Rising population in developing countries is a key trend that is expected to impact the market. The rising population in developing countries will lead to increased demand and consumption of food and drinks. This coupled with the rising per capita income will lead to an increase in demand for consumer goods, which in turn will lead to the growth of the market during the forecast period.
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In this report, Technavio analysts highlight the rising middle-class population as a key factor contributing to the growth of the global potassium sulfate market:
Rising middle-class population
The growing middle-class is population is expected to drive the growth of the global potassium sulfate market. Numerous factors such as strong economic growth and increased urbanization are helping the middle-class population to grow. It is estimated that close to 54% of the middle-class population will originate from APAC by 2020. This will lead to an increase in demand for food which in turn, will lead to an increase in demand for potassium sulfate from the agriculture industry.
According to a senior analyst at Technavio for specialty chemicals research, “Potassium sulfate or sulfate of potash is a premium quality nutrient required for the growth of high-value crops. SOP has superior qualities as compared to potassium chloride or muriate of Potash.”
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Global potassium sulfate market segmentation
This market research report segments the global potassium sulfate market based on processes (mannheim process, sulfate salts reaction, and salt-lake brine processing) and key regions (the Americas, APAC, and EMEA).
APAC was the leading region for the global potassium sulfate market in 2017, accounting for a market share of close to 53%. APAC was followed by EMEA and the Americas. The Americas is the only geographic region which is expected to witness a slight increase in its market share during the forecast period.
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