The global potassium sulphate market was pegged at 7,374.6 kilo tons in 2019, 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-use 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 global potassium sulphate market is expected to reach US$ 5,656.0 Mn by 2027, exhibiting a CAGR of 4.3% during the forecast period (2020-2027). The major nutrient provided by potassium sulphate include potassium and sulphate mineral. Potassium is essential for carbohydrate for starch synthesis, and it aids plants to resist wilting. Potassium is mined from mineral deposits and the 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.
The increasing usage of fertilizers to increase the productivity of crops is expected to be a major driver for the global potassium sulphate market growth. For instance, according to the World Bank data, the total consumption of fertilizer globally increased from 138,958 kilograms per hectare of arable land in 2014 to 140,553 kilograms per hectare of arable land in 2016. The consumption of fertilizers increased by 1.85% in 2016, as compared to 2015.
Potassium sulphate finds application in the industrial sector in the form of weighting agent in oil & gas industry, potassium alum and potassium carbonate production, glass production, and in soda blasting, as an alternative to sodium bicarbonate. However, 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.
Among regions, Asia Pacific accounted for a largest market share, in terms of volume as well as value in 2019. The growth of the regional market is majorly attributed to increasing adoption of fertilizers by farmers in major countries such as India, China, and Indonesia to fulfill 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 the 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 revenue share of over 50% in 2019 and is expected to maintain its dominance over the forecast period. The region is expected to generate revenue of US$ 3,082.3 Mn by 2027.
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