Potassium sulfate is a non-flammable and water soluble white crystalline salt which is predominantly used in the production of fertilizers. Potassium sulfate fertilizer is the most widely used chloride free fertilizer among all types of potash fertilizers manufactured and consumed globally. The quality characteristics that potassium sulfate fertilizers such as low salt index, draught resistant, suitability for saline soil and chloride sensitive crops make it a highly sought after fertilizer among all types of chloride free fertilizers. Moreover, potassium sulfate is used in the manufacturing of glass. Furthermore, potassium sulfate is used as a flash reducer in the artillery propellant charges as it reduces flareback, muzzle flash and blast overpressure. Potassium sulfate is widely available in different grades such as technical, food, agricultural and pharmaceutical for use in different applications. However, the agricultural grade is the highest consumed grade of potassium phosphate due to its dominant demand from the fertilizers industry. The growing demand for potassium sulfate from the fertilizer industry is expected to drive the global potassium sulfate market in the next few years.
Global Potassium Sulfate Market: Drivers and Restraints
Water soluble fertilizers form the largest application group of potassium sulfate. The growing demand from fertigation application supported by rising adoption of micro irrigation systems is anticipated to propel the global demand for water soluble fertilizers. Moreover, the increasing demand for better yield due to decreasing arable land, rapidly rising world population and high demand for biofuels is predicted to further fuel the demand for water soluble fertilizers across the globe. Water soluble fertilizers are formulations of mineral fertilizers that are completely soluble in water. These fertilizers can be sprayed or applied on crops to improve the quality and yield of crops such as pulses, cereals, fruits and vegetables. Crops require several nutrients in varied concentrations as per different seasons. The water soluble fertilizers ensure a consistent supply of essential nutrients to crops. Water soluble fertilizers are applied using micro irrigation systems. Owing to its high solubility, potassium sulfate fertilizers are predicted to emerge as the fastest growing market segment of the water soluble fertilizers across the globe during the forecast period. All such positive attributes are resulting in an increase in the demand for potassium sulfate fertilizers which is further driving the demand for potassium sulfate across the world.
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Global Potassium Sulfate Market: Segmentation
Depending on the application, global potassium sulfate market has been segmented into the following key market segments:
- Agriculture
- Turf Management
- Industrial
Global Potassium Sulfate Market: Regional Outlook
Asia Pacific is predicted to emerge as the fastest growing market for potassium sulfate in the next few years. The main reason for this is the growing demand for water soluble fertilizes, especially potassium sulfate fertilizers, in China, India and South East Asian countries such as Indonesia, Malaysia, Thailand and Vietnam due to growing need for better yield for fulfilling the food demand of the rising population. Moreover, the countries such as Brazil, Argentina, South Africa, Nigeria, Jordan, Egypt, and Israel are growingly focusing on improving the agriculture production. Furthermore, the U.S. and European economies are showing signs of recovery after a severe economic downturn. All these factors are creating a positive outlook for the global agriculture and fertilizer industry. Subsequently, the demand for potassium sulfate in fertilizer is predicted to rise in the coming years and therefore, the global potassium sulfate market is expected to record a significant growth in the near future.
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Global Potassium Sulfate Market: Market Players
Some of the major companies operating in the global potassium sulfate market are mentioned below
- K+S KALI GmbH
- Great Salt Lake Minerals
- Big Quill Resources
- Potash Corporation
- SESODA
- Akash Purochem Private Limited
- SDIC XINJIANG LUOBUPO POTASH CO.,LTD.
- Qingshang Chemical (kaifeng) Co., Ltd.