Global Potassium Sulphate Market Is Estimated To Witness High Growth Owing To Growing Agricultural Production And Increasing Demand From The Agriculture Sector

Potassium Sulphate Market
Potassium Sulphate Market

Overview:

Potassium sulphate is a fertilizer that combines two essential nutrients for plants: potassium and sulfur. It helps ripen and strengthen crops, and also improves quality. It increases a crop's ability to withstand drought, frost and insects. Potassium sulfate is the result of a complex salt formation between potassium and sulfate.

Unlike the majority of K-containing fertilizers, sulfate of potash does not contain chloride; this makes it preferred for certain types of crops, including tobacco, some fruits and vegetables, and nuts. It is less prone to toxicity when added to soils that have accumulated chloride from irrigation water. In a lab setting, SOP is often formulated into a form of powdered granules. This is useful for delivering a large amount of nutrient at a fast rate. It is also a convenient, lightweight form for handling and transporting.

Market Dynamics:

Growing are estimated to augment growth of the global Potassium Sulphate Market over the forecast period. For instance, Uralkali proclaimed that Uralkali Trading and Indian Potash Limited concluded a contract in May 2020, for potash deliveries. Moreover, growing fluctuations in price is anticipated to restrain growth of the global potassium sulphate for market over the forecast period.

Impact of COVID-19:

COVID-19 was first recognized in 2019 in China and it was later transmitted to more than 100 nations. The number of COVID-19 cases were increasing on a daily basis. The pandemic had a negative impact on several sectors, such as food & beverage, agriculture, and industrial sector. Owing to restrictions imposed in many regions, manufacturing activities were halted.

Due to rising food grain demand from nations like China and India, Asia Pacific is anticipated to have the fastest growth rate in the world Potash Fertilizers Market.

The production in several chemical and food processing facilities were stopped owing to the nationwide lockdowns. This resulted in decrease in demand for fertilizers in the agricultural sector. Many supply chains were also disrupted during the pandemic. This hampered the supply of several products in the agricultural sector. Thus, the pandemic had a negative impact on the global potassium sulphate for market.

Key Takeaways:

The global Potassium Sulphate Market is expected to witness high growth, exhibiting CAGR of 4.8 % over the forecast period, due to increasing mergers among key players.

For instance, a Belgium-based chemicals company, Tessenderlo Group merged with Picanol Group, in July 2022. This merger will increase transparency and also simplify group structure of both the companies.

Asia Pacific is anticipated to witness significant growth in the global potassium sulphate for market over the forecast period, owing to growing agricultural sector and rising demand for potassium sulphate.

Major players operating in the global Potassium Sulphate Market are SOPerior Fertilizer Corp, Migao Corporation, Interpid Potash, Inc., SQM SA, The Mosaic Company, K+S KALI GmbH, Yara International ASA, Sesoda Corporation, Tessenderlo Group, and Compass Minerals International Inc.

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