POTASSIUM SULPHATE MARKET ANALYSIS

Potassium Sulphate MarketSize and Trends

Global Potassium Sulphate Market was valued at US$ 4,236.3 Mn in 2022, and is expected to exhibit a CAGR of 5.20%, in terms of revenue, over the forecast period (2023-2030) to reach US$ 6,357.3 Mn by 2030. Over the forecast period, the global potassium sulphate market is expected to grow at a rapid pace. This is due to the increased use of potassium sulphate in a variety of end user industries such as cosmetics, pharmaceuticals, food, and others. As an alternative to sodium bicarbonate, potassium sulphate is used as a weighting agent in the oil and gas industry, glass production, and soda blasting.

Figure 1. Global Potassium Sulphate Market, By End User, 2022 

Growing demand in medical and industrial applications

Since the 17th century, potassium sulphate, an inorganic compound, has been used as a medical treatment ingredient. It is used to treat urinary issues and to increase perspiration. They are also used in a variety of industrial processes ranging from the manufacture of various chemicals to the dying industry. Potassium sulfate is used to make high-quality inorganic compounds like potassium alum, potassium per sulfate, extremely pure potassium sulfate, and potassium water glass, as well as a catalyst for special plasters, gypsum board, and anhydrite screed. They are also used as an additive in the manufacture of water-based, chloride-free drilling fluids, fire extinguishing powder for class B/C fires, and drawing lubricants. As a result of the thriving medical and chemical industries, it is expected that demand will increase, driving the potassium sulphate market share during the forecast period.

Figure 2. Global Potassium Sulphate Market, By Region, 2022 

Global Potassium Sulphate Market: Market Segmentation