Potassium sulphate (SOP) is one of the most widely used fertilisers in the agricultural industry, as it provides Potassium, an essential nutrient for plants. According to the Fertilizers Institute in Washington, potassium is one of the “Big 3” primary nutrients and plays an important role in plant nutrition. During the forecast period, the global potassium sulphate market is anticipated to expand due to the rising demand for potash fertilisers in the agricultural sector. In addition, potassium sulphate can prevent the infection of plants by insects and other microorganisms. Potassium sulphate also aids the plant in adapting to unfavourable weather conditions, helps plants absorb more minerals from the soil, and strengthens tree stalks. In addition to industrial, pharmaceutical, cosmetic, food & beverage, and other industries, potassium sulphate has additional end uses in the industrial, pharmaceutical, and food & beverage sectors.
Potassium Sulfate Market Influencers
Enhancing Agricultural Output
Potassium sulphate, an inorganic compound containing sulfuric acid, is increasingly used to produce high-quality crops and nutritious animal feed due to its unique properties. Potassium sulphate is gaining popularity in the agricultural industry due to its low chloride content, which can be harmful to crops. Potassium Sulfates are utilised in a variety of agricultural applications, including the application of potassium sulphate for optimal growth as soil chloride accumulates from irrigation water. Potassium promotes the growth of sturdy stems and confers some disease resistance on the plant by thickening the outer cell walls. Potassium can reduce evaporation from growing plants, giving them some drought resistance. They enhance the flavour, preservation, and colour of fruits and vegetables. In addition, the rising demand for arable land and high-yield crops in Asia and Latin America is anticipated to drive the market aggressively.
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The Food and Agriculture Organization (FAO) (FAO), Currently, the Asia-Pacific region produces more than fifty percent of the world’s agricultural output. Europe, Central Asia, and North America account for approximately 45 percent of the production. In the coming years, crop and livestock production in the Asia-Pacific region are anticipated to increase rapidly, driven primarily by India’s 25% output growth and Latin America’s 15% output growth. As agricultural productivity is already high in Europe, Central Asia, and North America, further output growth will be constrained by policy constraints such as environmental and animal welfare regulations. FAO predicts that global crop production will increase by nearly 15% by 2029. Increasing agricultural production will necessitate a greater demand for potassium sulphates, driving the potassium sulphate market during the review period.
Increasing Demand from the Medical and Industrial Sector
Since the 17th century, potassium sulphate, an inorganic compound, has been used as a component in medical treatments. It is used to treat urinary issues and induce perspiration. In addition, they are utilised in a variety of industrial processes, including the production of various chemicals and the dying industry. Potassium sulphate is utilised in the manufacturing of high-quality inorganic compounds such as potassium alum, potassium persulfate, extremely pure potassium sulphate, and potassium waterglass; and as a catalyst for special plasters, gypsum board, and anhydrite screed. Additionally, they are utilised as an additive in water-based, chloride-free drilling fluids, in the production of fire extinguishing powder for class B/C fires, and in the manufacture of drawing lubricants. Consequently, it is anticipated that the thriving medical and chemical industries will lead to an increase in demand, which will propel the potassium sulphate market share over the forecast period.