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Potassium Derivatives Market By Types (Potassium Chloride, Potassium Hydroxide, Potassium Sulfate, Potassium Schoenite, Potassium CarbonateOthers (Potassium Nitrate, Potassium Bicarbonate, and Potassium Permanganate) By Application (Agricultural, Industrial) - Growth, Future Prospects & Competitive Analysis, 2016 – 2028

About this report

The global potassium derivatives market report explores the critical analysis of the potassium derivatives industry using key parameters. The report consists of investment strategies, the need for investments in the potassium derivatives industry, and the multiple benefits for the investors. Importantly, this report sets out major changes in the global technical regulations for the potassium derivatives industry and how economic and non-economic barriers are helping the potassium derivatives market grow. Moreover, the report analyzes the global, regional, and country-level historic and forecasted market size. The report also provides a comprehensive analysis of key investment propositions, demand and supply gap, competitors positioning, STAR analysis, SRC analysis, and Tornado analysis. Key technological developments and other analyses such as porter's five forces analysis, PESTEL analysis, value chain analysis, etc.

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Key Highlights of the report

How are the major segments performing in the Potassium Derivatives market?

In 2021, the agricultural segment accounted for the largest share of the market as it is widely used to fertilize the soil. 

In 2021, the potassium chloride segment was anticipated to hold a prominent share in the global potassium derivatives market as it is widely used due to its relatively low cost and higher amount of potassium than most other sources.

Which region dominated the potassium derivatives market?

In 2021, the North American region was anticipated to hold a prominent share in the global potassium derivatives market. In the U.S., potassium sulfate is preferred as a fertilizer because of its outstanding performance and properties. The production of tree nuts, such as cashews, almonds, etc. and turf has increased steadily in the last few years. Farmers are increasingly concentrating on adopting SOP-based fertilizers to generate effective crop yields. 

What is the competitive environment of the potassium derivatives market?

The potassium derivatives industry's competitive environment provides information on the entire economic profit made by suppliers and businesses, the sales and revenues created in this sector, the potassium derivatives market share globally, the business organization summary, the introduction of new products, and the opportunities for the industrial potassium derivatives market. For instance, in February 2022, Vynova launched the world's first range of low-carbon potassium (K) derivatives. Marketed under the VynoEcoSolutions brand, the new K derivatives product line has the lowest carbon footprint available on the market and will help customers across a wide range of industries to manufacture more sustainable products. Furthermore, in July 2021, Vynova Group announced that it would build a state-of-the-art production factory for liquid potassium carbonate (K2CO3) at its site in Tessenderlo, Belgium. The unique and more extensive facility will replace the company's existing potassium carbonate plant in Tessenderlo and will be created to accompany Vynova's growth, further reinforcing its position as Europe's number one supplier of potassium derivatives.

Executive Summary

Howare Food Manufacturers Teaming Up with Stakeholders in Potassium Derivatives Market?

Regulations about salt and sodium content in food are surfacing in some parts of the globe. Though food manufacturers are taking conscious actions to substitute sodium with salt, they face specific challenges in the food manufacturing landscape. After various research attempts, it has been found that potassium chloride is an adequate option for sodium in salt. Hence, manufacturers in the potassium derivatives market are expanding their focus on fulfilling the demands of food manufacturers. The growing application of potassium chloride in different end uses triggered market growth. Potassium chloride will resume prominence in the potassium derivatives market throughout the forecast period. Furthermore, food manufacturers increasingly utilize potassium chloride to substitute sodium in salts after familiarizing updates in previous food regulations. Even the FDA is urging food manufacturers to utilize mineral salts, including potassium chloride, to decrease sodium intake and reduce the risk of blood pressure amongst consumers. However, if not operated judiciously, potassium chloride can lead to severely impaired kidney functioning and decreased blood pressure, independent of sodium intake. Hence, food manufacturers maintain the right ratio of sodium and potassium during the manufacturing process of food products. They are concentrating more on conceding to the regulations and less on improving the taste of the food products.

Which are the key investments by the potassium derivatives market players?

Leading players operating in the potassium sulfate market are focusing on expansion in production capacities for potassium sulfate. Apart from this, players are concentrating on strategic mergers and acquisitions, collaborations and creating awareness among farmers via different associations formed to promote smart farming practices to serve more end users in the domestic market to gain a competitive edge. For instance, in September 2020, Tessenderlo Kerley and Van Iperen International signed a long-term distribution agreement to sell the top-quality potassium sulfate produced at Kemira's plant. Under the terms of this contract, Van Iperen International will sell globally premium, water-soluble rate SOP produced at Kemira's plant in Helsingborg (Sweden).

Some major players in the potassium derivatives market are Unid, TOAGOSEI, SPOLCHEMIE, Altair ChimicaSpA, Agrocel Industries, Evonik Industries, Vynova Group, The Olin Corporation, ERCO Worldwide, Israel Chemicals, Nutrein, K+S Group, Uralkali, and Arab Potash.

What are the Major Driving Factors for the Potassium Derivatives Market?

The increase in global population, rise in the consumption of high-protein products that need fertilizer-intensive grains, more significant crop requirements for biofuel production, and decrease in arable land are convincing farmers to enhance crop yield, thus delivering lucrative opportunities for the fertilizers industry. This demand for fertilizers in the agricultural sector is anticipated to propel the global potassium derivatives market. Furthermore, growing food security problems are propelling the growth of the global potassium derivatives market. Food availability guides to the sufficient supply of food always in each country. Immediate expansion in population has raised food security concerns. Underdeveloped and producing countries still lack proper infrastructure for holding and spreading food grains and edible agricultural produce. Nitrogen, phosphorous, and potassium are essential nutrients needed by plants. Potassium is a necessary ingredient for plant health. A satisfactory amount of potassium in the soil is required to maintain good plant growth.

