34 companies in this supply chain, sorted by market share.
World's largest phosphate company; controls ~70% of global proven phosphate rock reserves and 31% of world phosphate product market. Morocco's phosphate deposits (Khouribga, Gantour, Bou Craa) are the largest in the world. OCP controls 54% of global phosphoric acid trade and 26% of phosphate fertilizer market. Single-entity concentration of a resource essential for all animal and crop nutrition makes OCP a strategic geopolitical chokepoint.
Supplies these inputs
Phosphate Rock (Fluorapatite Ore)
Business segments
- Phosphate Rock Mining30% rev
- Phosphoric Acid (Jorf Lasfar Industrial Complex)28% rev
- DAP/MAP Fertilizers25% rev
- LFP Battery Supply Chain (Strategic Pivot)8% rev
Largest global exporter of potassium nitrate (~30% market share). Produces 454,000 MT/yr combined at Mishor Rotem (Negev Desert) and Haifa port facilities. Also produces liquid fertilizers and calcium nitrate. EU Annex II explosive precursor obligations apply to all KNO3 shipments.
Supplies these inputs
Potassium Nitrate (KNO₃) — Specialty Fertilizer
Replaceability
Substitutability 55% · 3 mo to replace
SQM (Sociedad Quimica y Minera de Chile; NYSE/Santiago: SQM; ~$10.5B market cap 2025; HQ Santiago, Chile) produces battery-grade lithium hydroxide monohydrate alongside lithium carbonate from the Salar de Atacama. SQM's Antofagasta chemical plant converts brine-derived lithium chloride concentrate to both Li2CO3 and LiOH·H2O for export. SQM is the world's largest single producer of lithium chemicals by volume. SQM's LiOH is produced via a causticization route (Li2CO3 + Ca(OH)2 → 2LiOH + CaCO3) rather than the direct spodumene route used by hard-rock converters. Battery-grade LiOH requires >56.5% LiOH content, low impurities (Na <0.005%, Fe <0.001%). In May 2024, SQM signed a public-private partnership with Codelco giving the Chilean state 50%+1 from 2025 to 2060. SQM produced 201,000 MT LCE total in 2024; LiOH accounted for a growing share as NMC-811 adoption accelerated. Source: SQM Annual Report 2023.
Supplies these inputs
Potassium Nitrate (KNO₃) — Specialty Fertilizer
Replaceability
Substitutability 55% · 3 mo to replace
Business segments
- Lithium (Salar de Atacama — World #1)45% rev
- Iodine (World #1 — 30%+ Global Share)20% rev
- Nitrates & Fertilizers (CSP, Agriculture)25% rev
- Potassium & Other Minerals10% rev
World's largest potash producer with 6 Saskatchewan mines. Vanscoy mine (west of Saskatoon) uses solution mining technology — fresh water drawn from the Saskatchewan River (~20km pipeline) is used in brine management. Deep subsurface saline aquifer brine injection used for waste disposal at Vanscoy (injected into Winnipeg/Deadwood Formations at 1,500-1,700m depth). Conventional underground mines at Rocanville, Allan, Lanigan, Cory, Belle Plaine also produce waste brine requiring aquifer disposal. Nutrien operates Canada's only solution potash mine at Vanscoy. Plans to reach 18M MT/year Saskatchewan capacity.
Supplies these inputs
Anhydrous Ammonia (NH₃) · Ammonium Nitrate (AN) — Fertilizer / Mining Explosive · Phosphate Rock (Fluorapatite Ore) · Potash (Muriate of Potash / KCl) +1
Replaceability
Substitutability 30% · 3 mo to replace
Business segments
- Potash Mining (Saskatchewan — 20% Global)30% rev
- Nitrogen Fertilizers22% rev
- Phosphate8% rev
- Nutrien Ag Solutions (Retail Agriculture)40% rev
Russia's largest potash producer; ~17% of global supply. Five mines and seven ore-treatment mills in Berezniki and Solikamsk (Perm Krai). NOT under Western sanctions (unlike Belaruskali) — continues to export to China, India, Brazil, Indonesia, Turkey, and the EU despite Russia-Ukraine war. Controlled by oligarch Dmitry Mazepin (under personal sanctions). Berezniki mines produce ~10% of world's potash but the city is being swallowed by sinkholes from 2006 mine flooding — a structural geological risk. Russian potash exports rose 30%+ in 2024 reaching ~10M MT.
