Potash ore is used in a wide range of applications that play an important role in developing fruits, plants, vegetables, and others. Owing to these factors, they are used in the heavy end industries such as agriculture, chemical, metallurgical, and others. The global potash ore market is spanned across five regions of the world namely Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa. Among these, North America holds the major share of the global market and is projected to continue leading, owing to the increasing consumption of the product in agriculture, chemical, metallurgical, and others. It is estimated that the agriculture segment is set to observe the highest CAGR in the market due to growing use of the product in the production of fertilizers, and others. The increasing demand for the product in chemical and metallurgical sectors have propelled the market to witness a rapid growth during the forecast period. These factors led the U.S., Canada, and Mexico to be the leading players in this region.
The Asia Pacific market is expected to grow at a higher CAGR due to extensive consumption of the product in end-use industries such as agriculture, chemical, metallurgical, and others. The growing demand for hygienic food and changing lifestyles is projected to fuel the market in the coming years. China, Japan, and India have achieved a significant stage in the market due to rising per capita income and high disposable income in the end-use industries. Therefore, the growing demand for the product in end-use sectors is estimated to drive the market during the forecast period.
A notable development is achieved in Europe due to the growing demand for organic food, in hotels and restaurants. Potash ore is used for the production of fertilizers, and other chemical compounds. Moreover, the growing innovation and technological advancement have propelled the market to witness a higher growth. Owing to these factors, countries such as Germany, the U.K., and Italy are the major contributors to this market.
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A considerable development is predicted in the Latin American region such as in Brazil, Uruguay, and Argentina due to growing production capacity and demand for potash ore in agriculture industries. Moreover, a rapid development is estimated in the Middle East & African region such as Qatar, the U.A.E, and others due to extensive use of the product in major industries.
Some of the well-known players operating in the global potash ore market are EuroChem (Switzerland), Intrepid Potash, Inc. (U.S.), Uralkali (Russia), Mining Associates (India), Nutrien Ltd (Canada), JSC Belaruskali (Belarus), K+S KALI GmbH (Germany), ICL (Israel), Kore Potash Limited (Australia), and Encanto Potash Corp. (EPO) (Canada) among others.
The global potash ore market is segmented into the source and application. On the basis of the source, the market is segregated into potassium chloride, sodium chloride, and others. On the basis of application, the market is bifurcated into agriculture, chemical, metallurgical, and others.
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