Company: SQM
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0000909037-25-000020
Chunk: 63

Company: CHEMICAL & MINING CO OF CHILE INC
Filing Date: 2025-04-24
Form: 20-F
Item: Item 4
Chunk 63
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                                                        13   %             11   %             15   %
Central and South America (excluding Chile)                  33   %             34   %             41   %
Asia and Others                                              16   %             20   %             22   %
Potassium: Competition
We estimate that in 2024 we accounted for less than 1% of global sales of potassium chloride. Our main competitors are Uralkali, Belaruskali, Nutrien and Mosaic. In 2024, Uralkali was estimated to account for approximately 16% of global sales, Belaruskali for approximately 15%, Nutrien for approximately 15%, and Mosaic for approximately 8%.
Industrial Chemicals
In 2024, our revenues from industrial chemicals were US$78.2 million, representing approximately 1.7% of our total revenues for that year and a 55.4% decrease from US$175.2 million in 2023, as a result of lower sales volumes in this business line, which offset higher sales prices. Sales volumes in 2024 decreased 70.9% compared to sales volumes reported last year, while average prices in the business line increased 53.1% during 2024 compared to average prices reported during 2023. 
The following table shows our sales volumes of industrial chemicals and total revenues for 2024, 2023 and 2022:

2024                                                                 2023                   2022
Sales volumes (Th. MT)                                                                          
Industrial chemicals                          52.6                  180.4                  147.0
Total revenues (in US$millions)           78.2                   175.2                  165.2   
Industrial Chemicals: Market
Industrial sodium and potassium nitrates are used in a wide range of industrial applications, including the production of glass, ceramics and explosives, metal recycling, insulation materials, metal treatments, thermal solar and various chemical processes.
We are also experiencing a growing interest in using solar salts in thermal storage solutions related to CSP (Concentrated Solar Power) technology. Due to their proven performance, solar salts are being tested in industrial heat processes and heat waste solutions. These new applications may open new opportunities for solar salts uses in the near future, such as retrofitting coal plants.
Industrial Chemicals: Our Products
We produce and sell three industrial chemicals: sodium nitrate (NaNO3), potassium nitrate (KNO3) and potassium chloride