Potassium Sulphate Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Potassium Sulphate Market grew at a CAGR of 4.3% between 2017-2021 and is estimated to be US$ 3,877.9Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 5.4% and is expected to reach a valuation of US$ 6,561.5Mn by 2032 end.
The market is primarily influenced by the expansion of the agricultural sector, which is anticipated to drive the demand for potassium sulfate worldwide.
The demand for chemicals in the fertilizer market sector is projected to be driven by population growth, changes in eating patterns, and the accompanying increase in agricultural production, which is likely to contribute considerably to the market’s expansion.
About 27% of the entire production comprises fruits, vegetables, and melons, all of which need non-chloride fertilizer to grow healthily. The global need for potassium sulfate fertilizers is anticipated to rise along with the output of citrus fruits and melons.
Key companies are concentrating on productivity and strategic expansion by developing their high-quality end-use goods, numerous manufacturing technologies, and integrated processes to meet the market’s rapidly expanding demand for potassium sulfate.
URBANIZATION AND GROWING AGRICULTURAL PRODUCTION IMPACT SALES OF POTASSIUM SULPHATE
Despite shrinking arable land, agricultural production has experienced a CAGR of 1.6% during the last five years. Agricultural production’s constant growth mainly includes new farming techniques, improved irrigation systems, and efficient fertilizer use.
About 27% of the entire production comprises fruits, vegetables, and melons, all of which need chloride-free fertilizers to thrive. Global demand for potassium sulfate fertilizer is anticipated to increase along with the production of citrus fruits and melons.
In conclusion, the number of potassium sulfate end-user domains is growing and creating new market opportunities. This is anticipated to boost the demand for potassium sulfate and compel producers to increase their output and supply of the chemical.
VOLATILITY IN PRICE AND NATURAL FERTILIZERS
Due to the high volatility of potassium prices, potassium sulfate prices swing rapidly. For instance, from the beginning of August 2021 to the middle of August 2021, the cost of potassium sulfate decreased by 0.33%. Additionally, according to a study by the University of Calabar published in a research publication, neem fertilizers in organic farming significantly boost crop yield. Thus, in terms of consumption, these issues have emerged as potassium sulfate’s main obstacles, restraining the market’s expansion over the projection year.
PRICING OF POTASSIUM SULPHATE IMPACTING THE MARKET GROWTH
Fertilizers containing potassium sulfate are more expensive than other common product options.
Potassium sulfate is made using potassium chloride or other potassium salts or obtained from potash mines. Only 6-8% of potash mines contain potassium sulfate, while 90% contain potassium chloride.
It costs more to produce potassium sulfate from potassium chloride since process inputs and other raw materials are needed. The price of potassium sulfate is higher than its close replacements due to its distinctive properties and suitability for specialty crops.
Market Segments Covered in Report
By Product Form:
By Region and Country:
What is the growth outlook of granular potassium sulfate in the global market?
Over the projected period, sales of granular potassium sulfate are predicted to increase at a substantial rate of 5.0% CAGR, which is further expected to generate an additional potential worth US$ 1,364.4 Mn.
These tiny potassium sulfate granules can be blended in large quantities for manual distribution. Granular form types are in high demand due to their cost-effectiveness and several other qualities, including their ideal potassium and sulfur contents. These variables are expected to result in an increase in granular potassium sulfate sales throughout the forecast period.
Why are sales of potassium sulfate in fruits gaining traction?
The fruits segment is anticipated to remain a prominent application for potassium sulfate and generate an absolute dollar potential of more than US$ 545.3 Mn over the projection period.
Since it enhances the size, color, texture, hardness, and draught tolerance of fruit crops, potassium sulfate is favored for fruit application. Throughout the assessment period, these variables will keep supporting sales of potassium sulfate.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
The production capabilities increase for potassium sulfate is a top priority for major companies in the industry. Additionally, to acquire a competitive edge, firms are concentrating on strategic mergers and acquisitions, collaborations, and raising farmers’ awareness through various groups established to promote smart farming techniques to serve more end consumers in the domestic market.
The recent developments in the Global Potassium Sulphate Market:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Product Form, Application, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 5.4%.
Urbanization and growing agricultural production impact sales of potassium sulfate.
Major global Potassium Sulphate Market players are Compass Minerals International, Inc., K+S AG, Sesoda Corp., Tessenderlo Group, SQM (Sociedad Quimica y Minera de Chile SA), United Co. RUSAL Plc., SDIC Xinjiang Luobupo Potash Company Limited, Yara International ASA, Migao Corporation, Kemira Kemi AB (Part of Kemira Oyj), The Mosaic Company, China Ching Shiang Chemical Co. Ltd.
Pricing of potassium sulfate impacting the market growth.
Europe is expected to account for the largest market revenue share in the Global Solar Tracker for the Power Generation market.
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