Potash Ores Market Application 2020 growth latest application share recent trends and better investment opportunities by forecast to 2027

POTASH ORES MARKET APPLICATIONS

Potash ore is a raw material for the manufacture of potash and other compound fertilizers. It is developed by chemical and mechanical methods, hot leaching and flotation respectively. The global potash ore market report by Market Research Future (MRFR) offers analysis on various business models by ore extractors, key strategies, as well as drivers and challenges for the period of 2020 to 2027 (forecast period).

Market Scope

The POTASH ORE MARKET APPLICATION is primarily driven by the large need for fertilizers and nutrients required to cultivate crops. Huge demand for food globally is expected to be one of the biggest drivers of the market. The concerns of soil fertility among farmers have led to a spurt in mining activities for the commodity. This is evident with the number of acquisitions and consolidations by companies to cash in on the booming element. Furthermore, the development of suplhate of potash (SOP), a premium potassium fertilizer can open up new opportunities for the market.

Relaxed regulations by countries for mining licenses can be lucrative for potash ore producers looking for new opportunities. Rajasthan, a state in India, has decided to open up its potash mines for reducing its dependence on imports of the commodity.

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Segmentation

The global potash ore market is segmented by source and application.

On the basis of the source, the market is segregated into potassium chloride, sodium chloride, and others. The potassium chloride segment is expected to dominate the market owing to its use in the production of fertilizers. Huge demand for food and the cultivation of fruits and plants can fuel the segment growth till 2023. On the other hand, sodium chloride is set to expand at a rapid pace due to its use in the making of chemicals such as sodium chlorite, caustic soda, and others.

Applications include chemical, metallurgical, agriculture, and others. The agriculture application can provide maximum dividends for the market owing to applications of potash ore in the production of fertilizers.

Regional Analysis

The potash ore market covers trends and opportunities across Asia Pacific (APAC), North America, Europe, Latin America, and the Middle East & Africa (MEA).

North America is projected to display a remarkable growth rate due to the utilization of potash ore in agriculture, metallurgy, and chemical sectors. The demand for organic food and in other end-use industries can act as a catalyst for the market in the region. Canada, the U.S., and Mexico are major contributors of the region.

APAC can grow at a rapid pace due to the rising investments by end-use industries in the region. An increase in expendable income levels, demand for organic food, and the large population are factors driving regional market growth.

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Europe is observed to experience a stellar growth rate due to the demand for organically grown vegetables and fruits and the emergence of organic food stores. Technological breakthroughs in fertilizer formulations can drive the market growth. France, Germany, Italy, and the U.K. are the biggest contributors of the regional potash ore market.

Latin America can report a steady growth rate during the forecast period due to being home to the biggest potash ore producing countries such as Brazil and Chile. Low mining production costs and demand for fertilizers highlight the latent potential of the region for the global potash ore market.  

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Competitive Outlook

Kore Potash Limited, Uralkali, JSC Belaruskali, Nutrien Ltd, Encanto Potash Corp. (EPO), Intrepid Potash, Inc., K+S KALI GmbH, Mining Associates, EuroChem, and ICL are key players of the global potash ore market. Importance of potassium as a fertilizer and essential element in diets can lead to intense competition among the players.

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