North America Sulfate of Potash Market, By Product (Standard SOP, Granular SOP, Soluble SOP), Crop Type (Fruits and Vegetables, Cereals and Grains, Oilseeds and Pulses, Others), Application (Agricultural, Industrial, Others) - Industry Trends and Forecast to 2030.
North America Sulfate of Potash Market Analysis and Size
The agriculture industry witnessed the greatest demand for sulfate of potash in North America due to the growing demand for cereals and food grains. For instance, as per the report of Food and Agriculture Organization (FAO) , production of cereals reached upto 2,715 million tons in 2019, which increased by 2.3% from 2018. Major market players focus on strategic and productivity expansion by developing multiple manufacturing technologies, high-quality end-use products, and integrated processes to deal with the significantly increasing demand for sulfate in the potash market.
Data Bridge Market Research analyses that the sulfate of potash market is expected to undergo a CAGR of 6.90% during the forecast period. This indicates that the market value, USD 0.68 million in 2022, would rocket up to USD 1.17 million by 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand..
North America Sulfate of Potash Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to (2015 - 2020)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Product (Standard SOP, Granular SOP, Soluble SOP), Crop Type (Fruits and Vegetables, Cereals and Grains, Oilseeds and Pulses, Others), Application (Agricultural, Industrial, Others)
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Countries Covered
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U.S., Canada and Mexico in North America,
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Market Players Covered
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Western Exploration (U.S.), K+S Minerals and Agriculture GmbH (Germany), Mosaic (U.S.), SQM S.A. (U.S.), MIGAO GROUP (China), Compass Minerals (U.S.), Jiangsu Kolod Food Ingredients Co., Ltd (China), SESODA CORPORATION (Taiwan), Sinofert Holdings Limited (China),
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Market Opportunities
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Market Definition
Sulfate of potash (SOP) is also called potassium sulfate (U.K.) or potassium sulfate (U.S.). This is the inorganic compound with the chemical formula K2SO4. It is a white water-soluble solid and is commonly used in fertilizers. This provides both potassium and sulfur to crops. The sulfate of potash does not contain chloride, which can harm some crops. Sulfate of potash is mainly preferred for those crops, including tobacco, vegetables, and fruits.
North America Sulfate of Potash Market Dynamics
Drivers
- Growing demand for sulfate of potash in agricultural production
Potassium sulphate is becoming more common to produce nutrient-rich feed and high-quality crops . The low concentration of chloride can harm crops, due to which increases the demand for the potassium sulfate and gain popularity in the agricultural sector. In the agricultural industry, potassium sulfates are used in numerous applications, suxh as the potassium sulfate used to promote optimal growth to crop when the soil makes chloride from irrigation. Potassium upsurges the thickness of the outer cell walls in the plants, which aids the plant to promotes robust stem growth. A sufficient potassium supply can rise a plant's ability by reducing moisture from growing plants. They also enhance the storage capacity, food's color and flavor.
- Increasing usage of sulfate of potash in several industries
As a result of its advantageous properties, sulfate of potash is now being used in the glass manufacturing industry and is anticipated to have a positive impact on the growth of the North American potassium sulfate market during the forecast period. Additional applications of the targeted market in the healthcare sector include dietary salts, potassium tablets for enteral and parenteral nutrition, injection solutions, hemodialysis, potassium therapy, athletic nutrition, mineral drinks, and similarly for the refinement of insulin, which is anticipated to increase demand for the market across the globe.
Opportunities
- Increasing demand for sulfate of potash from industrial and medical applications
Since the 17th century, the inorganic substance potassium sulfate has been a component of medical treatments. It is used to induce sweating and treat urinary issues. They are also utilized in various industrial operations, including those producing different chemicals and dying industries. In addition to being utilized as a catalyst for specialty plasters, gypsum board, and anhydrite screed, potassium sulfate is employed to create high-quality inorganic compounds such as potassium alum and persulfate, highly pure potassium sulfate, and potassium water glass. They are also utilized in creating fire extinguishing powder for class B/C fires, as an additive to water-based, chloride-free drilling fluids, and drawing lubricants. As a result, it is anticipated to create ample new opportunities for market growth.
Restraints/ Challenges
- Volatility in price and natural fertilizers
The expense of potassium sulfate fluctuates at a speedy pace because the cost of potassium is very volatile. For instance, from the starting of August 2021 to middle of August 2021, the expense of sulfate of potash reduced by 0.33%. Moreover, as per the research by University of Calabar that was published in a research publication, neem fertilizers in organic farming considerably increase crop yield. Therefore, fluctuation in the price of sulfate of potash restrains the market's expansion over the forecast period.
This sulfate of potash market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the sulfate of potash market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays
Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.
Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.
COVID-19 Impact on Sulfate of Potash Market
The COVID-19 pandemic had a minimal impact on the chemicals and materials sector. The shutdown caused several production facilities in numerous nations to completely closed, which immediately affected the sulfate of potash sales. However, the pandemic increased the demand for sulfate of potash from crop production and the medical end-use industries. The chemical is used to treat intestinal and stomach issues. Additionally, it is a high supply of K nutrition for various plants and crops. These qualities kept sulfate of potash in demand during the pandemic and prevented a further decline in the potassium sulfate market. Positive sales prospects for sulfate of potash are being produced by the industry's gradual recovery from losses and the reopening of various manufacturing facilities. Rising opportunities for granular sulphate of potash in the upcoming years are also anticipated to increase demand.
Expected Impact of Economic Slowdown on the Pricing and Availability of Products
When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.
Recent development
- In May 2020, Uralkali, one of the largest potash producers, proclaimed that Uralkali Trading, a wholly-owned subsidiary of Uralkali, has signed a contract with Indian Potash Limited (IPL).
North America Sulfate of Potash Market Scope
The sulfate of potash market is segmented on the basis of product, crop type and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product
- Standard SOP
- Granular SOP
- Soluble SOP
Crop Type
- Fruits and Vegetables
- Cereals and Grains
- Oilseeds and Pulses
- Others
Application
- Agricultural
- Industrial
- Others
Sulfate of Potash Market Regional Analysis/Insights
The sulfate of potash market is analyzed and market size insights and trends are provided by country, product product, crop type and application as referenced above.
The countries covered in the sulfate of potash market report are U.S., Canada and Mexico in North America.
U.S. dominates the North American sulfate of potash market owing to the large market share of the U.S. and also the decrease in arable land and the chase for higher yields is facilitating the growth of the country in this region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of North America brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Sulfate of Potash Market Share Analysis
The sulfate of potash market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, North America presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to sulfate of potash market.
Some of the major players operating in the sulfate of potash market are:
- Western Exploration (U.S.)
- K+S Minerals and Agriculture GmbH (Germany)
- Mosaic (U.S.), SQM S.A. (U.S.)
- MIGAO GROUP (China)
- Compass Minerals (U.S.)
- Jiangsu Kolod Food Ingredients Co., Ltd (China)
- SESODA CORPORATION (Taiwan)
- Sinofert Holdings Limited (China)
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