Supplies these inputs
Potash (Muriate of Potash / KCl)
Replaceability
Substitutability 25% · 36 mo to replace
Business segments
- Potash Mining (Perm Krai)85% rev
- Potash Processing & Trading15% rev
World's largest phosphate rock producer and exporter; also largest single consumer of sulfuric acid globally. Consumed 11.3M MT H2SO4 in 2023 — equivalent to all of Germany's sulfuric acid output — to produce phosphate fertilizer at Jorf Lasfar complex. In January 2025 announced $1.2B investment to expand H2SO4 and fertilizer capacity. Produces H2SO4 on-site by burning imported elemental sulfur (shipped from Middle East producers and refineries). Morocco holds ~70% of global phosphate reserves.
Supplies these inputs
Phosphate Rock (Fluorapatite Ore) · Sulfuric Acid (H₂SO₄) for Phosphate Fertilizer Production
Replaceability
Substitutability 45% · 6 mo to replace
Business segments
- Phosphate Rock Mining (70% of Global Reserves)30% rev
- Phosphoric Acid (Jorf Lasfar)28% rev
- DAP/MAP Fertilizers25% rev
- LFP Battery Supply Chain (Strategic)17% rev
Jordan's sole and the Arab world's only potash producer. Operates from Ghor Al Safi at the southern end of the Dead Sea — extracts potash through solar evaporation from Dead Sea brine. Produced 2.84M MT in 2024 (record). Revenue JD 651M; net profit JD 184M (2024). World's 8th largest potash producer by volume. Over 90% exported to 30+ countries. Contributes 8% of Jordan's total exports; $1.3B in foreign currency to Jordan's banking system annually. Dead Sea level declining due to water diversion and extraction — a long-term geological constraint on operations.
Supplies these inputs
Potassium Nitrate (KNO₃) — Specialty Fertilizer
Replaceability
Substitutability 55% · 3 mo to replace
Business segments
- Potash (MOP) Mining & Export70% rev
- Industrial Salt
- Bromine & Bromine Derivatives (Jordan Bromine Company JV)
- Specialty Fertilizers & Industrial Chemicals (KEMAPCO)
World's largest ammonia distributor via Yara Clean Ammonia; >15% global ammonia market share. Produces and trades ~17-18M MT of ammonia and nitrogen fertilizers annually. Revenue $13.9B in 2024. Plants across Norway (Herøya/Porsgrunn: 500,000 MT/yr), Germany (Brunsbüttel: 800,000 MT/yr), Australia (Pilbara: 850,000 MT/yr, ~5% of world merchant ammonia supply), and 15+ other countries. Also the world's largest multi-nutrient fertilizer producer in Western Europe. Pivoting to green ammonia: started Europe's largest electrolyzer at Herøya (Norway) in 2024 for renewable hydrogen/ammonia. Yara Clean Ammonia is positioning to supply ammonia as marine fuel.
Supplies these inputs
Ammonium Nitrate (AN) — Fertilizer / Mining Explosive · Potassium Nitrate (KNO₃) — Specialty Fertilizer
Replaceability
Substitutability 55% · 3 mo to replace
Business segments
- Ammonia Production & Yara Clean Ammonia (YCA)30% rev
- Nitrogen Fertilizers (Urea, UAN, CAN, AN)42% rev
- Phosphate & Multi-Nutrient Fertilizers12% rev
- Industrial & Environmental Products11% rev
Largest Chinese KNO3 producer (~10-12% global share). Operates facilities in Tianjin and Qinghai (via JV with Qinghai Salt Lake Industry). Claims 300,000-500,000 MT/yr combined capacity. Major exporter; Shandong province accounts for ~40% of China's KNO3 exports.
