The USA and Canada potassium sulfate market is estimated to be valued at around US$ 426.2 million in 2022 and it is expected to surpass US$ 564.4 million by 2032. Overall potassium sulfate sales across the USA and Canada are anticipated to rise at a sluggish CAGR of 2.8% during the forecast period from 2022 to 2032.
Rising demand for eco-friendly potash fertilizers from agriculture sector is expected to drive the USA and Canada potassium sulfate market in the forecast period. Potassium sulfate also known as sulfate of potash (SOP) comes from the family of potash fertilizers with others being potassium chloride (Muriate of Potash, MOP), potassium nitrate, and other salts of potassium and magnesium.
Sulfate of potash (SOP) or potassium sulfate is an inorganic compound that has gained immense popularity as an ideal fertilizer due to its ability to provide necessary nutrition to the crops. Unlike other potash fertilizers, sulfate of potash (SOP) has the lowest salt index per unit of K2O, low chloride content, and significant potassium content.
Potassium sulfate is suitable for chloride-sensitive crops and saline soil. It has become an excellent source of potassium (K) nutrition for plants and is utilized for citrus fruits, tobacco, vegetables, water-bearing fruits, and soil replenishment. Apart from the aforementioned crops, it is also used for regular crops such as cereals and pulses.
Addition of potassium sulfate supports plant growth, enhances water preservation, and increases crop yield and disease resistance. Thanks to its low chlorine and high potassium and sodium content, this premium potash fertilizer has become an ideal alternative to potassium chloride and other conventional fertilizers.
Rapid transition toward chlorine-free potash fertilizers and increasing need for improving crop yield are expected to boost the USA and Canada potassium sulfate market during the assessment period.
Potassium sulfate is recommended as a fertilizer in North America due to its exceptional performance and features. It has many advantages, including increased agricultural yield, simplicity of usage in plants, and adequate sulphur and potassium content, among others. Aside from that, the usage of potassium sulpahte reduces the negative effects of chloride buildup in soils, especially in dry conditions.
Owing to these value-added features of potassium sulfate, it is in high demand as fertilizer across the USA and Canada and is anticipated to eventually replace traditional fertilizers during the forecast period (2022 to 2032).
Future Market Insights (FMI) further opines, increasing the usage of potassium sulfate as an insect repellent and alternative blast media for removing coatings from sensitive and composite surfaces will boost sales.
| Attribute | Key Insights |
|---|---|
| USA and Canada Potassium Sulfate Market Estimated Value (2022) | US$ 426.2 million |
| Projected Market Value (2032) | US$ 564.4 million |
| Value-based CAGR (2022 to 2032) | 2.8% |
| Collective Value Share: Key players | 65%-70% |
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According to the FMI analysis, the market of potassium sulfate witnessed a CAGR of 1.8% during the historical period from 2017 to 2021. The key reason behind this slow growth rate was the slowdown in manufacturing industries and the shortage of raw material supply due to COVID-19 in 2020. However, for the assessment period, the overall USA and Canada potassium sulfate demand is anticipated to surge at 2.8% CAGR.
The market is expected to be driven by the rising application of potassium sulfate as a fertilizer in the agriculture sector. Similarly, growing concerns regarding food insecurity coupled with an increasing focus on improving crop yield are anticipated to generate high demand for potassium sulfate across the USA and Canada during the assessment period. Rising usage of potassium sulfate in water treatment, healthcare, and chemical industries will boost potassium sulfate sales across North America over the projection period.
Rising Medical and Industrial Applications to Create New Growth Opportunities for Potassium Sulfate Industry
Potassium sulfate has been used in medical procedures since the 17th century. It is used to treat urinary problems and make people sweat. It also finds application as an osmotic laxative used to cleanse the colon before procedures like colonoscopy.
Potassium sulfate is also added in cosmetics and skin care products as a thickening agent or rheology modifier. Additionally, it is used in a range of industrial processes, such as those that create various chemicals.
It is used to make high-quality inorganic compounds such as potassium alum, potassium persulfate, highly pure potassium sulfate, and potassium water glass in addition to catalyzing specialty plasters, gypsum board, and anhydrite screed.
