(MENAFN- GlobeNewsWire - Nasdaq) Wilmington, Delaware, United States, May 30, 2023 (GLOBE NEWSWIRE) -- The market for potassium sulfate reached US$ 7.1 billion in 2022. By the end of 2031, the market is expected to reach US$ 10.8 billion. The potassium sulfate market is expected to grow at a cagr of 4.9 % between 2023 and 2031.
Several opportunities for businesses exist in the potassium sulfate market, which has seen significant growth over the past few years. Sulfate of potash (SOP), also known as potassium sulfate, is one of the most valuable potassium fertilizers in agriculture and has been used for centuries.
A growing number of government initiatives are encouraging the development of high-yield crops and modern technologies, thereby driving up the market for potassium sulfate as fertilizer in the market. Due to its greater water solubility, plants are more likely to absorb and use it. In addition, its pH is lower than that of water, which indicates that it is less acidic. Potassium salts may be helpful in acidic soils that cannot be treated by other potassium salts.
Due to the use of potash fertilizers in agriculture, which protect plants against microbes, pests, and infections, the market is expected to grow. Besides being able to adapt to tough weather conditions, the compound also helps plants absorb minerals and strengthen their stems. Through these advancements, manufacturers can meet the growing demand and explore new markets.
Aside from agriculture, potassium sulfate finds use in a variety of other fields. Food processing, pharmaceuticals, cosmetics, and cosmetics are some of the industries that use it. Various drug formulations and manufacturing processes use potassium sulfate in the pharmaceutical industry. There are a variety of application areas for potassium sulfate, offering additional growth opportunities in the coming years.
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Market Scope :
| Market Revenue | USD 7.1 Bn |
| Estimated Value | USD 10.8 Bn |
| Growth Rate - CAGR | 4.9% | |
| Forecast Period | 2023 – 2031 |
| No. of Pages | 130 Pages |
| Market Segmentation | By Grade, Form, Purity, Application, End-use |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
Key Findings of Market Report
A steady increase in agricultural production is attributed mainly to the development of new agricultural methods, improved irrigation systems, and fertilizer use that is efficient. Research and development activities are being conducted to expand product portfolios and increase the market share of potassium sulfate. The development of new technologies increased production capacity, reduced costs, and improved product quality. Potassium sulfate in the market is projected to grow as cosmetic industries and drug development expand as the year's progress. The growing interest in organic farming and increasing consumer awareness will result in a rise in demand for sustainable farming in the near future.
Global Potassium Sulfate: Growth Drivers
With the increasing demand for food crops, the market for potassium sulfate is experiencing rapid growth in the market. With the booming medical and chemical industries, potassium sulfate market share is expected to increase in the forecast period. The demand for high-quality proteins and nutrients in animal feeds will become a major factor driving the market in the next few years. Aside from that, it is anticipated that the expanding cosmetics industry and pharmaceutical industry will also continue to appear to be a substantial driver for the potassium sulfate industry during the forecast period. Furthermore, potassium sulfate is expected to benefit from the growing harmful effects of potassium chloride, thus boosting the potassium sulfate industry. To improve agricultural productivity, governments around the world have been promoting the use of fertilizers. Their agricultural practices also adhere to sustainable agricultural practices and potassium sulfate, compared to other potassium fertilizers, is less harmful to the environment. In addition to favorable government policies, potassium sulfate manufacturers benefit from a supportive market environment.
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Global Potassium Sulfate: Regional Landscape
Asia Pacific is estimated to hold 35.4% of the global market in 2022. Potassium sulfate production in China is expected to remain one of the largest in the world. Population growth and urbanization are expected to boost demand for potassium sulfate in India. Due to its exceptional performance and properties, potassium sulfate is commonly used as a fertilizer in the United States. A strong agricultural sector and stringent regulations to promote sustainable farming practices are helping to develop the market in the United Kingdom
Global Potassium Sulfate Market: Key Players
Several large-scale vendors control the majority of the market share globally, leading to highly consolidated markets. In order to create environmentally friendly products, most companies invest heavily in comprehensive research and development (R&D). A major strategy adopted by prominent companies is to increase product portfolios and merge with and acquire other companies.
In January 2023, K+S Aktiengesellschaft announced its intent to purchase 75.0% of the agricultural business of Industrial Commodities Holdings (Pty) Ltd. (ICH), a South African trading firm. It was agreed that K+S and ICH would form a joint venture. Fertiva (Pty) Ltd will operate as the new company. In May 2023 , a fertilizer plant based on potassium sulfate could be built by Belaruskali, BelTA learned at the third Belarusian Agrochemical Forum, according to Ivan Golovaty, Director General of OAO Belaruskali.
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Global Potassium Sulfate Market: Segmentation
Grade
Agriculture Grade Food Grade Pharma Grade Others
Form
Solid Liquid Purity Up to 99% Greater than 99%
Application
Fertilizer Food Additive Drug Ingredient Dental Material Chemical Intermediate Others
End-use
Agriculture Food & Beverage Pharmaceutical Industrial Others
Regions
North America Latin America Europe Asia Pacific Middle East & Africa
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