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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