Potash is a most common natural source of potassium, often used to refer to the types of fertilizers that contain this element. The potash mining market comprises of sales of potash by entities that mine potash through conventional and solution mining methods. Potash mining techniques are being utilized for potash mining to increase profitability and improve extraction efficiency. The mining involves boring injection & recovery wells into the ground. A heated brine solution is inserted into the deposit to dissolve the potash salts. The dissolved salts are then mined to the surface and potash is separated & conditioned. Conventional underground mining methods include mining machines, service shaft, ore storage, process plant and production shaft. Additionally, solution mining include injection wells, dissolving and extraction. The key benefits of solution potash mining include lower break-even price point and higher internal rate of return (IRR), lower construction cost and shorter construction phase, lower human capital requirement but higher energy consumption & lower engineering risk and higher extract ratio etc.
According to study, “Potash Mining Global Market Report 2019”the key companies operating in the global potash mining market are Rio Tinto Limited, BHP Billiton, Potash Corporation of Saskatchewan Inc., Agrium Inc., Red Metal Limited, The Mosaic Company, and Great Quest Metals Limited. To gain higher potash mining market share, numerous market players are leveraging innovative technologies to offer high-quality products which meet the evolving necessities of the end-user industries.
Based on mining technologies, potash mining market is segmented into surface mining technique, deep mining technique and others. Surface mines can be mined using strip mining technique. During the strip mining technique, the rock or soil that is present over the deposit is removed to reach the ore body. Additionally, deep underground potash mines are mined using the underground mining techniques. In addition, based on application, market is segmented into potash-industrial and potash-agriculture.
The potash mining market is driven by growth in advancement in mining techniques, followed by increase in demand of fertilizers in agro-dependent economies and rise in population. However, high capital requirement for conducting mining and the legal or environmental concerns related to land acquisition & mining are the major restraints for market. Moreover, increase in demand for the improvement in the rate of crop production and quality are key opportunities for market.
Based on geography, the potash mining market is segmented on the basis of location of major potash producing and consuming countries. The South-American region holds major share in global market owing to rise in consumption of the product in agriculture in the region. Whereas, the Eastern Europe and Asian-Pacific regions are estimated to witness higher growth rate due to increase in dependence of emerging countries on agriculture and rapid urbanization coupled with technology over the forecast period. In upcoming years, it is projected that future of this market will be reached at higher speed as a result of growth in research & development (R&D) activities of potash mines and rapid demand of fertilizers during the forecast period.
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Ankur Gupta, Head Marketing & Communications