The North America Potassium Sulfate Market would witness market growth of 4.2% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 1,099.0 Kilo Tonnes, showcasing a growth of 3.0% (2019-2022).
The market stands at the crossroads of agriculture, industry, and innovation, playing a pivotal role in addressing the dynamic needs of these sectors. The compound composed of potassium, sulfur, and oxygen, has diverse applications across agriculture, industrial processes, and pharmaceuticals. This multifaceted compound, often referred to as sulfate of potash (SOP), is renowned for its unique properties, making it a valuable commodity in various industries.
Agriculture is the cornerstone of the chemical’s adoption, with the compound serving as a vital component in premium fertilizers. Potassium, one of the essential macronutrients for plants, is critical for numerous physiological processes, ranging from enzyme activation to water uptake and photosynthesis. The adoption of this chemical in agriculture is rooted in its ability to provide potassium without introducing chloride, a characteristic particularly beneficial for chloride-sensitive crops.
As per the U.S Department of Agriculture (USDA), the theme of the 2021 Forum, "Building on Innovation: A Pathway to Resilience," is the alignment of USDA's programs, resources, and research with the Agriculture Innovation Agenda, which aims to achieve a 40 percent increase in U.S. agricultural production and a half reduction in the environmental impact of agriculture by 2050. Moreover, as per the data from the Government of Canada, in 2022, an investment of over $635K in four innovative projects was announced to boost productivity and green infrastructure in the agriculture sector. Thus, growing initiatives for sustainable agriculture and growing crop yields in the North America region will boost the demand.
The US market dominated the North America Potassium Sulfate Market, By Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $704.9 million by 2030. The Canada market is experiencing a CAGR of 6.2% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 5.2% during (2023 - 2030).
Based on Form, the market is segmented into Solid, and Liquid. Based on Purity, the market is segmented into Up to 99%, and Greater than 99%. Based on End User, the market is segmented into Agriculture, Industrial, Pharmaceuticals, Food & Beverages, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Potassium Sulfate Market is Predict to reach USD 6 Billion by 2030, at a CAGR of 4.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Yara International ASA, Compass Minerals International, Inc., Halogen, Sesoda Corporation, K+S Aktiengesellschaft, SOCIEDAD QUIMICA Y MINERA DE CHILE S.A, Intrepid Potash Inc., Tessenderlo Group nv and The Mosaic Company
By Form (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Purity (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By End User (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Country (Volume, Kilo Tonnes, USD Billion, 2019-2030)
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