POTASSIUM SULPHATE MARKET ANALYSIS

Market Challenges And Opportunities

Global Potassium Sulphate Market: Growth Drivers

Increase in agricultural output

It is becoming more common to use the unique properties of potassium sulphate, an inorganic compound that contains sulfuric acid, to produce high-quality crops and nutrient-rich feed. Due to the low concentration of chloride, which can harm crops, potassium sulphate is growing in popularity in the agricultural industryPotassium sulfates are used in the agricultural sector for a number of purposes, including the application of potassium sulfate to encourage optimal growth as the soil builds up chloride from irrigation water. Potassium increases the thickness of the outer cell walls, which helps the plant resist disease and promotes the growth of strong stems. A sufficient potassium supply can increase a plant's ability to withstand drought by reducing moisture loss from growing plants. They enhance the flavor, storage quality, and color of fruits and vegetables. Furthermore, the rising demand for arable land and high-yielding crops in Asian and Latin American countries is expected to drive the market. For instance, Uralkali, one of the largest potash producers, announced in May 2020 that Uralkali Trading, a wholly-owned subsidiary of Uralkali, had concluded a contract for potash deliveries with Indian Potash Limited (IPL), the major Indian fertilizer importer.

Global Potassium Sulphate Market: Market Restraints

Price volatility and natural fertilizers

The price of potassium sulphate fluctuates rapidly due to the volatility of potassium prices. For example, potassium sulphate prices fell by 0.33% between the beginning of August 2021 and the middle of August 2021. Furthermore, according to a study published by the University of Calabar, the use of neem fertilizers in organic farming significantly increases crop yield. As a result, these factors have become the major challenges of potassium sulphate in terms of consumption, impeding market growth during the forecast period