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Potassium Sulphate Global Market Report 2023
Major players in the potassium sulphate market are Tessenderlo Group, K+S KALI GmbH, Compass Minerals International Inc., SQM SA, Sesoda Corporation, Migao Corporation, The Mosaic Company, Yara International ASA, Interpid Potash Inc.
New York, Feb. 28, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Potassium Sulphate Global Market Report 2023" - https://www.reportlinker.com/p06424001/?utm_source=GNW
, Sesoda Corp, China Ching Shiang Chemical Co Ltd., Rusal, AG CHEMI GROUP sro, Noah Chemicals, and ProChem.
The global potassium sulphate market grew from $4.57 billion in 2022 to $4.88 billion in 2023 at a compound annual growth rate (CAGR) of 6.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The potassium sulphate market is expected to grow to $6.1 billion in 2027 at a CAGR of 5.7%.
The potassium sulphate market consists of sales of potassium sulphate as a cleansing agent in surgeries and also as a salt substitute.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Potassium sulphate is a white water-soluble solid inorganic chemical compound, which is readily produced by reacting potassium bisulfate with sulfuric acid. Potassium sulphate is used in fertilizers, providing both potassium and sulfur and as a reducing agent in the chemical industry.
Asia-Pacific was the largest region in the potassium sulphate market in 2022.North America is expected to be the fastest-growing region in the forecast period.
The regions covered in potassium sulphate market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main forms of potassium sulphate include solid and liquid.Solid potassium sulphate is a colorless or white odorless solid.
These provide essential nutrients to the plant and aids in improving the yield of the food grains and vegetables.The different potassium sulphate grades include food, agricultural, technical and pharmaceutical.
The potassium sulphate processes include mannheim process, sulphate salts reaction, brine processing and other processes. The end-use industries for potassium sulphate include agriculture, industrial, pharmaceuticals, cosmetics and food and beverages.
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.
The increasing collaborations and partnerships between companies are a key trend in the potassium sulphate market.Companies in the market are focusing on establishing key partnerships and collaborating with industry partners to expand their product portfolio and increase market share.
For instance, in September 2020, Van Iperen Internation, a Dutch-based specialty fertilizers producer, signed a long-term distribution agreement with Tessenderlo Kerley International, a US-based specialty chemical solutions company. Under the agreement, Van Iperen International will sell globally water-soluble grade potassium sulphate (SOP) produced at Kemira’s plant in Sweden, ensuring the continuation of worldwide supply and distribution of Swedish premium SOP.
In July 2022, Tessenderlo Group, a Belgium-based chemicals company, merged with Picanol Group.The merger increases transparency and simplifies the group structure of both companies to combine them into one industrial group.
Picanol Group is a Belgium-based diversified industrial group in mechanical engineering, agriculture, food, water management, and other industrial markets.
The countries covered in the potassium sulphate market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The potassium sulphate market research report is one of a series of new reports that provides potassium sulphate market statistics, including potassium sulphate industry global market size, regional shares, competitors with a potassium sulphate market share, detailed potassium sulphate market segments, market trends and opportunities, and any further data you may need to thrive in the potassium sulphate industry. This potassium sulphate market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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