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Potash Market Report 2024 - Potash Market Share, Size And Forecast
Potash Market
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According to The Business Research Company's, The potash market size has grown strongly in recent years. It will grow from $22.93 billion in 2023 to $24.32 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to global agriculture demand, population growth, nutrient management, soil quality improvement, cyclical nature of agriculture.
The potash market size is expected to see strong growth in the next few years. It will grow to $30.04 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to global food security concerns, technological agriculture adoption, biofuel production, changing dietary patterns, climate change adaptation. Major trends in the forecast period include bio-based potash solutions, digital agriculture integration, strategic alliances and mergers, government initiatives and subsidies, potash in water-soluble fertilizers.
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Market Drivers and Trends:
The growth in the potash market is due to the increasing demand for mining in North America. For instance, in February 2023, according to Glacier Media Group, a Canada-based media company, US mines produced non-fuel mineral products worth around $98.2 billion in 2022, an estimated $3.6 billion more than the 2021 revised total of $94.6 billion.
Potash solution mining techniques are being utilized for potash to improve extraction efficiency and increase profitability. Potash solution mining involves boring injection and recovery wells into the ground. A heated brine solution is injected into the deposit to dissolve the potash salts. The dissolved salts are then extracted to the surface and potash is separated and conditioned, which is the major trend in the potash market.
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Major Key Players of the Market:
Vale SA, Nutrien Ltd., PotashCorp, The Mosaic Company, Sociedad Quimica y Minera de Chile S.A., Eurochem Group AG, ICL Israel Chemicals Ltd., K+S AG, Highfield Resources Ltd., Uralkali PJSC, Qinghai Salt Lake Potash Company Limited, Compass Minerals International Inc., Intrepid Potash (IPI) Inc., Gensource Potash Corporation, Karnalyte Resources Inc., Pacific Exim Ltd., Encanto Potash Corp, Michigan Potash & Salt Company LLC, Petro One Energy Corp, Western Potash Corp., Petrokemija, BHP Group Limited, Asia-Potash International Investment (Guangzhou) Co. Ltd., Asia Pacific Potash Corporation, Passport Potash Inc., Potash Minerals Limited, SOPerior Fertilizer Corp, Potash West, Prospect Global Ltd., Channel Resources Limited, Crystal Peak Minerals Inc.
Potash Market 2024 Key Insights:
• The potash market size is expected to see strong growth in the next few years. It will grow to $30.04 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%.
• Potash Market Surges With Soaring Mining Demand In North America
• Advancing Potash Extraction Through The Rise Of Potash Solution Mining For Enhanced Efficiency
• South America was the largest region in the potash market in 2023
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Market Overview:
Potash is a potassium-rich salt that is commonly used as a fertilizer for crops. It helps to improve the quality and yield of agricultural produce by promoting better root growth, disease resistance and water retention in plants. The main crops where potash is used are fruits, vegetables, tobacco and food grains.
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The compounds that contain potassium are referred to as potash. Potassium chloride (KCl), potassium nitrate (KNO3), and potassium sulfate (K2SO4) are some of the examples of potash. It contains potassium in water-soluble form. The extraction of potassium carbonate was done by leaching wood ashes and then evaporating the solution in large pots. The name potash was derived from this method of extraction.
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