Besides these, it is used in the production of drawing lubricants, water-based chloride-free drilling fluid additives, and fire extinguisher powder for class B/C fires. Thus, the rising adoption of potassium sulfate for these industrial applications is expected to create significant growth opportunities for the market during the assessment period.
Principal Consultant
Higher Manufacturing Costs Likely to Limit Expansion of. Potassium Sulfate Across the USA and Canada
The high price of SOP-based fertilizers & shifting of the manufacturing base to the Eastern continent is likely to impede the market growth. Potassium sulfate-based fertilizers are premium fertilizers finding application in specialized crops. SOP-based fertilizers are specially formulated with an exceptional level of purity. In the process of developing high purity, the cost of production and operation also increases significantly. This results in an increase in the overall price of the final product.
The price of SOP, as compared to MOP or any other conventional fertilizer, is at least twofold or threefold. Thus, the high prices of SOP-based fertilizers in the region may dent growth in the future.
The presence of huge amounts of fluorspar in the Asia Pacific, especially in China, has encouraged numerous companies to move their manufacturing base from North America to the Asia Pacific.
Consistent Demand from End Users to Boost Potassium Sulfate Sales in the USA
According to Future Market Insights, the USA potassium sulfate market is set to propel at a moderate CAGR during the forecast period owing to the rising demand for low-toxic fertilizers across the thriving agriculture sector.
Among the nitrogen, phosphate, and potash fertilizers, around one-fourth share is occupied by potash fertilizers in the USA plant nutrition market. Potassium sulfate is extensively used for improving the yield and health of tree nuts, fruits, and vegetables across the USA
Within the USA, the Midwest region currently dominates the market with more than one-third share followed by the south and northeast regions. The presence of multiple suppliers and high areas under agriculture are the key reasons driving demand for potassium sulfate across Midwest and Southern regions.
Robust Development in Fertilizer Industries and Increase in Potash Fertilizers Export Boosting Market in Canada
Future Market Insights predicts Canada’s potassium sulfate market to exhibit a steady CAGR of around 3.4% between 2022 and 2032, generating significant revenues during the assessment period. Growth in the market is driven by the rapid expansion of fertilizer industries and increasing export of fertilizers such as potash.
Over the years, Canada has emerged as a production hub of various fertilizers. It is considered to be the largest producer and exporter of potash in the world. The country produced around 22.5 million tonnes of potash in 2021 and exported nearly 21.6 million in the same year as per the Government of Canada. This rising production and export of fertilizers will continue to boost the potassium sulfate market across Canada during the forecast period.
In Canada, the Prairie Provinces and the Central Canada Province collectively account for significant consumption of potassium sulfate. Based on product form, granular potassium sulfate is slated to witness a surge in demand, especially from the tree nuts, corn, and wheat producers in Canada. The segment is anticipated to register a CAGR of more than 3.5% over the estimation period.
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Granular Form of Potassium Sulfate to Dominate Market Through 2032
By product form, granular potassium sulfate currently dominates the market with around three-fourths share, and the trend is expected to continue during the forecast period. This is attributed to the rising usage of granular potassium sulfate as a fertilizer across the agriculture sector.
FMI predicts the granular form segment to create an absolute $ opportunity of more than US$ 100.0 million during the forecast period owing to the rising focus of farmers on improving their crop yield to tackle food insecurity. The powder and liquid segments are also expected to expand at a significant CAGR owing to their rising applications in the cosmetics and chemicals industry.
Tree Nuts to Remain Lead Application Area for Potassium Sulfate in North America
Based on application, potassium sulfate is highly utilized for tree nuts. Crops such as avocado, cashew, peach, almond, etc. require key nutrients like potassium and sulphur for healthy growth. As a result, farmers across countries such as the USA and Canada are extensively using fertilizers such as potassium sulfate.
Growing demand for tree nuts across North American countries due to their high nutritional value is expected to positively influence potassium sulfate sales during the forecast period. The tree nuts segment alone is anticipated to create an absolute $ opportunity close to US$ 50.0 million during the forecast period.
