Global Potassium Sulphate Market: Overview
Potassium sulphate is also known as sulphate of potash or SOP. It is a completely natural product that is mainly used to formulate fertilizers. It is available in the market in three different forms – granular, liquid, and powder. Potassium sulphate also finds usage in making glass. It is used in the food, textile, and cosmetic industry too.
A report by Transparency Market Research predicts the global potassium sulphate market to rise at a moderate pace in the next couple of years. The report intends to present crucial information in the potassium sulphate market. Those could include the growth drivers and restraints, the competitive dynamics, and the various application and product segments of the global potassium sulphate market.
Global Potassium Sulphate Market: Drivers and Restraints
The global potassium sulphate market is mainly being driven by the products usage in fertilizers. This is because the following unique perceived benefits of the product – significant potassium content, low chloride and slat index. Other potash fertilizers have high chloride content and low potassium content. With the surging world population that needs to be fed and the reduction in the amount of arable land, demand in the global potassium sulphate market is set to grow.
Potassium sulphate fertilizers primarily find usage in growing vegetables and fruits. Between the two, the fruit segment could be a major driver of demand in the global potassium sulphate market in the near term. The fertilizers also find usage in growing cash crops. With liberal government funding for further research and development of fertilizer products and rising awareness among farmers about their usage, the potassium sulphate market growth could receive a sustained support in the near term.
Posing a challenge to the global potassium sulphate market could be the competitive pricing strategies of local players. This could be negatively impacting the revenues in the market. Improper value chain management could also be impeding market growth. However, despite such challenges, the potassium sulphate market would grow because of the wide-ranging applications.
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Global Potassium Sulphate Market: Regional Outlook
Geographically, a major boost to the global potassium sulphate market could be provided by the Middle Eastern and African nations. This is because of their saline soil and the scanty rainfall. This makes it very difficult to grow crops. This has egged governments in these nations to take support agricultural activities through subsidized fertilizers. This could go a long way in making the region self-sufficient when it comes to the food.
Not just African and Middle Eastern nations, even predominantly agricultural nations in Asia Pacific and Latin America are also potential demand drivers in the global potassium sulphate market. The product can enable them to enhance their crop production further. In fact, in Asian nations of China and India, the government is already providing subsidies on it. This is because of their large sized population.
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Global Potassium Sulphate Market: Competitive Landscape
The global potassium sulphate market exhibits a fragmented competitive landscape owing to the presence of many players. Prominent ones among them include SESODA Corporation, SDIC Xinjiang Luobupo Potash Company Limited, China Ching Shiang Chemical Co. Ltd., and the Mosaic Company.