Global Potassium Sulphate Market was valued at US$ 4,236.3 Mn in 2022 and is estimated to reach US$ 6,357.3 Mn by 2030, exhibiting a CAGR of 5.20% during the forecast period (2023-2030). According to Potassium Sulphate Market Report, by Form (Solid (Standard & Granular) and Liquid (Soluble SOP)), by Process (Mannheim Process, Sulphate Salts Reaction, Brine Processing, Others), by end user industry (Agriculture, Industrial, Pharmaceuticals, Cosmetics, Food & Beverages, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa), published by Coherent Market Insights.
The major nutrient provided by potassium sulphate includes potassium and sulphate minerals. Potassium is essential for carbohydrate for starch synthesis, and it aids plants to resist wilting. Potassium is mined from mineral deposits and potassium fertilizers are highly beneficial for plants in producing protein as they grow. Potassium sulphate also aids in eradicating microbial infections from food grains and vegetable crops.
Potassium sulphate finds application in the industrial sector in the form of a weighting agent in the oil & gas industry, potassium alum and potassium carbonate production, glass production, and in soda blasting, as an alternative to sodium bicarbonate. However, the use of potassium sulphate in industrial applications is at a nascent stage with alternatives being preferred due to lower cost. The slump in the oil & gas industry has reduced demand for potassium sulphate. For instance, the report for the nation's production was made public by the India Brand Equity Foundation (IBEF). Food grain production reached 314.51 million tons in 2020, and the government forecasted 316.23 million tons in 2021.
Among regions, Asia Pacific accounted for the largest market share, in terms of volume as well as value in 2022. The growth of the regional market is majorly attributed to the increasing adoption of fertilizers by farmers in major countries such as India, China, and Indonesia to fulfil the increasing demand for food from its ever-growing population. The increasing population in these countries is resulting in high demand for agricultural products, which is expected to drive the growth of potassium sulphate in Asia Pacific over the forecast period. According to Coherent Market Insights, Asia Pacific region held dominant position in the global potassium sulphate market with a revenue share of over 41% in 2022 and is expected to maintain its dominance over the forecast period. The region is expected to generate revenue of US$ 6,357.3 Mn by 2030.
Global potassium sulphate market- COVID-19 impact
The COVID-19 pandemic had a minimal impact on the chemicals and materials sector. The lockdown caused several production facilities in numerous nations to completely shut down, which had an immediate effect on potassium sulphate sales. However, the pandemic increased the demand for potassium sulphate from crop production and the medical end user industry.
The chemical is used to treat bowel and stomach issues. Additionally, it is a top-notch source of nutrition for a range of plants and crops. These characteristics prevented the potassium sulphate market from experiencing a greater decline and helped potassium sulphate remain in demand throughout the pandemic times.
Strong revenue prospects for potassium sulphate are being produced by the industry's gradual recovery from losses and the reopening of numerous production facilities. In the upcoming years, rising prospects for granular potassium sulphate are also anticipated to increase demand.
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Browse 144 market data tables* and 46 figures* on "Potassium Sulphate Market” - Global forecast to 2027.
Key Takeaways of the Market:
- Government bodies have increased agricultural schemes to initiate the development of modern technology and high-yield crops, which is increasing demand for potassium sulphate and its application as a fertilizer and, as a result, driving market growth.
- During the pandemic, potassium sulphate, an inorganic compound, had a positive impact on the cosmetics industry. In the personal care sector, companies such as Colgate-Palmolive saw a 28% increase in sales. Similarly, Johnson & Johnson's personal care sector sales increased by 54% in 2020 compared to 2019.
- Major players operating in the global potassium sulphate market include K+S KALI GmbH, Compass Minerals International Inc., Tessenderlo Group, SQM SA, Sesoda Corporation, Migao Corporation, The Mosaic Company, Yara International ASA, SOPerior Fertilizer Corp., and Interpid Potash, Inc.
