Global Sulphate of Potash (SOP) Market Research Report 2024-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2030

Global Sulphate of Potash (SOP) Market Research Report 2024-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2030

Sulfate of potash (SOP) is another name for potassium sulfate. Potassium sulfate is a crystalline white salt that is water soluble and non-flammable. Potassium sulfate is mostly used in the agriculture industry to make fertilizers that protect crops from pests and weeds. Among all forms of potash fertilizers manufactured and used worldwide, potassium sulfate fertilizer is the most extensively used chloride-free fertilizer.

Market Overview:

The latest research study on the global Sulphate of Potash (SOP) market finds that the global Sulphate of Potash (SOP) market reached a value of USD 4421.61 million in 2023. It’s expected that the market will achieve USD 5522.28 million by 2029, exhibiting a CAGR of 3.77% during the forecast period.

Increasing Agricultural Production

The special properties of SOP are increasingly used to produce high-quality crops and nutritional feeds. Potassium sulphate is becoming more popular in the agricultural sector due to the low presence of chloride which can be harmful to the crops. Potassium Sulphates are utilized in a variety of applications in the agricultural industry, including the application of SOP for optimal growth as the soil accumulates chloride from the irrigation water. Potassium stimulates the growth of strong stems and gives the plant some disease resistance by promoting thickness of the outer cell walls. Adequate potassium can reduce moisture loss from growing plants, thereby giving some drought resistance. They improve flavor, storing quality, and color of the fruits and vegetables. Additionally, the growing demand for arable land and high yield crops in the Asian and Latin American countries is expected to drive the market strongly. According to The Food and Agriculture Organization (FAO), Presently, the Asia-Pacific region accounts for more than half of the global agricultural production output. Europe, Central Asia and North America are responsible for around 45% of the production. In the coming years, crop and livestock production are expected to grow rapidly in Asia Pacific region which is mainly driven by strong output growth of India by 25% along with Latin America 15%. Production growth will be low in Europe, Central Asia, and North America as agricultural productivity is already at high levels, and policies constraints such as environmental and animal welfare policies will limit further output growth. According to FAO, the global crop production to increase by almost 15% by 2029. Thus, increasing agricultural production will require more potassium sulphates, which will act as a driver for the potassium sulphate industry during the review period.

Region Overview:

In 2022, the share of the Sulphate of Potash (SOP) market in Asia Pacific stood at 51.40%.

Company Overview:

SDIC Xinjiang Luobupo Potash Co., Ltd. is one of the major players operating in the Sulphate of Potash (SOP) market, holding a share of 17.42% 2023.

Segmentation Overview:

Among different product types, Standard SOP segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Agricultural segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Sulphate of Potash (SOP) market covered in Chapter 3:

Tessenderlo Group
Ching Shiang Chemical Industrial Co
Evergrow
Compass Minerals
K+S Aktiengesellschaft
Qinghai Bindi Potash Co
SDIC Xinjiang Luobupo Potash Co., Ltd.
Migao Corporation
ICL Group
SQM S.A.

In Chapter 4 and Chapter 14.2, on the basis of types, the Sulphate of Potash (SOP) market from 2019 to 2030 is primarily split into:

Standard SOP
Granular SOP
Soluble SOP

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Sulphate of Potash (SOP) market from 2019 to 2030 covers:

Agricultural
Industrial

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2019-2030) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)