Potassium Sulphate Market Overview
According to a recent survey conducted by ChemView Consulting, the Global Potassium Sulphate Market grew at a CAGR of 4.3% between 2017-2021 and is estimated to be US$ 3,877.9Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 5.4% and is expected to reach a valuation of US$ 6,561.5Mn by 2032 end.
Since the 17th century, the inorganic substance potassium sulfate has been a component of medical treatments. It is used to induce sweating and treat urinary issues. They are also utilized in various industrial operations, including those producing different chemicals and dying industries. In addition to being used as a catalyst for specialty plasters, gypsum board, and anhydrite screed, potassium sulfate is employed to create high-quality inorganic compounds such as potassium alum and persulfate, highly pure potassium sulfate, and potassium water glass.
They are also utilized in creating fire extinguishing powder for class B/C fires, as an additive to water-based, chloride-free drilling fluids, and drawing lubricants. As a result, it is projected that the booming medical and chemical industry will increase demand, driving the potassium sulfate market share during the forecast period.
ChemView Consulting has analyzed that agricultural production has experienced a CAGR of 1.6% despite shrinking arable land during the last five years. Agricultural production’s constant growth mainly includes new farming techniques, improved irrigation systems, and efficient fertilizer use. About 27% of the entire output comprises fruits, vegetables, and melons, all of which need chloride-free fertilizers to thrive. Global demand for potassium sulfate fertilizer is anticipated to increase along with the production of citrus fruits and melons.
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The tiny potassium sulfate granules can be blended in large quantities for manual distribution. Granular form types are in high demand due to their cost-effectiveness and several other qualities, including their ideal potassium and sulfur contents. These variables are expected to result in an increase in granular potassium sulfate sales throughout the forecast period.
Segments Covered in Report
By Product Form:
- Tree Nuts
By Region and Country:
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
- Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
- Africa (South Africa, Nigeria, Egypt, Rest of Africa)
Key Takeaways from the Potassium Sulphate Market
- Based on the product form, over the projected period, sales of granular potassium sulfate are predicted to increase at a substantial rate of 5.0% CAGR, which is further expected to generate an additional potential worth US$ 1,364.4 Mn.
- Based on the application, the fruits segment is anticipated to remain a prominent application for potassium sulfate and generate an absolute dollar potential of more than US$ 545.3 Mn over the projection period.
- Based on the region, with a market share of 30.8%, the demand for potassium sulfate from pharmaceutical and industrial applications will drive significant growth in Europe.
Key companies covered in the market study are Compass Minerals International, Inc., K+S AG, Sesoda Corp., Tessenderlo Group, SQM (Sociedad Quimica y Minera de Chile SA), United Co. RUSAL Plc., SDIC Xinjiang Luobupo Potash Company Limited, Yara International ASA, Migao Corporation, Kemira Kemi AB (Part of Kemira Oyj), The Mosaic Company, China Ching Shiang Chemical Co. Ltd.
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Report Key Highlights and Coverage
- Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
- Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
- The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
- Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
- Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
- Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
- Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
- Key drivers, restraints, opportunities, and emerging trends impact market growth.
- Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
- Strategic market analysis, recommendations, and future headways on crucial winning strategies.
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