Global Potassium Sulphate (SOP) Market Size To Grow At A CAGR Of 5% In The Forecast Period Of 2023-2028

The 'Global Potassium Sulphate (SOP) Market Price, Size, Share, Trend, Growth, Report and Forecast 2023-2028' by Expert Market Research gives an extensive outlook of the global potassium sulphate (SOP) market, assessing the market on the basis of its segments like form, application, and major regions.

The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.

Potassium Sulphate (SOP) Market Share, Size, Industry Report, Key Player, Major Segments, and Forecast

The key highlights of the report include:

Market Overview (2018-2028)

• Forecast CAGR (2023-2028): 5%

Potassium sulphate is extensively used in the agriculture industry as a fertiliser. Potassium and sulphur both are essential for crops as they facilitate the optimal growth of flowers and fruits. The thriving agriculture industry across developing nations is bolstering the potassium sulphate (SOP) market. In addition, the increasing population is fuelling the demand for food grains which is in turn propelling the application of potassium sulphate in the agriculture sector. Moreover, potassium sulphate is crucial in the process of drip irrigation and the production of cash crops.

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The increasing industrial use of potassium sulphate is another major driving factor in the market. Downstream products of potassium sulphate such as plaster and gypsum board are high in demand in the construction industry. Over the forecast period, the rapid urbanisation and infrastructure development across emerging economies are expected to bolster the potassium sulphate (SOP) market growth.

Potassium sulphate is further likely to witness a steady demand in the production of soaps and dyes. In this regard, the flourishing textile industry is a boon for this market. Further, potash alum is another crucial downstream product of SOP, witnessing a heightened application for purifying water and producing fireproof textiles.

Potassium Sulphate (SOP) Industry Definition and Major Segments

Potassium sulphate (SOP), also known as sulphate of potash, refers to an inorganic chemical compound which is odourless, strong, and white-coloured. It consists of 42% potassium and 17% sulphur. The boiling point of this compound is 1,689º C. Potassium sulphate finds application in agriculture and various industrial sectors, which is a major driving factor of the market for potassium sulphate (SOP).

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Based on form, the market can be segmented into:

• Solid
• Liquid

On the basis of application, the market can be divided into:

• Fertiliser
• Industrial
• Others

Based on region, the market can be categorised into:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Potassium Sulphate (SOP) Market Trends

The key trends in the global potassium sulphate (SOP) market include rising investments to improve the research and development infrastructure of the pharmaceutical industry. Potassium sulphate consumption can reduce the risk of cardiovascular diseases and cancer. Hence, the increasing prevalence of lifestyle-related issues causing harm to the heart-health is a major market-driving trend.

The increasing application of potassium sulphate in the cosmetics sector is another crucial trend in the market. Over the forecast period, the anticipated increase in demand for creams and lotions derived from potassium sulphate is likely to increase the demand for this chemical compound. In addition, the increasing sales of cosmetic and personal care products via the online sales channel is being witnessed in the urban areas of emerging economies, leading to a heightened growth of the potassium sulphate (SOP) market.

In regional terms, Asia Pacific is expected to witness decent growth in the forecast period. The rising population across India and China are escalating the agricultural growth which is triggering the demand for potassium sulphate. In addition, the presence of local manufacturers of the chemical compound is another key market-driving factor.

Key Market Players

The major players in the potassium sulphate (SOP) market report include:

Qingdao Hisea Chem Co.Ltd.
SQM SA
Tessenderlo Group
Compass Minerals International Inc.
HELM AG
The Mosaic Co.
Others

The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

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