The Potassium Sulphate Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Potassium Sulphate Global Market Report 2024, The potassium sulphate market size has grown strongly in recent years. It will grow from $5.06 billion in 2023 to $5.5 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The growth in the historic period can be attributed to agricultural demand, global population growth, shift in crop patterns, environmental regulations.
The potassium sulphate market size is expected to see strong growth in the next few years. It will grow to $7.89 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The growth in the forecast period can be attributed to continued agricultural expansion, increasing awareness of soil health, demand for high-quality crops, global economic development, water scarcity concerns. Major trends in the forecast period include focus on sustainable agriculture, technological advancements in production, challenges in raw material supply, regulatory landscape, market consolidation and strategic alliances.
An increase in demand for food crops is boosting the demand for the potassium sulphate market. Potassium sulphates are used in various applications in the agricultural industry, including the application of potassium sulfate for optimal growth as the soil accumulates chloride from the irrigation water. Potassium sulphate is becoming more popular in the agricultural sector due to the low presence of chloride can be harmful to the crops. According to the Agriculture Ministry of India, the production of food grains in the country was estimated at a record 314.51 million tons, which was higher by 23.80 million tons than the average grain production during the preceding five years. Furthermore, according to the Food and Agriculture Organization (FAO), global crop production is expected to increase by almost 15% by 2029. Thus, increasing agricultural production will require more potassium sulphates, driving the market during the forecast period.
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The potassium sulphate market covered in this report is segmented –
1) By Form: Solid, Liquid
2) By Grade: Food, Agricultural, Technical, Pharmaceutical
3) By Process: Mannheim Process, Sulphate Salts Reaction, Brine Processing, Other Processes
4) By End-Use Industry: Agriculture, Industrial, Pharmaceuticals, Cosmetics, Food and Beverages
Major companies operating in the potassium sulphate market are focused on adopting strategic partnerships to gain a competitive edge in the market. Strategic partnership refers to a mutually beneficial collaboration between two or more independent entities who work together to achieve shared goals aligned with their individual strategic objectives. For instance, in October 2021, Van Iperen International, a Dutch-based company that produces specialty fertilizers and biostimulants, partnered with Cinis Fertilizer, a Sweden-based green tech company. With this partnership, Van Iperen International aims to innovate in the agricultural sector with new technologies and to produce and market sustainable and circular, high-quality potassium sulfate fertilizer.
The potassium sulphate market report table of contents includes:
1. Executive Summary
2.Potassium Sulphate Market Characteristics
3.Potassium Sulphate Market Trends And Strategies
4Potassium Sulphate. Market analysis
5.Potassium Sulphate Market Size And Growth
6.Potassium Sulphate Segmentation
7.Potassium Sulphate Regional And Country Analysis
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27.Potassium Sulphate Competitive Landscape And Company Profiles
28.Potassium Sulphate Key Mergers And Acquisitions
29.Potassium Sulphate Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- BASF SE
- Yara International ASA
- Evonik Industries AG
- Sociedad Química y Minera SA
- EuroChem Group AG,
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