Potassium sulphate is a white water-soluble solid inorganic chemical compound, which is readily produced by reacting potassium bisulfate with sulfuric acid. Potassium sulphate is used in fertilizers, providing both potassium and sulfur and as a reducing agent in the chemical industry.
Sizing and Forecast
The potassium sulphate market size has grown strongly in recent years. It will grow from $5.06 billion in 2023 to $5.5 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The growth in the historic period can be attributed to agricultural demand, global population growth, shift in crop patterns, environmental regulations.
The potassium sulphate market size is expected to see strong growth in the next few years. It will grow to $7.89 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The growth in the forecast period can be attributed to continued agricultural expansion, increasing awareness of soil health, demand for high-quality crops, global economic development, water scarcity concerns. Major trends in the forecast period include focus on sustainable agriculture, technological advancements in production, challenges in raw material supply, regulatory landscape, market consolidation and strategic alliances.
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Segmentation & Regional Insights
The potassium sulphate market covered in this report is segmented –
1) By Form: Solid, Liquid
2) By Grade: Food, Agricultural, Technical, Pharmaceutical
3) By Process: Mannheim Process, Sulphate Salts Reaction, Brine Processing, Other Processes
4) By End-Use Industry: Agriculture, Industrial, Pharmaceuticals, Cosmetics, Food and Beverages
Asia-Pacific was the largest region in the potassium sulphate market in 2023. North America</b > is expected to be the fastest-growing region in the forecast period. The regions covered in the potassium sulphate market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
An increase in demand for food crops is boosting the demand for the potassium sulphate market. Potassium sulphates are used in various applications in the agricultural industry, including the application of potassium sulfate for optimal growth as the soil accumulates chloride from the irrigation water. Potassium sulphate is becoming more popular in the agricultural sector due to the low presence of chloride can be harmful to the crops. According to the Agriculture Ministry of India, the production of food grains in the country was estimated at a record 314.51 million tons, which was higher by 23.80 million tons than the average grain production during the preceding five years. Furthermore, according to the Food and Agriculture Organization (FAO), global crop production is expected to increase by almost 15% by 2029. Thus, increasing agricultural production will require more potassium sulphates, driving the market during the forecast period.
Key Industry Players
Major companies operating in the potassium sulphate market report are BASF SE, Yara International ASA, Evonik Industries AG, Sociedad Química y Minera SA, EuroChem Group AG, K+S KALI GmbH, Sinofert Holdings Limited, Chambal Fertilizers & Chemicals Ltd., Tessenderlo Group NV, JSC Belaruskali, GS Fertlisers & Chemicals Ltd., Migao Corporation, Arab Potash Company, Compass Minerals International Inc., Achema Group, Mangalore Chemicals & Fertilizers Ltd., EID Parry (India) Ltd., AVIC International Holding Ltd., Archean Group, Jaypee Agri Ltd., Zhejiang Jiali Renewable Resources Co Ltd., Shandong Lianmeng Chemical Group Ltd., Zuari Agro Chemicals Ltd., Polyformes Limited, General Plastics Manufacturing Company Ltd., Gansu Xinchuan Fertilizer Co Ltd., Shijiazhuang Hehe Chemical Fertilizer Ltd., Oswal Agrochem Ltd., Deepak Nitrite Ltd.
The potassium sulphate market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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