Potassium Sulphate Market Size, Share, Industry, Forecast and outlook (2024-2031)

Potassium Sulphate Market is Segmented By Form(Powder, Liquid, and Granular), By Application(Agriculture, Personal Care, Cosmetics, Pharmaceuticals, Foods, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Potassium Sulphate Market Report Overview

150 Pages report analyses the global potassium sulphate market shares, size, recent trends, future market outlook, and competitive intelligence. Potassium sulphate usage in farming practices globally is on the rise. Demand from the agriculture sector in Asia Pacific is growing. The competitive rivalry intensifies with Tessenderlo Group, Ching Shiang Chemical Corporation, and others active in the market.

Potassium Sulphate Market Scope and Summary

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Potassium Sulphate, also known as Sulphate of potash or SOP is one of the major fertilizers used in farming practices globally. SOP offers both potassium and Sulphur to the plants that are required for overall plant growth and productivity. It is free from chlorides and has a significantly lower salt index compared to other forms of potassium such as Muriate of Potash (MOP). SOP is used in a wide range of crops including tobacco, horticulture, fruits, and vegetables. Potassium Sulphate is also a non-flammable white crystalline salt that is highly soluble in water. In addition to that, the crude salt of potassium Sulphate is used in the manufacturing of glass. It is utilized in the food industry and is approved as a food additive by the Food and Drug Administration (FDA). The increasing demand for potash fertilizers in the agriculture sector is expected to drive the growth of the global market over the forecast period. Moreover, potassium Sulphate offers advantages such as the prevention of infection of plants from pests and other microbes. Potassium sulphate also helps the plant to adapt to unfavorable weather conditions and aids plants in absorbing more minerals from the soil, and also strengthens the tree stalks.

Potassium Sulphate Market Dynamics and Trends

Superior quality makes potassium sulphate a preferred choice

Sulphate of potash is being preferred as a fertilizer because of its exceptional performance and properties. SOP offers many advantages, such as increased crop yield, ease of usage in plants, as well as adequate sulphur and potassium content, among others. Apart, SOP usage reduces the toxic effects of chloride build-up in the soil, especially in dry conditions. Due to its soluble nature, SOP finds applications in fertigation and drip irrigation, which help in conserving freshwater resources. As a consequence, SOP fertilizers are rapidly replacing conventional fertilizers and are expected to witness increasing adoption across the globe in the years ahead. The world's total potassium sulphate production was estimated at 469,232 tons in 2019. The top 5 countries (others are the Russian Federation, Indonesia, Pakistan, and the Republic of Korea) account for 97.83% of it. Moreover, the increasing inclination of farmers toward better crop production is expected to drive market growth. Incessant promotional activities by governments have raised significant awareness among farmers regarding the use of novel value-added fertilizers. These newly formulated fertilizers offer high efficiency. Farmers are now adopting potassium sulphate or sulphate of potash (SOP)-based fertilizers to increase their crop yields in their limited lands. Governments are increasingly recognizing the potential of SOP as a fertilizer for sustainable agricultural development. They are supporting its growth through targeted subsidies and by increasing investments in research and development programs. Moreover, governments are providing capital investment to manufacturers for setting up technologically-advanced production plants. However, regulations on the raw materials and availability of substitute products may hamper the growth of the potassium sulphate market. Nevertheless, with the steady growth in the food processing industry and the chemical industry, there are opportunities for the market players to invest in this market.

Potassium Sulphate Market Segmentation and Shares

Agriculture is the dominating segment in the global potassium sulphate market

Agriculture applications accounted for the largest demand for potassium sulphate globally, owing to increasing demand for food grains and cereals. For instance, according to the Food and Agriculture Organization (FAO), the world production of cereals reached a record high of 2,715 million tons in 2019, which increased by 2.3% from 2018. The application of potassium Sulphate for agriculture purposes is mainly driven by the usage of the product in fertilizers. This is because of the following unique perceived benefits of the product – significant potassium content, low chloride, and slat index. Other potash fertilizers have high chloride content and low potassium content. Potassium sulphate fertilizers primarily find usage in growing vegetables and fruits. The fertilizers also find usage in growing cash crops. Potassium sulphate provides essential nutrients to the plant and aids in improving the yield of food grains and vegetables. For instance, according to the research article published by the International Journal of Agronomy and Agricultural Research (IJAAR), in 2015, SOP increased the yield of sugarcane, wheat, cotton, and rice by 13.55%, 4.8%, 27.5%, and 2.9% respectively.

On the other hand, potassium sulphate is widely used for industrial applications. Potassium Sulphate is used in the production of high-quality inorganic compounds such as potassium perSulphate, potassium alum, potassium water glass, and extremely pure potassium Sulphate, as a catalyst for anhydrite screed, special plasters, and gypsum board, as an additive to water-based, chloride-free drilling fluids, in the production of fire extinguishing powder for class B/C fires, in the production of drawing lubricants, and in the dying industry. It is also an ingredient in cosmetic and skin care formulas when used as a viscosity-increasing agent or thickener

Potassium Sulphate Market Geographical Analysis

Asia Pacific is expected to dominate the global potassium sulphate market in the year 2020

The Asia Pacific region dominates the global market for potassium sulphate and is expected to expand at the highest CAGR over the forecast period. The rise in population and the growing food demand, especially in China and India are the major growth drivers. Moreover, the increasing population and growing demand for food grains, are boosting the growth of potassium sulphate used as a fertilizer in the region. For instance, according to an article published by Asian Development Bank (ADB), Asia Pacific is expected to account for around 1/3rd of the estimated 2,600 million increase in global population between 2010 and 2050, thus requiring additional efforts to increase the productivity of crops to cater to rising population in the region. Moreover, Asia Pacific is expected to be the fastest-growing region over the forecast period, owing to the increasing demand for food grains from emerging economies such as China and India. For instance, according to the India Brand Equity Foundation (IBEF), food grain production in India was 283 million tons in 2018 and the government estimated the production to reach 291 million tons in 2019.  

On the other hand, North America held a market revenue share of XX% in the year 2020. The United States of America is the top country in potassium sulphate production in the world. As of 2019, potassium sulphate production in the United States of America was 385,557 tons which accounts for 82.17% of the world's potassium sulphate production.

Potassium Sulphate Companies and Competitive Landscape

The global potassium sulphate market is moderately consolidated with few players. The most active companies across the globe are Tessenderlo Group, Ching Shiang Chemical Corporation, Compass Minerals, United Co. RUSAL Plc, YARA International SA, Rusal, Sesoda Corp., and K+S Kali GmbH among others. The leading companies are focusing on acquisitions and joint ventures with local players to increase their distribution network across the globe. Companies are making considerable investments to develop innovative and robust products to exploit the potassium sulphate market growth over the forecast period. China-based players like Migao Corporation, Sesoda Chemicals, and many others have a sizeable share in the global production capacity.

COVID-19 Impact on Potassium Sulphate Market Growth

The pandemic harmed the global market in the short term

Since the COVID-19 outbreak, the fertilizer industry has been significantly affected in many parts of the world by the outset of the pandemic. The COVID-19 outbreak has partly disrupted the manufacturing and supply chains of fertilizers, thus resulting in lower availability and sales in 2020. The halt of farming practices associated with the uncertain food service industry and lack of labor in the first half of 2020 also contributed to declined sales of potassium Sulphate. However, the market witnessed a turnaround in the latter half owing to the essential category status provided for agriculture and associated activities globally.