The current valuation of the ferrous sulfate market in 2022 is US$ 2.3 billion and it is projected to grow at a CAGR of 2.9% during the forecast period to reach a market value of US$ 2.9 billion by 2032.
| Attributes | Details |
|---|---|
| Market Valuation (2022) | US$ 2.3 billion |
| Market Valuation (2032) | US$ 2.9 billion |
| CAGR | 2.9% |
Critical Factors Bolstering Ferrous Sulfate Market Growth Are:
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The production of ferrous sulfate is primarily dependent upon the steel pickling process and titanium dioxide pigment production. Hence, fluctuation in these two markets could have a negative impact on ferrous sulfate production. Volatility in ferrous sulfate production due to increased dependency on these processes might deter the market growth outlook.
Easy Availability of Alternatives to Deter Market Growth
For application in wastewater treatment, ferrous sulfate can be easily substituted by ferric chloride or alum. These substitutes are very cheap and readily available in the market, unlike ferrous sulfate. Consumer propensity to adopt these alternatives might obstruct market growth during the forecast period.
Asia-Pacific to Dominate Market Owing to Pharmaceutical Sector Expansion
During the forecast period, the Asia-Pacific region is expected to dominate the regional markets as a result of the rapidly expanding Pharmaceutical industry in the region. This can be attributed to key factors such as government initiatives to boost the sector, low labor charges in developing nations as well as abundant availability of raw materials.
Several pharmaceutical manufacturing giants are slowly shifting to the Asia-Pacific due to multifarious factors that promote ease of operation. The region is also witnessing an upsurge in mergers as well as acquisitions amongst key players, that could consolidate market prospects.
The ferrous sulfate, also known as the Green Vetriol or Copperas since the middle ages, essentially provides iron needed by the body. The ferrous sulfate market is booming in places where the population is high and is growing quickly, for instance China, India and U.S.A. Asia is a major stakeholder in the ferrous sulfate market and produces roughly around 80% of ferrous sulfate produced in the world.
That apart, ferrous Sulfate is also used in animal feeds, water treatment fertilizers and as a catalyst. China, being the leading producer of the crystalline substance, will soon also dominate the market in the production of liquidized ferrous sulfate which is mostly used in the treatment of anemia.
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As the animal feed industry as well as the fertilizer industry have been showing an appreciating increase in GDP since the last two years, it is quite likely that the ferrous sulfate market will grow with it. Another antecedent which helps to drive the ferrous sulfate market is the escalating price of the hydrochloric acid.
Due to an increase in its prices, the pickling operation of the hydro chloric acid has been paused and ferrous sulfate is being used in place of hydrochloric acid.
An easy alternate to ferrous sulfate is the combination of Ferric Chloride and Alum in liquid form. This is a major peril to the ferrous sulfate industry. The use of this alternate may also result in squandering of up to 150,000 tons of ferrous sulfate and lead to reduced import-export opportunities.
The ferrous sulfate market is segmented in two ways:
In the properties variant, the ferrous sulfate, being crystalline and having a dissolving character, is used to treat water polluted by agriculture and animal waste. On the other hand, due to the bond between metal ions such as the abundance of sulfate ions, ferrous sulfate is also used to treat water polluted heavily by heavy-metal elements.
The Ferrous sulfate market can also be segmented on the basis of application. On the basis of application, the ferrous sulfate market is segment into the following:
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Based on geography, the ferrous sulfate market can be divided into these key segments -- North America, South America, Asia Pacific, Europe and the Middle-East. Among these regions, the Asia- Pacific is the major market as it holds roughly around 80% of the manufacturing plants.
The Asia pacific region is followed closely by Europe. In Europe, heavy population and increasing amount of phosphate content has led to a situation where water must be cleaned rapidly. Ferrous sulfate can clear away 80% to 90% phosphates during primary water treatment and up to 96% phosphates during secondary water treatment.
Ferrous sulfate, in its liquid form, is used as an iron supplement for the body. It is also used to treat anemia i.e., lack of Red Blood Cells (RBC’s) and in the treatment of porphyria- which is an enzyme disorder.
In recent years, the use of ferrous sulfate in animal feeds has also increased. Hence, the demand for ferrous sulfate is growing in regions where human as well as animal population is in abundance, such as China, India and U.S.A. Easy accessibility of raw materials, low labor cost and rising manufacturing industries are some of the other factors driving growth in the ferrous sulfate industry.
Hong Kong, China, India, North America and the Middle- East are some of the rapidly growing markets in the liquid ferrous sulfate industry. As these regions have highly populations, they provide a conducive platform for the growth of the specified industry.
Hectic work schedules have left people with no time for self – this is why many people experience a deficiency of iron content in their body and hence, the intake of liquid ferrous sulfate has also increased.
Some of the notable manufacturers in the ferrous sulfate market are:
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
The market is likely to register a CAGR of 2.9% through 2032.
The market is currently valued at US$ 2.3 Bn in 2022.
The market is likely to grow to a valuation of US$ 2.9 Bn by 2032.
Asia Pacific is likely to be a leading market during the forecast period.
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Ferrous Sulfate Market
