SEATTLE, May 21, 2019 (GLOBE NEWSWIRE) -- The global potassium sulphate market was valued at US$ 4,000.2 million in 2018, and is projected to exhibit a CAGR of 5.8% during the forecast period (2019–2027).
Key Trends and Analysis of the Potassium Sulphate Market:
Global potassium sulphate market growth is expected to increase at significant rate over the forecast period. This is attributing to increasing use of potassium sulphate in various end-use industries including cosmetics, pharmaceutical, food, and others. Potassium sulphate is used as form of weighting agent in oil & gas industry together, in glass production, and in soda blasting as an alternative to sodium bicarbonate.
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Mannheim process is the most commonly used process for manufacturing potassium sulphate. According to Coherent Market Insights, the process accounted for about 50.0% of the total potassium sulphate produced in the world. It is also referred to as the secondary production method of potassium sulphate. This process is the most expensive and least efficient among manufacturing processes, however, a lack of natural deposits of potassium sulphate have resulted in high utilization of this process.
Among end-use industry type, in 2018, agricultural segment held dominant position in the global potassium sulphate market, attributing to increase in demand for potassium sulphate as fertilizer in agriculture industry due to growing demand for food. According to Food and Agriculture Organization of the United Nations’ report, published in 2016, global demand for food is expected to increase anywhere between 59% and 98% from 2005 to 2050.
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Key Market Takeaways:
- The global potassium sulphate market is expected to exhibit a CAGR of 5.8% during the forecast period (2019–2027). Increasing applications of potassium sulphate in various end-use industry such as pharmaceutical, cosmetics, and agriculture is predicted to boost demand for potassium sulphate over the forecast period.
- In 2018, Asia Pacific held dominant position in the global potassium sulphate market. Furthermore, Asia Pacific is projected to exhibit the highest CAGR over the forecast period (2019-2027). Factors such as rise in adoption of fertilizers in major countries such as China, India, and Indonesia are predicted to drive the market growth during the forecast period. According to United Nations’ Department of Economic and Social Affairs report published for World Population Prospects in 2017, countries including China, India, and Indonesia accounted for about 35% of the world’s population in 2016. Thus, increasing the agricultural productivity is a major agenda of governments of these countries, hence propelling growth of Asia Pacific potassium sulphate market.
- Some of the 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
- Players operating in the global potassium sulphate market are adopting various growth strategies such as mergers & acquisitions and business expansion, to cater to increasing demand for potassium sulphate. For instance, in August 2017, K+S KALI GMBH set up a new potash handling and storage facility in Vancouver’s ports (Canada). This new potash loading facility is expected to increase the company’s potash business in Canada. Moreover, company strategizes on marketing its products by entering into agreement with various distributors in order to enhance its sales. For instance, in 2015, K+S KALI GMBH entered into an agreement with Koch Fertilizer for distribution and marketing of potash fertilizers.
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