Ferrous sulfate, also known as copperas, is an inorganic compound that finds wide applications in various industries such as water treatment, agriculture, coloring agents, wastewater treatment and others. It is mainly used as a coagulating agent in water purification plants to remove impurities. The global growth of water treatment industry, especially in developing nations is one of the key factors boosting the demand for ferrous sulfate. 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 key trends:
The increasing demand from water treatment industry is one of the major trends being witnessed in the global ferrous sulfate market. Ferrous sulfate is an essential coagulating agent that is used to remove suspended impurities from water during purification process. It helps in flocculation by binding with suspended particles in water to form flocs. Rapid industrialization and growing population have placed significant pressure on water resources which is accelerating the need for water treatment activities across the world. Developing economies in regions such as Asia Pacific and Latin America are witnessing massive investments in water treatment infrastructure to provide potable water to their growing populations. This rising focus on water treatment development is creating high demand for specialized chemicals like ferrous sulfate and driving the market growth.
Segment Analysis
Ferrous sulfate has two primary end-use segments - agricultural and industrial. The agricultural segment currently dominates the market and accounts for over 60% share, driven by ferrous sulfate's usage as an iron supplement for plants and livestock. It is widely used as a fertilizer in the cultivation of crops to treat iron deficiencies. Within this segment, cereals and grains is the largest sub-segment owing to high demand for ferrous sulfate from wheat, rice and corn farmers.
Key Takeaways
The global Ferrous Sulfate Market Analysis is expected to witness high over the forecast period of 2023 to 2030. It is projected to increase from a market size of US$ 1015.83 Mn in 2023 to US$ 1379.42 Mn by 2030, registering a CAGR of 3.9%.
Regional analysis
Asia Pacific currently holds the leading share of over 35% of the global ferrous sulfate market. This can be primarily attributed to the large-scale agricultural activities and increasing demand for fertilizers from countries such as China, India and Japan. The region is expected to remain the fastest growing market during the forecast period due to growth in the agricultural sector and rising population.
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. Crown Technology, Inc. and Venator Materials PLC contribute over 20% to the global market share.
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