What are the Major Risks for the Potassium Derivatives Market?

Bio-based agrochemicals are emanated from naturally-occurring materials such as plants, organisms, or mineral oils. They assist to improve agricultural yield without adversely affecting the environment. Furthermore, key agrochemical manufacturers are shifting their focus toward product innovation and developing bio-based agrochemicals such as bio-pesticides, bio-fertilizers, and plant growth regulators (PPIs). An increase in the demand for bio-based agrochemicals is hampering the growth of the potassium derivatives market.

Which is the key application in the potassium derivatives market?

The potassium hydroxide segment is expected to hold a prominent share in the global potassium market during the forecast period. Potassium hydroxide is an inorganic combination with the formula KOH and is also comprehended as potash lye, lye, or caustic potash. Potassium hydroxide is created by the reaction of potassium carbonate and calcium hydroxide. This is a salt metathesis response and gives precipitation of solid calcium carbonate and exits potassium hydroxide in the solution. It forms a clear solution when combined with water and white to barely yellow lumps, flakes, pellets, or rods in solid form. It is effortlessly soluble in almost all liquids, such as water, ethanol, methanol, and glycerin. It is non-combustible but positively corrosive and has a moderately intense melting point. Potassium hydroxide is mostly utilized in the food industry, chemical manufacturing, soft soap, and petroleum refining.

How is the potassium derivatives market performing in regions?

Due to significant petrochemical companies, North America is anticipated to dominate the potassium derivatives market. The market for potassium derivatives has been growing for pharmaceutical products, owing to their extensive benefits and the increasing demand to attain economies of scale. Ongoing research & development activities in the pharmaceutical industry and improvements in the medical industry are expected to propose lucrative opportunities for potassium derivatives, primarily potassium chloride and potassium hydroxide, which are employed in the manufacture of medicines and drive the demand for potassium derivatives in this region.

Furthermore, the Asia Pacific market is anticipated to hold the largest revenue share in the global potassium derivatives market during the forecast period. The development of agricultural activities to satisfy the demand for food for the global population is the primary driver of growing the potassium derivatives market. The rise in population and increased consumption of plant-based food products are boosting the growth of potassium usage in fertilizers in this region. Potassium is an essential mineral required by humans and is broadly utilized in the pharmaceutical industry. Hence, all of these elements are responsible for driving the market revenue growth of the region during the forecast period.

What is the regulatory landscape for the potassium derivatives market?

Long-term maintenance of potassium homeostasis is accomplished by alterations in renal excretion of potassium in response to variations in intake. Understanding the mechanism and regulatory influences governing the internal distribution and renal clearance of potassium under normal circumstances can provide a framework for approaching disorders of potassium commonly encountered in clinical practice.

What is the Market Size of Potassium Derivatives regarding value?

The global potassium derivatives market is anticipated to grow at a substantial CAGR of 4.20% in the upcoming years. The global Potassium Derivativesindustry was estimated to be worth USD 13.1 billion in 2021 and was expected to be worth USD 16.76 billion by 2028.

What are the major players planning for the future of the potassium derivatives market?

Growing regional existence and investment in downstream applications are anticipated to deliver a competitive edge in the market. For instance, in April 2022, Evonik has invested a double-digit million euro sum in increasing production capacity for isobutene derivatives at its Marl location.The isobutene part of the C4 production network produces petrochemical specialties Tertiary Butanol (TBA), Di-isobutene (DiB) and 3,5,5-Trimethylhexanal (TMH). The expansion, which was recently completed, increases the capacity for isobutene derivatives by more than 50 percent. In addition, the expansion improves the security of supply, flexibility and product quality for the customers.

Segmentation of Global Potassium Derivatives Market-

Global Potassium Derivatives Market – By Types

  • Potassium Chloride
  • Potassium Hydroxide
  • Potassium Sulfate
  • Potassium Schoenite
  • Potassium Carbonate
  • Others (Potassium Nitrate, Potassium Bicarbonate, and Potassium Permanganate)

Global Potassium Derivatives Market – By Application

  • Agricultural
  • Industrial

Global Potassium Derivatives Market – By Region

  • North America
    • US.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • South-east Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East and Africa

Frequently asked questions about the global potassium derivatives market

COVID-19 has had a substantial impact on the market due to the outbreak of the COVID-19 pandemic, which reduced the demand for potassium sulfate from its application locations, such as fruits, tree nuts, vegetables, tobacco, and others.

North America accounted for the most heightened share in the global potassium derivatives market.

Increasing demand for agrochemicals, various initiatives undertaken by the government, and a rise in demand for the cosmetic and personal care industry drive the potassium derivatives market.

The potassium chloride segment had a major share in the global market in 2021.

The agriculture segment had a major share in the global market.

Potassium Derivatives Market Scope

Report Attribute Details
Market Value in 2021 USD 13.1 billion
Market Value in 2028 USD 16.76 billion
CAGR 4.20%
Benchmarking Year 2021
Past data 2016 – 2021
Forecast period 2022 – 2028
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Trusted By
Godaddy
Published Date:  Oct 2022
Category:  Chemicals
Report ID:   60690
Report Format:   PDF
Pages:   120
Rating:    4.2 (60)
Delivery Time: 24 Hours to 48 Hours   
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