Ferrous Sulfate Is Estimated To Witness High Growth Owing To Rising Demand In Agriculture Industry
Ferrous sulfate is an inorganic compound that is mainly used as a fertilizer in agriculture to prevent and treat iron deficiencies in plants. It is also used in water purification, production of pig iron and steel, and manufacture of batteries. Ferrous sulfate fertilizers aid in improving photosynthesis, respiration, nitrogen fixation, and nutrient transport in plants. There is a rising demand for ferrous sulfate fertilizers to enhance crop yield and quality.
The global ferrous sulfate Market is estimated to be valued at US$ 1015.83 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 Dynamics:
Rising demand in agriculture industry: Ferrous sulfate finds widespread application as an iron fertilizer in agriculture. It is used to prevent and treat iron deficiencies in various crops including cereals, vegetables, and fruits. Iron is an important micronutrient required by plants for growth and metabolism. With rising global population, there is increasing pressure on the agriculture sector to boost crop production. This is augmenting the demand for ferrous sulfate fertilizers from farmers.
Water treatment application: Ferrous sulfate is also used in the water treatment process as a coagulant to remove contaminants, turbidity, color, and dissolved compounds. It assists in flocculation where small particles clump together into larger masses that are more easily removed. Growing freshwater scarcity and stringent quality regulations are propelling the need for effective water treatment technologies. This is positively impacting the sales of ferrous sulfate.
SWOT Analysis
Strength: Ferrous sulfate is soluble in water, odorless and non-toxic. It is inexpensive and widely available globally. This makes it easy to transport and apply as fertilizer or animal feed additive. Ferrous sulfate plays a vital role in human and animal nutrition, acting as a source of iron.
Weakness: Improper application and storage of ferrous sulfate can lead to contamination of soil and water bodies. Long term usage may cause accumulation of heavy metals in soil. It has a short shelf life when exposed to air and moisture requiring careful handling and packaging.
Opportunity: Rising demand for iron and sulfate micronutrients from the agriculture sector to boost crop yields presents an opportunity. Growing animal feed industry especially poultry and dairy also boosts demand. Emerging applications in wastewater treatment further drives market growth.
Threats: Stringent environment regulations regarding discharge and disposal of ferrous sulfate limit its usage. Price fluctuations in raw materials impact production costs. Substitute products like ferric sulfate and ferrous gluconate gaining traction.
Key Takeaways
The global Ferrous Sulfate Market Share is expected to witness high over the forecast period of 2023 to 2030. The market size is projected to reach US$ 1015.83 Mn in 2023 growing at a CAGR of 3.9% through 2030.
Regional analysis: Asia Pacific dominates the global ferrous sulfate market currently accounting for over 35% of the total share led by China, India and Southeast Asian countries. This is attributed to large scale production and consumption of ferrous sulfate in agriculture and water treatment applications. North America and Europe follow Asia Pacific in terms of market size and are anticipated to grow at a steady pace owing to well-developed animal feed industries. Latin America and Middle East & Africa offer lucrative opportunities for regional and global players to expand footprint.
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. The market has a moderate level of competitiveness among these top brands. Companies are focusing on expanding production capacities and global distribution networks to capitalize on rising worldwide demand.
Get more insights on this topic: https://www.timessquarereporter.com/business/the-global-ferrous-sulfate-market-growth-accelerated-by-increasing-demand-from-water-treatment-industry
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