Latest News- Potash Market: Fertilizers is expected to lead the End-user segment during 2025-2029

The Potash Market is being driven by Growing demand for fertilizers

The Potash Market is expected to grow at a CAGR of 4.9% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 16818.2 million. In the potash market, production capacity is projected to expand substantially, rising from an estimated 39 million metric tons in 2023 to 67.6 million metric tons by 2026. This growth is attributed to new projects and expansions in countries such as Laos and Russia. The escalating demand for potash, a vital nutrient for plant growth and a primary ingredient in fertilizers, necessitates this significant increase. Belaruskali, a major potash manufacturer, also plans to enhance its production capacity to 15.9 million tons by the end of 2025. This expansion is indicative of a broader industry trend to amplify production to cater to the burgeoning global demand. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Fertilizers
  • General industrial
  • Others
• Product
  • Muriate of potash
  • Sulfate of potash
  • Potassium nitrate
  • Others
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • North America
    • Canada
    • US
  • Europe
    • Germany
  • South America
    • Brazil
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing demand for fertilizers
• Use of potash and its derivatives in food processing applications
• High demand for potash in APAC

However, the market also witnesses some limitations, which are as follows:

• High price of SOP fertilizers
• Increasing consumption of organic food
• Unpredictability in fertilizer sector

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Market Scope in Potash Market Research Report

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Research Analysis Overview

The Potash market plays a significant role in the agricultural sector, supplying essential nutrients like Potassium for various crops and food production. With rising food demand and focus on increasing crop yields, the use of high-performance fertilizers such as Potassium Chloride (Muriate of Potash or MOP), Potassium Nitrates, and Sulfate of Potash, is on the rise. These fertilizers enhance soil fertility, contributing to precision agriculture and improved crop productivity in essential sectors like soybeans and food production. Agricultural investments in NPK fertilizers and organic farming also rely on Potash derivatives for optimal cattle feed and crop growth.

Market Research Overview

The global commodity chemicals market encompasses businesses specializing in the production of industrial and basic chemicals, such as plastics, synthetic fibers, films, commodity-based paints and pigments, explosives, and petrochemicals. Notably excluded are chemical companies manufacturing diversified chemicals, fertilizers and agricultural chemicals, industrial gases, and specialty chemicals. Key growth drivers for this market include the escalating demand for plastic packaging, driven by the increasing preference for lightweight, corrosion-resistant materials, leading to continuous innovation in the industry and influencing the utilization of chemicals in the production of plastic packaging materials. Additionally, the agricultural sector's expanding demand, driven by rising food demand, increasing crop yields, and the adoption of precision agriculture, necessitates the use of essential nutrients like potassium chloride, muriate of potash, and NPK fertilizers, contributing to market expansion.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/