Potassium sulphate, also known as sulphate of potash (SOP), is a type of fertilizer that is predominantly used in agriculture to increase crop yield and quality. It is a source of both potassium and sulphur for plant nutrition. Potassium plays a key role in plant metabolism, photosynthesis and drought resistance, whereas sulphur is vital for protein synthesis in plants. The major crops for which SOP is used include fruits and vegetables, rice, sugarcane, oilseeds and tobacco.
The global potassium sulphate market is estimated to be valued at US$ 4456.59 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing demand for fertilizers from expanding agriculture industry is a key driver bolstering the growth of the potassium sulphate market. Agricultural production has been increasing significantly to meet the rising food requirement of growing global population. According to the United Nations Department of Economic and Social Affairs, the world population is projected to reach around 9.7 billion by 2050 from the current level of around 7.7 billion. This is expected to augment demand for food crops globally, thereby propelling consumption of fertilizers such as potassium sulphate. Furthermore, recent technological advancements in controlled-release and solubilized fertilizers are also helping boost the applications and uptake of SOP in various crops.
Segment Analysis
The global potassium sulphate market is dominated by water soluble potassium sulphate segment. Water soluble potassium sulphate is readily soluble in water which makes its application very easy. It dissolves quickly and uniformly in water which allows rapid nutrient absorption by plants. This property makes it highly popular for use as fertilizer.
PEST Analysis
Political: The potassium sulphate market is influenced by government policies and regulations regarding fertilizer and agricultural sector. Various subsidies and incentives by governments promote use of fertilizers.
Economic: Growth in agriculture industry and rising consumer demand for food has led to increase in cultivation activities. This drives demand for fertilizers including potassium sulphate for improving crop yield. Emerging economies with developing agriculture are lucrative markets.
Social: Population growth globally increases need for food production. Potassium sulphate helps improve fertility of soil and boosts crop productivity essential for meeting this rising demand.
Technological: Advancements in fertilizer manufacturing technology helps increase production efficiency. Precision farming techniques assist in optimized use of fertilizers improving soil health and minimizing environmental impact.
Key Takeaways
The Global Potassium Sulphate Market Size is expected to witness high growth over the forecast period of 2023 to 2030 supported by increased fertilizer consumption.
Regional analysis: The Asia Pacific is the largest and fastest growing regional market for potassium sulphate. Wide cultivation activities and population growth drive fertilizer demand. China and India represent major consumers.
Key players: Key players operating in the potassium sulphate market are K+S Group, Tessenderlo Group, Compass Minerals, SQM, YARA, Rusal, Sesoda, Guotou Xinjiang LuoBuPoPotash, Qing Shang Chemical, Migao Group, Qinghai CITIC Guoan Technology, AVIC International Holding, and Gansu Xinchuan Fertilizer.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
