Rising focus over improving crop yield productivity is augmenting the growth of the potash fertilizers market

 

Potash Fertilizers Market

Potash, a trade name for Potash-Base, is a trade name generally applied to the salts of potassium salts, also known as Potash of Sulfate. Potash is a generic term typically used to define potassium chloride (KCL), more popularly known as Muriate of Potash. However, it's also a broader category that includes other more specialized chemicals like Sulfate of Potash (SOP) and Sulfate of Sulfate. Potash fertilizers are both inorganic compounds usually derived from potassium salts of plants or from sodium ions obtained by electrolysis.

Growing demand for improving the overall crop productivity due to the increasing population around the globe is driving the growth of the potash fertilizers market. Moreover, the increasing use of potash fertilizers in various crops, especially fruits & vegetables is again fueling the growth of the market. The growing focus of key manufacturers to increase the production capacity of potash is also projected to propel the growth of the market. Canada’s Nutrien Ltd, the producer of potash fertilizer has announced its plan to expand its annual production capacity by 5 million tonnes after 2023, around the time that metals miner BHP Billiton is considering a move into potash.

The Asia Pacific is projected to gain significant growth over the forecast period and this is attributed to the strong presence of the agriculture industry in the region. Farmers in the region are adopting advanced farming practices and tools to enhance productivity this is creating demand for potash fertilizers. According to the India Brand Equity Foundation, agriculture is the primary source of livelihood for about 58% of India’s population. Gross Value Added (GVA) by agriculture, forestry, and fishing was estimated at Rs. 19.48 lakh crore (US$ 276.37 billion) in FY20 (PE). Growth in GVA in agriculture and allied sectors stood at 4% in FY20.

Key Developments:

1.      Perstorp has entered the fertilizer market through the launch of Amicult™ K42. This chloride-free potassium source is shown to have a high solubility and absorption rate, without increasing salinity or clogging foliar and drip irrigation systems.

2.      In November 2020, AgroLiquid has added a new liquid phosphorus product, springuP to its crop nutrition portfolio. This quick-release, readily available product helps growers get their crops off to a strong start.

3.      In July 2018, COMPO EXPERT GmbH a manufacturer of specialty fertilizers has entered into a strategic partnership with Transworld Furtichem Pvt. Ltd. (Transworld Furtichem), a significant fertilizer manufacturer in India. NPK compounds, Water-soluble NPK, Granulated Single Super Phosphate, Magnesium Sulphate, Sulphate of potash are product portfolios of Transworld Furtichem.


Location: India

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