, USD Billion; 2019-2032)
  • Powder
  • Granular
  • Crystal
• Application Outlook (Revenue, USD Billion; 2019-2032)
  • Fertilizer
  • Pharmaceutical
  • Industrial
  • Food
• Regional Outlook (Revenue, USD Billion Units; 2019-2032)
  • North America

• • • U.S.
    • Canada
    • Mexico

• • Europe

• • • Germany
    • France
    • UK
    • Italy
    • Spain
    • Benelux
    • Rest of Europe

• • Asia Pacific

• • • China
    • India
    • Japan
    • South Korea
    • Rest of APAC

• • Latin America

• • • Brazil
    • Rest of LATAM

• • Middle East & Africa

• • • Saudi Arabia
    • UAE
    • South Africa
    • Turkey
    • Rest of Middle East & Africa

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