New York, Sept. 26, 2023 (GLOBE NEWSWIRE) -- The global Potassium Sulfate Market is expected to witness significant growth at a CAGR of 5.3% during the forecast period of 2023-2031. Factors such as increasing agricultural production, growing demand from medical and industrial applications, and others are accelerating the demand for potassium sulfate, which, in turn, is boosting the market growth. In addition, the increasing usage of potassium sulfates in industrial as well as agricultural activities will further boost the market growth during the forecast period.
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According to a recent report by Consegic Business Intelligence, the Potassium Sulfate Market is poised for strong expansion and is expected to reach USD 7,732.06 Million by 2031. The market, which was valued at USD 4,583.75 million in 2022, and USD 4,833.28 million in 2023 is predicted to grow at a compound annual growth rate of 5.3% during the period 2023-2031. The report highlights the rising demand for the food industry, which is augmenting the global market growth. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the potassium sulfate market.
Potassium sulfate is an inorganic compound that contains sulfuric acid and has a low concentration of chloride. The chemical is highly known for producing nutrition-rich feed and high-quality crops. It is a white crystalline powder which is odorless and has a saline-like taste. The chemical is widely used as fertilizer for different crops which includes fruits and vegetables. Moreover, potassium sulfate is also used for the production of lubricants and dyes and is useful in manufacturing ceramics, glass, and production of gypsum boards.
Global Potassium Sulfate Market: Report Attributes
| Report Attributes | Report Details |
| Study Timeline | 2017-2031 |
| Market Size in 2031 (USD Million) | USD 7,732.06 Million |
| CAGR (2023-2031) | 5.3% |
| By Form | Solid and Liquid |
| By End-use Industry | Agriculture, Pharmaceutical, Cosmetics, Food & Beverage, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Region | North America, Asia-Pacific, Latin America, Europe, Middle East & Africa |
| Key Players | K+S Aktiengesellschaft, Van Iperen, SESODA CORPORATION, Sigma-Aldrich Co., Merck KGaA, HOLLAND COMPANY, Sunway Group, K+S Minerals, Tessenderlo Group, and Yara International ASA |
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Global Potassium Sulfate Market Segmentation Details:
Based on Form, the solid segment contributed the largest shares to the market growth in 2022. This is due to the product’s high demand in the agricultural sector. Owing to the high demand for the product in plant growth and crop production, the solid form of potassium sulfate such as powder, granules, and prills is widely demanded.
Based on End-use Industry, the agriculture segment accounted for the largest market share in the year 2022. Rising demand for food grains and cereals is increasing the demand for potassium sulfate in crop yield and fertilizers. The chemical provides essential nutrients to the plant and helps in improving the production of food grains and vegetables. Furthermore, potassium sulfate provides an important source of sulfate which is essential for supporting the plants' need for enzymes and protein synthesis. Hence, increasing high quality crop production and thus increase in agriculture production numbers is boosting the growth of the agriculture segment in the potassium sulfate market.
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Based on Region, in the year 2022, Asia Pacific accounted for the largest share contribution to the market growth. High investment opportunities coupled with easy trade flow is driving major demand for the chemical in this region. Also, the high dependence of the economy of Asian countries on the agriculture sector is boosting the demand for potassium sulfate. Also, the increasing population and growing demand for food grains act as a catalyst for the growth of the potassium sulfate market. Furthermore, increasing specialty crop cultivation in the region such as cash crops, fruits, and vegetables is fostering market growth.
Competitive Landscape
K+S Aktiengesellschaft, Van Iperen, and SESODA CORPORATION are major market players that comprise the latest market circumstances. These companies are substantially leveraging their technologies for the development of a new range of potassium sulfates. Further, the potassium sulfate market is expected to grow steadily due to increasing usage of potassium sulfates in industrial as well as agricultural activities, especially in the regions such as the Asia Pacific, and North America are estimated to boost the market statistics in the coming years. Additionally, the rising demand for the food industry is expected to increase the competition in the industry.
Recent Developments
- In October 2021, Van Iperen announced an exclusive agreement with Cinis Fertilizer. With this partnership, Cinis will build two fertilizer factories in northern Sweden over the next four years for a total investment of 100 million euros and with a maximum capacity of 300,000 mt SOP per year
- In June 2022, K+S intends to gain access to potassium sulfate in Scandinavia, by signing a letter of intent with the Swedish company Cinis Fertilizer. K+S and Cinis Fertilizer intend to convert the letter of intent into a binding contract for both sides in the short term and thus establish a long-term business relationship
Key Market Takeaways
- Asia Pacific accounted for the highest market share at 39.11% valued at USD 1,792.70 million in 2022 and USD 1,893.68 million in 2023 and is expected to reach USD 3,040.25 million in 2031. Moreover, in Asia Pacific, China accounted for the highest market share of 22.30% during the base year of 2022.
- Based on form, the solid segment accounted for the highest share contribution to the potassium sulfate market statistics in 2022.
- Based on end-use industry, the agriculture segment accounted for the highest share contribution of 41.50% to the potassium sulfate market statistics in 2022.
- North America is expected to boost the market demand for potassium sulfates due to the presence of major market players along with a wide industrial base across the region.
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List of Major Global Potassium Sulfate Market:
- K+S Aktiengesellschaft
- Van Iperen
- SESODA CORPORATION
- Sigma-Aldrich Co.
- Merck KGaA
- HOLLAND COMPANY
- Sunway Group
- K+S Minerals
- Tessenderlo Group
- Yara International ASA
Global Potassium sulfate Market Segmentation:
- By Form
- Solid
- Liquid
- By End-use Industry
- Agriculture
- Pharmaceutical
- Cosmetics
- Food & Beverage
- Others
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Frequently Asked Questions in the Potassium sulfate Market Report
- What was the market size of the potassium sulfate industry in 2022?
- In 2022, the market size of potassium sulfate was USD 4,583.75 million.
- What will be the potential market valuation for the potassium sulfate industry by 2031?
- In 2031, the market size of potassium sulfate will be expected to reach USD 7,732.06 million.
- What are the key factors driving the growth of the potassium sulfate market?
- Increasing agricultural production is fueling market growth at the global level.
- What is the dominating segment in the potassium sulfate market by end-use industry?
- In 2022, the agriculture segment accounted for the highest market share of 41.50% in the overall potassium sulfate market.
- Based on current market trends and future predictions, which geographical region is the dominating region in the potassium sulfate market?
- Asia Pacific accounted for the highest market share in the overall Potassium Sulfate market.
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