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Potassium Sulfate also called as sulfate of potash and archanite with chemical formula K2SO4 is white colored water soluble inorganic salt. It is pre-dominantly used in agrochemicals like fertilizers to provide potassium and sulfur. Naturally it is derived from kainite, Arcanite, Leonite, and others. it is produced Orcha, Lake Brines and Manheim’s process of which manheim’s process is used for the commercial production of potassium sulfate.
Increasing demand for agrochemicals from various countries shall drive the regional market. various initiatives undertaken by government for boosting the agricultural yield shall positively impact the market. additionally, increasing demand for potassium sulfate from glass industry shall boost the market growth.
However, increasing awareness regarding advantages of organic fertilizers and agrochemicals is shifting the preferences of farmers towards organic farming. This shall hamper market.
Key Market Driver -
Growing demand of agrochemicals.
Key Market Restraint -
Increasing awareness regarding use of organic fertilizers.
Based on form, the market is segmented into solid & liquid. Based on end-use industry, market is segmented into pharmaceuticals, industrial, agriculture, food & beverages, cosmetics, and others.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The global potassium sulfate market consists of global & regional players operating. Some of the key players in the market include Tessenderlo Group, Compass Minerals International Inc., Sesoda Corporation, Interpid Potash, Inc, Migao Corporation, Yara International ASA, and others.
The market has been segmented. into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific held the largest share in terms of value in 209 and is expected to be the fastest growing market. increasing population and substantial increase in demand for food crops in turn shall drive the demand for potassium sulfate. North America is expected to hold significant share in attributed to the increasing demand for fertilizers. Europe shall grow considerably due to the increasing demand for potassium sulfate from pharmaceutical and industrial application Latin America and Middle East & Africa shall exhibit sluggish growth by the end of forecast period
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