Potassium sulphate (SOP) is one of the essential fertilizers that is used in the agricultural industry, as it provides one of the essential nutrients to plants such as Potassium.potassium sulphate offers advantages such as prevention of infection of plants from pests and other microbes. Potassium sulphate also helps the plant to adapt to unfavorable weather conditions and aids plants in absorbing more minerals from the soil, and also strengthens the tree stalks. In addition, other end uses industries of potassium sulphate include industrial, pharmaceutical, cosmetics, food & beverages, and others.
The global potassium sulphate market was valued at US$ 4,043.7 Mn in 2019 and is expected to reach US$ 5,656.0 Mn by 2027, exhibiting a CAGR of 4.3% over the forecast period (2020-2027).
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North America potassium sulphate market growth is mainly driven by presence of major market players and their strategies such as mergers and acquisitions, product launches, and partnerships with fertilizer manufacturers. For instance, in 2016, compass minerals launched Potassium+ Organic. It is an organic sulphate of potash (SOP), which offers high potassium and plant-available sulphate sulfur. This product is approved for organic food production by various organization such as the Organic Materials Review Institute (OMRI), California Department of Food and Agriculture (CDFA), and USDA National Organic Standards Board (NOSB).
Major Keyplayers: Tessenderlo Group, K+S KALI GmbH, Compass Minerals International Inc., SQM SA, Sesoda Corporation, Migao Corporation, The Mosaic Company, Yara International ASA, SOPerior Fertilizer Corp., and Interpid Potash, Inc.
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