Global Potassium Derivatives Market is anticipate to exhibit 4%
CAGR from 2019 to 2027: TMR
Global Potassium Derivatives Market: Key Highlights
The global potassium derivatives market was valued at ~US$ 12
Bn in 2018 and is anticipated to expand at a CAGR of ~4% from 2019 to 2027.
The demand for potassium derivatives such as potassium chloride has increased
over the last few years. This trend is expected to continue throughout the
Muriate of potash (MOP) is commonly called potassium chloride (KCL). Potassium
chloride is largely used as a fertilizer; it is the third-largest crop nutrient group,
next to nitrogen and phosphorous.
Potassium chloride, a potassium derivative, is essential to ensure the quality and
yield of the crop, due to the continued growth of the global population. Thus,
expansion in agriculture and need for better quality of agricultural commodities
are driving the demand for fertilizers. This, in turn, is boosting the global
potassium derivatives market.
Key Drivers of Potassium Derivatives Market
Potassium derivatives are primarily employed in the manufacture of agricultural
products such as fertilizers. Potassium derivatives are also employed in a wide
range of non-agricultural applications, such as the manufacture of soaps,
detergents, and pharmaceutical products.
There has been exponential rise in the population in developing countries such as
China, India, and Brazil. Significant growth in disposable income has led to
improvements in lifestyle of the people. This, in turn, is anticipated to boost the
demand for personal care and household care products such as soaps & toiletries
and detergents & cleaners. Therefore, increase in the consumption of potassium
derivatives in non-agricultural applications such as the manufacture of soaps &
detergents and pharmaceutical products is projected to drive the potassium
derivatives market during the forecast period
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