Supplies these inputs
Potassium Nitrate (KNO₃) — Specialty Fertilizer
Replaceability
Substitutability 60% · 2 mo to replace
State-owned Belarusian potash company; historically ~18-20% of global MOP supply. Soligorsk mines have the world's highest-grade potash ore. Subject to US and EU sanctions since 2021 following disputed election and Lukashenko repression. Lost access to Klaipėda (Lithuania) port in February 2022 — the only viable Baltic export route — causing production to fall 60% in 2022 (to 3M MT). Has rerouted exports through Russian ports (Ust-Luga, Murmansk). Recovering to ~7M MT by 2024. Belarus and Russia jointly produce ~40% of global potash exports.
Supplies these inputs
Potash (Muriate of Potash / KCl)
Replaceability
Substitutability 40% · 24 mo to replace
Business segments
- Potash Mining (Soligorsk — World's Highest Grade)80% rev
- Export & Trading (BPC and Re-routed)15% rev
- Specialty & Compacted Potash5% rev
World's largest US potash and phosphate producer. Esterhazy K1 and K2 mines (Saskatchewan) began experiencing managed brine inflows in 1985; managed for decades until Mosaic made the decisive choice to build the K3 underground mine (announced 2009, commissioned 2022) to replace K1/K2. K1/K2 closed 2021. K3 at Esterhazy is now the world's largest operating potash mine. Also operates Colonsay SK mine (conventional underground). The Esterhazy flooding saga represents the most consequential water-management incident in Saskatchewan potash history, requiring a $4B+ replacement mine investment.
Supplies these inputs
Phosphate Rock (Fluorapatite Ore) · Potash (Muriate of Potash / KCl) · Sulfuric Acid (H₂SO₄) for Phosphate Fertilizer Production
Replaceability
Substitutability 30% · 12 mo to replace
Business segments
- Potash (K3 Esterhazy — World's Largest Potash Mine)38% rev
- Phosphate Mining & Processing (Florida)40% rev
- Fluosilicic Acid — US Municipal Water Fluoridation5% rev
- Mosaic Fertilizantes (Brazil — 35% Distribution Share)17% rev
Russia's largest nitrogen and phosphate fertilizer company; major ammonia producer. Plants include Nevinnomyssk (Stavropol), Novomoskovsk (Tula Oblast), and the Antwerp, Belgium nitrogen plant. Also produces potash. Controlled by Andrei Melnichenko (personal EU/UK sanctions 2022; sold his stake to a trust). Swiss holding structure. Significant European presence complicated by Melnichenko sanctions.
Supplies these inputs
Anhydrous Ammonia (NH₃) · Ammonium Nitrate (AN) — Fertilizer / Mining Explosive · Natural Gas (Ammonia/Fertilizer Feedstock Grade) · Urea (Granular/Prilled, 46% N)
Replaceability
Substitutability 40% · 9 mo to replace
Business segments
- Nitrogen Fertilizers (Russia + Antwerp Belgium)52% rev
- Phosphate Fertilizers22% rev
- Potash (VolgaKaliy + Usolskiy)12% rev
- Agricultural Distribution14% rev
Russian nitrogen/ammonia holding company controlling TogliattiAzot (ToAz) — formerly the world's largest single ammonia plant (2M+ MT/year capacity). ToAz exported 2M MT/year via the 2,471km Togliatti-Odessa pipeline to the Black Sea port of Odessa (Pivdenny). Pipeline shut since Russia invaded Ukraine (February 2022). Uralchem reported 'colossal losses' from the shutdown. Before the war, ToAz ammonia represented ~1.3% of global supply from a single facility. Controlled by Dmitry Mazepin (personal EU sanctions). Russia demands pipeline reopening as condition for grain corridor deals.
