LONDON–(BUSINESS WIRE)–#GlobalPotassiumSulfateMarket–The potassium sulfate market is expected to grow by 3,345.51 K MT during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Factors such as strong economic growth and rapid urbanization have resulted in the expansion of the middle-class population, especially in developing regions such as APAC. According to estimates, about 53.55% of the middle-class population in 2020 is expected to originate from APAC. By 2030, the region is expected to account for more than 60% share of the global middle-class population. The growing disposable incomes of this population segment is driving the demand for food products, which is increasing the use of fertilizers in the agriculture industry. These factors are fueling the growth of the global potassium sulfate market.
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As per Technavio, the high demand for Sulfate of Potash (SOP) from the agriculture segment will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Potassium Sulfate Market: High Demand for SOP from the Agriculture Segment
The global population stood at 7.59 billion in 2019. By 2050, it is expected to increase to about 9.7 billion. This rapid growth in the global population is driving the need for food security. This has resulted in increased investments in the agriculture sector and the adoption of improved farming policies. These factors have increased the use of SOPs, also known as potash fertilizers in the agriculture industry. Therefore, the high demand for SOP from the agriculture segment is expected to boost the growth of the global potassium sulfate market during the forecast period.
“Increasing population in developing countries and the advantages of SOP over Muritate of Potash (MOP) will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Potassium Sulfate Market: Segmentation Analysis
This market research report segments the potassium sulfate market by process (Mannheim process, Sulfate salts reaction, and Salt lake brine processing) and geography (APAC, Europe, MEA, North America, and South America).
The APAC region led the potassium sulfate market in 2019, followed by Europe, MEA, North America, and South America respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the expansion of the population in countries such as India and China.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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