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Potassium Sulphate Global Market Report 2024 - By Trends, Size, Growth And Industry Share, Forecast To 2033
Potassium Sulphate Market
As per the report, the potassium sulphate market size has grown strongly in recent years. It will grow from $5.06 billion in 2023 to $5.5 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The potassium sulphate market size is expected to see strong growth in the next few years. It will grow to $7.89 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%.
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Rising Agricultural Demands Propel Growth In The Potassium Sulphate Market
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.
Potassium Sulphate Market Evolution With Cutting-Edge Oral Solutions
Major companies operating in the potassium sulphate market are focused on introducing advanced solutions, such as oral solutions, to provide a competitive edge in the market. Oral solutions are a type of medication that comes in liquid form for drinking and are used for various purposes, such as cleansing the colon as a preparation for colonoscopy. For instance, in September 2023, Lupin Limited, an India-based pharmaceutical company, launched the Suprep Bowel Prep Kit, approved by the Food and Drug Administration, a US-based federal agency. Suprep Bowel Prep Kit is an oral solution that contains sodium sulfate, potassium sulfate, and magnesium sulfate. It is used for cleansing the colon as a preparation for colonoscopy. It provides a more affordable option for patients.
The potassium sulphate market covered in this report is segmented -
1) By Form: Solid, Liquid
2) By Grade: Food, Agricultural, Technical, Pharmaceutical
3) By Process: Mannheim Process, Sulphate Salts Reaction, Brine Processing, Other Processes
4) By End-Use Industry: Agriculture, Industrial, Pharmaceuticals, Cosmetics, Food and Beverages
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Major companies operating in the potassium sulphate market report are BASF SE, Yara International ASA, Evonik Industries AG, Sociedad Química y Minera SA, EuroChem Group AG, K+S KALI GmbH, Sinofert Holdings Limited, Chambal Fertilizers & Chemicals Ltd., Tessenderlo Group NV, JSC Belaruskali, GS Fertlisers & Chemicals Ltd., Migao Corporation, Arab Potash Company, Compass Minerals International Inc., Achema Group, Mangalore Chemicals & Fertilizers Ltd., EID Parry (India) Ltd., AVIC International Holding Ltd., Archean Group, Jaypee Agri Ltd., Zhejiang Jiali Renewable Resources Co Ltd., Shandong Lianmeng Chemical Group Ltd., Zuari Agro Chemicals Ltd., Polyformes Limited, General Plastics Manufacturing Company Ltd., Gansu Xinchuan Fertilizer Co Ltd., Shijiazhuang Hehe Chemical Fertilizer Ltd., Oswal Agrochem Ltd., Deepak Nitrite Ltd.
Contents of the report:
1. Executive Summary
2. Potassium Sulphate Market Report Structure
3. Potassium Sulphate Market Trends And Strategies
4. Potassium Sulphate Market - Macro Economic Scenario
5. Potassium Sulphate Market Size And Growth
…..
27. Potassium Sulphate Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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