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(MoneyNewsWire.Net, May 25, 2018 ) The Global Potash Fertilizers Market was worth USD 21.6 billion in 2017 and is projected to grow at a CAGR of 4.6%, to reach USD 27.05 billion by 2022. The fertilizers in which has potassium as the major component are known as potash fertilizers. Potassium is one of the three macronutrients required by the plants and helps plants in the water uptake and synthesis of plant sugars. Potassium is available in foods derived from plants and is very useful for humans as well.
Generally, plants absorb potassium from the soil. However, in certain types of soils, potassium content is low or non-existent. Potash is manufactured in commercial scale as fertilizer to be used in such soils. It is also used to improve the yield of the crops and the nutrient value. Potassium deficiency in plants results in decrease in the crop yield, poor water utility and decrease in pest resistance.
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Decrease of potash content in many of the agricultural soils due to the aggressive farming over the years has increased the demand for potash fertilizers. Increasing requirement to enhance the yield of the crops in the limited land, increasing food demand due to the growing population and increasing in government initiatives to increase agricultural productivity are driving the market growth. However, volatility of prices of potash fertilizers and growing demand for organic crop cultivation are hindering the market growth.
The Potash Fertilizers market is segmented by product type, crop type, application method, form and region. Based on the product type, the market is categorized into Sulfate of Potash, Potassium Chloride and Potassium Nitrate. Sulfate of potash is the most common type of potash fertilizer used by farmers and hence this segment holds the largest share in the market. By crop type, the market is categorized into Fruits and Vegetables, Cereals and Grains and Oilseeds and pulses. Fruits and vegetables segment hold the largest market share because due to the major role of potassium in uptake of water and water retention. Also, it improves the nutrient value of the fruits and vegetables. By Form, the market is categorized into solid and liquid. By Application method, the market is categorized into Foliar, Broadcasting and Fertigation. Fertigation segment is the fastest growing method of fertilizer application due to the increasing demand for micro irrigation in agriculture, especially in large scale farming.
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On the basis of region, the global Potash Fertilizers market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Asia Pacific leads the Potash Fertilizers market. It is due to the large usage of potash fertilizers in China and India which are the countries with large agricultural land. Latin America region is projected to be the fastest growing market due to the increasing market penetration of water soluble fertilizers in countries such as Brazil and Argentina.
Some of the major players in Potash Fertilizers market are Eurochem, Israel Chemicals Ltd, Yara International ASA, K+S Aktiengesellschaft, SQM, The Mosaic Company, Sinofert Holdings, Agrium Inc, CF industries, and Potash Corporation.
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