A strong presence of potassium sulfate manufacturers all over the region has benefited their sales owing to the well-established distribution network. Key manufacturers of potassium sulfate are focusing on increasing their production capacities to cater to the growing demand from end-use industries.
Expansion of distribution networks by collaborating with suppliers & traders across the region as well as creating a strong footprint in the domestic markets are expected to augment the demand for potassium sulfate. Companies can expand their market reach by offering attractive margins to distributors, which will expand their reach and increase their customer base. With the high penetration of key players, the resultant competition between them will result in competitive pricing which can benefit the end users, especially fertilizer manufacturers and chemical industries.
Recent Developments:
| Attribute | Details |
|---|---|
| Estimated Market Size (2022) | US$ 426.2 million |
| Projected Market Size (2032) | US$ 564.4 million |
| Anticipated Growth Rate (2022 to 2032) | 2.8% CAGR |
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | US$ million for Value and Kilo Tons for Volume |
| Key Countries Covered | USA and Canada |
| Key Segments Covered | Product Form, Application, and Country |
| Key Companies Profiled |
|
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraint, Opportunity, and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The primary consumer for potassium sulfate is the agricultural industry.
Some of the key USA and Canada potassium sulfate market players are K+S Group, SQM, and Mosaic Company.
The market is estimated to secure a valuation of US$ 426.2 million in 2023.
The market is estimated to reach US$ 564.4 million by 2033.
The agricultural sector holds high revenue potential in the USA and Canada potassium sulfate market.
1. Executive Summary | USA and Canada Potassium Sulfate Market
1.1. Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Technology Roadmap
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Demand Analysis 2017 to 2021 and Forecast, 2022 to 2032
3.1. Historical Market Volume (Kilo Tons) Analysis, 2017 to 2021
3.2. Current and Future Market Volume (Kilo Tons) Projections, 2022 to 2032
3.3. Y-o-Y Growth Trend Analysis
4. Market - Pricing Analysis
4.1. Regional Pricing Analysis by Product Form
4.2. Cost Teardown Analysis
4.3. Pricing 2017 - 2032
5. Market Demand (in Value or Size in US$ Million) Analysis 2017 to 2021 and Forecast, 2022 to 2032
5.1. Historical Market Value (US$ Million) Analysis, 2017 to 2021
5.2. Current and Future Market Value (US$ Million) Projections, 2022 to 2032
5.2.1. Y-o-Y Growth Trend Analysis
5.2.2. Absolute $ Opportunity Analysis
6. Market Background
6.1. Forecast Factors - Relevance & Impact
6.2. Value Chain Analysis
6.3. Market Dynamics
6.4. Production Process Overview
6.5. Key Developments
7. Market Analysis 2017 to 2021 and Forecast 2022 to 2032
7.1. Introduction
7.2. Section Summary
7.3. Historical Market Size (US$ Million) and Volume Trend Analysis by Market Taxonomy, 2017 to 2021
7.4. Market Size (US$ Million) and Volume Forecast by Market Taxonomy, 2022 to 2032
7.4.1. By Country
7.4.1.1. USA
7.4.1.2. Canada
7.4.2. By Product Form
7.4.3. By Application
7.5. Market Attractiveness Analysis
7.5.1. By Country
7.5.2. By Product Form
7.5.3. By Application
7.6. Key Market Participants - Intensity Mapping
7.7. Key Takeaways
8. USA Potassium Sulfate Market Analysis 2017 to 2021 and Forecast 2022 to 2032
8.1. Section Summary
8.2. USA Market Analysis
8.2.1. By Product Form
8.2.2. By Application
8.2.3. By Region
9. Canada Potassium Sulfate Market Analysis 2017 to 2021 and Forecast 2022 to 2032
9.1. Section Summary
9.2. USA Market Analysis
9.2.1. By Product Form
9.2.2. By Application
9.2.3. By Region
10. Assumptions and Acronyms Used
11. Research Methodology
Chemicals & Materials
February 2024
REP-GB-13952
316 pages
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USA and Canada Potassium Sulfate Market
