Potassium Chloride Market Size – USD 16.98 Billion in 2018, Potassium Chloride Market Growth – CAGR of 4.9%
NEW YORK CITY, NEW YORK, UNITED STATES, March 23, 2020 /EINPresswire.com/ — The Global Potassium Chloride Market is forecast to reach USD 25.01 Billion by 2027, according to a new report by Reports and Data. Potassium Chloride (KCL) or potassium salt is the metal halide composition of potassium and chloride chemical compounds. KCL is one of the most important sources of potassium chemical elements. The crystalline powder is white, odorless & highly soluble in water and sourced from seawater or other salt-containing surface water. Potassium is a crucial mineral for the human body and principal base in the tissue of blood cells, as it helps to lower the adverse effects of salts and maintains the blood pressure.
Chlorine provides electrochemical neutrality in the red blood cells. Caustic potash or potassium hydroxide is derived from KCL and one of the most prominent segment in the overall fertilizer market. Potassium chloride is listed as an essential medicine by the World Health Organization, and KCL generic medicine supposedly is the most suitable and safest salt for repletion of the common forms of hypokalemia.
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The Asia Pacific region is expected to retain its dominance in the global market. The market is North America is growing at a significant pace due to the extensive use of potassium chloride in fertilizers & healthcare industry verticals. China and India are some of the fastest-growing markets in the world; the United States holds some of the most prominent players in the market.
Further key findings from the report suggest
• Potassium Chloride naturally preserves the personal care products and cosmetics by chelating bonds. The mixture of citric acid & its salts are also added to the personal care products in order to help adjust the acid to base ratio.
• Growing penetration of the online retailing businesses for the chemicals and materials, especially in the emerging nations in the Asia Pacific, is helping the market grow by broadening the outreach in the areas where the services of the offline vendors are unavailable. Also, due to the non-involvement of distributors in the supply chain model, the profit margin is way more than that of the offline retailing. The online retailing is expected to gain a market share of 33.9% by 2027.
• Potassium chloride is used to treat hyperkalemia and disorders pertaining to the kidney, adrenal glands, and others. For some open-heart surgeries, KCL is injected into the heart muscles in order to stop the heartbeat as the procedure cannot proceed with the heart rhythmic contraction and expansion processes.
• In January 2018, two major giants of the fertilizers industry in Canada namely, Agrium and Potash Corporation in Saskatchewan, merged into one company, named, Nutrien Ltd. Nutrien Ltd. was headquartered in Saskatchewan, Canada. The joint venture of these two giants have, in turn, made them the biggest fertilizer producer in the world.
• European region is forecasted to witness significant growth in the overall market, with 15.6% of market possession by 2027, having grown with a CAGR of 3.4% during the forecast period. Germany and the Netherlands hold some of the most prominent players in this region.
• North America, with its high demand for potassium chloride in agricultural & healthcare industries, is accounted to retain a significant position in the global market by 2027, growing with a CAGR of 5.3% throughout the forecast period.
• Key participants include Sinofert Holdings Limited, Agrium, The Potash Corporation, Uralkali, The Mosaic Company, ICL Specialty Fertilizers, The Arab Potash Company, CF Industries Holdings, Inc., Intrepid Potash, Inc., and Belaruskali, among others.
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For the purpose of this report, Reports and Data have segmented the global Potassium Chloride market on the basis of distribution channel, form, end-use verticals, and region:
Distribution Channel Outlook (Revenue, USD Billion; 2016-2027)
• Online Retailing
• Offline Retailing
Form Outlook (Revenue, USD Billion; 2016-2027)
End-Use Verticals Outlook (Revenue, USD Billion; 2016-2027)
• Fertilizers Industry
• Medical & Pharmaceutical
• Industrial Applications
Regional Outlook (Revenue, USD Billion; 2016-2027)
• North America
• Asia Pacific
• Latin America
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Source: EIN Presswire