Supplies these inputs
Ammonium Nitrate (AN) — Fertilizer / Mining Explosive · Urea (Granular/Prilled, 46% N)
Replaceability
Substitutability 50% · 3 mo to replace
Business segments
- Ammonia Production (TogliattiAzot)
- Ammonium Nitrate
- Urea & UAN
- Phosphate Fertilizers (Voskresensk/VMU)
One of the world's largest ammonia producers; Donaldsonville Complex (Louisiana) is the world's largest single ammonia production complex — 4.335M MT/year capacity, 6 plants on 1,400 acres along the Mississippi River. Produced 9.8M MT gross ammonia in 2024 across all facilities. Also operates plants in Iowa, Louisiana, Courtright (Ontario Canada), Ince (UK), Billingham (UK). Added CO2 capture at Donaldsonville (2025) enabling ~1.9M MT/year 'low-carbon ammonia' for export to Japan/Korea. Joint venture with JERA + Mitsui for $4B 'blue ammonia' plant in Louisiana.
Supplies these inputs
Anhydrous Ammonia (NH₃) · Ammonium Nitrate (AN) — Fertilizer / Mining Explosive · Natural Gas (Ammonia/Fertilizer Feedstock Grade) · Urea (Granular/Prilled, 46% N)
Replaceability
Substitutability 40% · 3 mo to replace
Business segments
- Ammonia Production (Donaldsonville Complex)35% rev
- Nitrogen Fertilizers (Urea, UAN, AN)40% rev
- Industrial CO₂ & Carbon Products8% rev
- DEF/AdBlue (Transport)7% rev
World's largest agricultural nutrient company by revenue; formed from Potash Corp and Agrium merger (2018). Largest potash producer globally (20% market share); 55–60% of North American potash mining. Also major nitrogen fertilizer producer. 27.5 Mt/year combined N+P+K capacity.
Supplies these inputs
Anhydrous Ammonia (NH₃) · Urea (Granular/Prilled, 46% N)
Business segments
- Potash (Saskatchewan — World's Largest)30% rev
- Nitrogen Fertilizers (Alberta, Georgia)22% rev
- Phosphate (Florida + North Carolina)8% rev
- Nutrien Ag Solutions (Retail Agriculture — ~1,800 Stores)40% rev
Russia's largest nitrogen fertilizer producer; 25% of Russian nitrogen exports. Produces ammonia, urea, ammonium nitrate, and compound fertilizers. Exports ~5.5 Mt/year; affected by 2022 sanctions but fertilizers were initially exempted by US/EU to avoid food security crisis. Owns potash mines in Russia.
Supplies these inputs
Ammonium Nitrate (AN) — Fertilizer / Mining Explosive
Business segments
- Nitrogen Fertilizers (Russia + Western Europe)52% rev
- Phosphate Fertilizers22% rev
- Potash (Developing)12% rev
- Agricultural Solutions & Global Distribution14% rev
One of the world's largest oil and gas companies; major US and global sulfur producer as a Claus Process refinery byproduct. Key US refining locations: Baytown, Texas (largest US refinery complex); Baton Rouge, Louisiana; Beaumont, Texas. Also major international refiner (Antwerp, Rotterdam). USGS listed as one of leading US recovered sulfur producers. Also holds 25% of Tengizchevroil (TCO) in Kazakhstan, making it indirectly a significant producer of high-sulfur crude and associated sulfur. Acquired Pioneer Natural Resources 2024 (~$60B), largest US oil deal since Exxon-Mobil merger.
Supplies these inputs
Elemental Sulfur (from Oil/Gas Processing)
Replaceability
Substitutability 50%
Business segments
- Upstream (Oil & Gas Production)40% rev
- Downstream (Refining + Fuels + Chemicals)35% rev
- Low Carbon Solutions (Lithium + CCS)15% rev
- Chemical Products (ExxonMobil Chemical)10% rev
Indonesia's state-owned fertilizer holding company with 5 operating subsidiaries (Pupuk Kaltim, Pupuk Sriwidjaja, Pupuk Kujang, Pupuk Iskandar Muda, Petrokimia Gresik). Combined urea capacity ~8.5 million tonnes/year, making Pupuk Indonesia the world's largest state-owned urea producer and controlling ~5.7% of the global urea market.
Supplies these inputs
Urea (Granular/Prilled, 46% N)
Replaceability
Substitutability 55% · 24 mo to replace
Business segments
- Urea Production (5 subsidiaries)65% rev
- Ammonia20% rev
- Other Fertilizers & Chemicals
