Global SOP consumption was 7mt in 2020 and has grown at a CAGR of 6.5% over the past 10 years (CRU). The majority of SOP is consumed domestically in the country where it is produced or exported regionally, with seaborne trade expected to make up only 2.2mt (30%) of the market in 2020. Around 64% of seaborne exports come from Western Europe reflected by the North West Europe index being the major price reference point for the industry.
The market for SOP has significant potential for growth, with the majority of the world materially underapplying SOP relative to its chloride sensitive crop planted area. SO4 calculates that if the world applied SOP to chloride sensitive crops at just half the rate as market leaders USA and China, it would equate to an incremental 6mt per annum of demand and triple the current seaborne market.