July 21, 2024
Ferrous Sulfate Market

Ferrous Sulfate Is The Largest Segment Driving The Growth Of Ferrous Sulfate Market

The global Ferrous Sulfate Market is estimated to be valued at US$ 1015.83 Mn or Mn in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Ferrous sulfate is an inorganic compound that is commonly used as a iron supplement and as a coagulant in water treatment. It helps counteract iron deficiency and is also used as a coagulant in water treatment plants to remove suspended solids in water by neutralizing charges on suspended particles in water.

Market key trends:

The growing application of ferrous sulfate in various end use industries is expected to drive the market growth over the forecast period. Ferrous sulfate finds wide application as an iron supplement in fertilizers, animal feed, and food & beverages industries. It is also used as a coagulant for purification of drinking water. Expanding water treatment industry along with growing consumption of nutritional food products are expected to present lucrative growth opportunities for ferrous sulfate market over the forecast period.

SWOT Analysis

Strength: Ferrous sulfate has wide applications in industries like water treatment, agriculture, and photography which drives its demand. It is also readily available and easily accessible.
Weakness: Overuse of ferrous sulfate can lead to toxicity issues and pose health hazards. Seasonal changes and environmental conditions can impact its production.
Opportunity: Increasing demand for agricultural products is boosting the use of ferrous sulfate as fertilizer. Rapid urbanization and growing population is propelling the water treatment industry which requires ferrous sulfate.
Threats: Stringent regulations regarding the use of chemicals may restrict the use of ferrous sulfate. Volatility in raw material prices can increase the overall cost of ferrous sulfate.

Key Takeaways

The Global Ferrous Sulfate Market Size is expected to witness high growth, exhibiting CAGR of 3.9% over the forecast period, due to increasing application in water treatment and agriculture industries. The need for quality water supply and rising food demand is driving the consumption of ferrous sulfate.

Regional analysis
The Asia Pacific region currently dominates the ferrous sulfate market owing to rapid industrialization and growth in the agriculture sector in countries like China and India. It is estimated that the region will continue exhibiting dominance in coming years. North America and Europe are also significant markets for ferrous sulfate due to well-established water treatment and agriculture industries.

Key players
Key players operating in the ferrous sulfate market are Crown Technology, Inc., Venator Materials PLC, Verdesian Life Sciences, LLC, Rech Chemical Co. Ltd., Coogee Chemicals Pty Ltd., Chemland Group, Hong Yield Chemical Industrial Co., Ltd., Changsha Haolin Chemicals Co., Ltd., and PJSC Sumykhimprom. These players are focusing on expanding their production capacities and geographical reach to strengthen their position in the global market.

 

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it