Potassium Sulphate Market to Reach US$ 6,598.7 Million by 2027 - Coherent Market Insights

The global potassium sulphate market is valued at US$ 4,000.2 million in 2018, according to Potassium Sulphate Market Report, by Process Type (Mannheim Process, Sulphate Salts Reaction, Brine Processing, and Others), by End-use Industry (Agriculture, Industrial, Pharmaceutical, Cosmetic, Food, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa). The global potassium sulphate market is projected to reach US$ 6,598.7 million by 2027, exhibiting a CAGR of 5.8% during the forecast period. The market growth is driven by increasing demand for potassium sulphate from various end-use industries such as cosmetics, pharmaceutical, agriculture, and others. Potassium sulphate is referred as aluminum potassium sulphate in the food industry. This crystalline salt is used in food preparation such as bakery products, beverages, and in water purification. Water is purified by adding aluminum potassium sulfate to remove suspended particles, which can affect the taste, smell, and safety of water used to produce soda and other beverages. This results in providing the purest water possible, which boosts retail profitability of beverage and soda manufacturers. Potassium sulphate used in food industry is manufactured in accordance with the ‘Food Chemicals Codex’ regulation implemented by the U.S. Food and Drug Administration (FDA). Moreover, The European Food Safety Authority has passed an approval for the use of potassium sulphate as food additive, in accordance with Directive 95/2/EEC.

Furthermore, increasing applications of potassium sulphate in agriculture industry is expected drive growth of the global potassium sulphate market over the forecast period. Potassium fertilizer is commonly used in agriculture sector, in order to improve yield and quality of the crops that are lacking adequate supply of essential nutrients. According to United States Geological Survey, in 2016, fertilizer industry in the U.S. used around 85% of U.S. potash sales and the rest was used by the chemical industry. Around 60% of the potash produced was Sulphate of Potash (SOP) and Sulphate of Potash-Magnesia (SOPM), required by certain soils and crops.

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Browse 70 market data tables* and 70 figures* on "Potassium Sulphate Market” - Global forecast to 2027.

Key Trends and Analysis of the Potassium Sulphate Market:

• Among end-use industry, in 2018, agriculture segment held the dominant position in the global potassium sulphate market. This is attributing to increasing population, growing demand for food coupled with augmenting usage of potassium sulphate in increasing crop production yield. According to the Food and Agricultural Organization China, India, and Russia were among the largest producers of potato with a combined production of around 170 Mn tons in 2015.
• Higher price of sulphate of potash (SOP) in comparison with Muriate of Potash (MOP) is expected to hinder growth of the market during the forecast period. Potassium sulphate is highly priced, as it is made by treating magnesium sulphate and potassium chloride. This results in shift in consumer preference towards lower price MOP. For instance, the cost of production of SOP for Mannheim process is US$ 350 to US$ 700 per ton and that of MOP is US$ 200 to US$ 250 per ton for the same process.
• Asia Pacific segment accounted for the largest market share of around 50.0% in 2018 and is also predicted to grow at fastest rate during the forecast period (2019-2027) in the global potassium sulphate market. This is owing to growing agriculture output in countries such as China, India, and Indonesia in order to cater to increasing food demand from the populace.
• Major players operating in the global potassium sulphate market include Tessenderlo Group, K+S KALI GmbH, Compass Minerals International Inc., SDIC Xinjiang Luobupo Hoevellite LLC., SQM, Yara International ASA, Sesoda Corporation, United Company Rusal Plc., and Migao Corporation Chemicals