U.S.: Potassium Sulphate (Sop) Market 2024

Potassium Sulphate (Sop) Market Size in the U.S.

After two years of growth, the U.S. potassium sulphate (SOP) market decreased by -3.1% to $X in 2022. In general, consumption, however, saw a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2016 to 2022, the growth of the market remained at a somewhat lower figure.

Potassium Sulphate (Sop) Production in the U.S.

In value terms, potassium sulphate (SOP) production rose slightly to $X in 2022. Overall, production recorded a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the production volume increased by 43%. Potassium sulphate (SOP) production peaked at $X in 2015; however, from 2016 to 2022, production stood at a somewhat lower figure.

Potassium Sulphate (Sop) Exports

Exports from the U.S.

In 2022, after two years of decline, there was significant growth in shipments abroad of potassium sulphate (SOP), when their volume increased by 38% to X tons. In general, exports, however, showed a mild decrease. The most prominent rate of growth was recorded in 2017 with an increase of 112% against the previous year. As a result, the exports attained the peak of X tons. From 2018 to 2022, the growth of the exports failed to regain momentum.

In value terms, potassium sulphate (SOP) exports surged to $X in 2022. Over the period under review, exports posted a moderate expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Mexico (X tons) was the main destination for potassium sulphate (SOP) exports from the United States, accounting for a 55% share of total exports. Moreover, potassium sulphate (SOP) exports to Mexico exceeded the volume sent to the second major destination, Colombia (X tons), threefold. The third position in this ranking was held by Canada (X tons), with an 18% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Mexico was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Colombia (+66.7% per year) and Canada (+2.9% per year).

In value terms, Mexico ($X) remains the key foreign market for potassium sulphate (SOP) exports from the United States, comprising 58% of total exports. The second position in the ranking was held by Canada ($X), with a 21% share of total exports. It was followed by Colombia, with a 15% share.

From 2012 to 2022, the average annual growth rate of value to Mexico amounted to +6.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+7.2% per year) and Colombia (+97.2% per year).

Export Prices by Country

In 2022, the average potassium sulphate (SOP) export price amounted to $X per ton, increasing by 43% against the previous year. In general, export price indicated buoyant growth from 2012 to 2022: its price increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, potassium sulphate (SOP) export price increased by +115.3% against 2019 indices. The pace of growth appeared the most rapid in 2018 when the average export price increased by 45% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Canada ($X per ton), while the average price for exports to Japan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Colombia (+18.3%), while the prices for the other major destinations experienced more modest paces of growth.

Potassium Sulphate (Sop) Imports

Imports into the U.S.

In 2022, after three years of growth, there was decline in overseas purchases of potassium sulphate (SOP), when their volume decreased by -5% to X tons. Over the period under review, total imports indicated a mild expansion from 2012 to 2022: its volume increased at an average annual rate of +1.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +78.6% against 2018 indices. The pace of growth appeared the most rapid in 2021 when imports increased by 49%. As a result, imports reached the peak of X tons, and then contracted in the following year.

In value terms, potassium sulphate (SOP) imports skyrocketed to $X in 2022. Overall, total imports indicated a temperate increase from 2012 to 2022: its value increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +140.2% against 2018 indices. The pace of growth was the most pronounced in 2021 when imports increased by 44% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, Germany (X tons) constituted the largest supplier of potassium sulphate (SOP) to the United States, accounting for a 63% share of total imports. Moreover, potassium sulphate (SOP) imports from Germany exceeded the figures recorded by the second-largest supplier, Canada (X tons), twofold.

From 2012 to 2022, the average annual growth rate of volume from Germany stood at +2.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Canada (+1.8% per year) and Belgium (+49.6% per year).

In value terms, the largest potassium sulphate (SOP) suppliers to the United States were Germany ($X), Canada ($X) and Belgium ($X), together comprising 97% of total imports.

Belgium, with a CAGR of +50.1%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average potassium sulphate (SOP) import price amounted to $X per ton, increasing by 31% against the previous year. In general, import price indicated a moderate increase from 2012 to 2022: its price increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 an increase of 39% against the previous year. Over the period under review, average import prices attained the peak figure in 2022 and is likely to see steady growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Belgium ($X per ton), while the price for Germany ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+3.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :