by The 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 finds application as a coagulant in water treatment projects. It is also used as a nutritional supplement for iron deficiency and as a colorant in the manufacturing of ink. As ferrous sulfate aids in flocculation and precipitation processes, it helps remove contaminants like turbidity, microorganisms, and suspended solids from water. It is widely employed in municipal and industrial water treatment facilities.
Market Dynamics:
The growing urbanization and rising global population have augmented the demand for clean drinking water, which is one of the major drivers propelling the ferrous sulfate market growth. Furthermore, stringent regulations regarding wastewater discharge from industries have stimulated the deployment of ferrous sulfate in industrial effluent treatment. However, the availability of alternative coagulants might hinder the market expansion. On the positive side, the expanding construction industry utilizing ferrous sulfate in concrete production is expected to open new avenues over the forecast period.
Segment Analysis
The ferrous sulfate market can be segmented into hepta-hydrate and mono-hydrate. The hepta-hydrate segment currently dominates the market as it offers better water solubility and is more cost effective as compared to the mono-hydrate variant. The hepta-hydrate segment accounted for nearly 65% of the overall ferrous sulfate consumption in 2022.
PEST Analysis
Political: Stringent regulations regarding the use of chemicals and fertilizers in many countries may restrict the market growth to some extent.
Economic: Rising demand for fertilizers from the agriculture industry due to growing population is expected to drive the demand.
Social: Increasing focus on organic farming and sustainability may hamper the demand.
Technological: Development of innovative applications in wastewater treatment would open new opportunities over the coming years.
Key Takeaways
The Global Ferrous Sulfate Market Growth is expected to witness high, exhibiting CAGR of 3.9% over the forecast period, due to increasing consumption in fertilizer production. North America dominated the market in 2022 with a share of over 30%, driven by sizable fertilizer demand from major countries like the U.S. and Canada.
The agriculture segment accounted for more than 60% of overall ferrous sulfate consumption in 2022. Ferrous sulfate is an essential micronutrient mainly used as an iron fortifier in fertilizers to treat iron-deficiency in soil. It improves plant growth and crop yield which is fueling its demand from the agriculture industry.
Regional analysis – Asia Pacific is projected to be the fastest growing regional market for ferrous sulfate exhibiting a CAGR of around 5% during the forecast period. This can be attributed to the expansion of fertilizer and wastewater treatment industries in major countries like China and India.
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 capacity expansions and new product launches to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
