Ferrous Sulfate Market revenue to cross USD 35 Billion by 2035, says Research Nester
Key ferrous sulfate market players include Venator Materials PLC, Chemifloc Limite, LKAB Minerals A, and Gokay Mining & Chemicals.
New York, Aug. 15, 2023 (GLOBE NEWSWIRE) — The global ferrous sulfate market size is projected to expand at ~8% CAGR between 2023 and 2035. The market is expected to garner a revenue of USD 35 billion by the end of 2035, up from a revenue of ~USD 10 billion in the year 2022. The growth of the market is attributed to the increasing demand for iron supplements and increasing awareness of iron deficiency anemia. The World Health Organization (WHO) estimates that more than 30% of the world’s population suffer from anemia, with iron deficiency anemia being the most common form of anemia.
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Iron sulphate is also used in water treatment, agriculture and the textile industry. It is used as a flocculant in water treatment plants, as a nutrient for agricultural crops, and as a dye in the textile industry. According to the Food and Agriculture Organization of the United Nations (FAO), global agricultural production is expected to increase by 1.2% per year for the next decade, driven by population growth and increasing demand for food.
Ferrous Sulfate Market: Key Takeaways
- Market in Asia Pacific to propel highest growth
- The agriculture segment to garner the highest growth
- Market in North America to grow at a highest rate
Increasing Industrial Applications across the Globe to Boost Market Growth
Ferrous sulfate is commonly used in water treatment processes to remove impurities and improve water quality. With growing concerns about water pollution and the need for clean water, the demand for ferrous sulfate in water treatment applications has risen. Ferrous sulfate is widely used in agriculture as a soil amendment and micronutrient fertilizer. It helps to correct iron deficiencies in crops and enhance plant growth. As the global population continues to increase, the demand for agricultural products is also rising, thereby driving the demand for ferrous sulfate.
Ferrous sulfate is a common ingredient in nutritional supplements due to its high iron content. Iron deficiency is a prevalent health concern worldwide, leading to an increased demand for iron supplements. The World Health Organization estimates that around 1.62 billion people globally suffer from anemia, which has propelled the demand for ferrous sulfate in the production of iron supplements. Ferrous sulfate finds applications in various industries, including wastewater treatment, pigments and dyes, pharmaceuticals, and chemical manufacturing. These industries contribute to the demand for ferrous sulfate as a raw material or chemical additive.
Ferrous Sulfate Market: Regional Overview
The global ferrous sulfate market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Expanding Agricultural Activities to Drive the Market Growth in Asia Pacific Region
The ferrous sulfate market in Asia Pacific region is estimated to garner the largest revenue by the end of 2035. Agriculture is a significant sector in many countries in the Asia Pacific region. The demand for ferrous sulfate as a soil amendment and micronutrient fertilizer has increased with the aim of enhancing crop yields and addressing nutrient deficiencies. The Asia Pacific region has experienced rapid industrialization and infrastructure development, leading to increased demand for construction materials. Ferrous sulfate is used in the construction industry as a cement additive to improve the properties of concrete. With ongoing construction projects, the demand for ferrous sulfate in the region has grown.
Water pollution is a significant concern in many parts of the Asia Pacific region. Ferrous sulfate is widely used in water treatment processes to remove impurities, such as heavy metals, and improve water quality. With increasing efforts to address water pollution, the demand for ferrous sulfate in water treatment applications has risen. Iron deficiency is a prevalent health issue in many countries in the Asia Pacific region. Ferrous sulfate is a common ingredient in iron supplements due to its high iron content. The growing awareness about iron deficiency and its health implications has led to increased demand for iron supplements containing ferrous sulfate. According to the World Health Organization, an estimated 51% of preschool children and 35% of pregnant women in the Asia Pacific region suffer from anemia.
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Growing Industrial Applications to Propel the Growth in the North America Region
The North America ferrous sulfate market is estimated to garner the highest CAGR by the end of 2035. The demand for ferrous sulfate in the agriculture sector is driven by the need to address iron deficiencies in soils and crops. Iron is an essential nutrient for plant growth and development. According to the United States Geological Survey (USGS), agricultural use accounts for a significant portion of ferrous sulfate consumption in North America. Ferrous sulfate is used in water treatment processes to remove contaminants and control the growth of algae. The growing need for clean and safe water supplies, along with stricter environmental regulations, has led to an increased demand for water treatment chemicals like ferrous sulfate.
Ferrous sulfate is commonly added to animal feed formulations to prevent and treat iron deficiency anemia in livestock. As the livestock industry continues to grow in North America, the demand for ferrous sulfate as a nutritional supplement for animals is expected to increase. Ferrous sulfate is utilized in various industrial applications, including the production of iron oxide pigments. The construction industry and other manufacturing sectors use these pigments in the production of paints, coatings, and concrete products. The growth of these industries can drive the demand for ferrous sulfate market.
Ferrous Sulfate, Segmentation by Application
- Food Fortification
Amongst these segments, the agriculture segment is anticipated to hold the largest share over the forecast period. The global population is growing, and with it, the demand for food continues to rise. According to the United Nations, the world’s population is projected to reach 9.7 billion by 2050. This population growth, combined with changing dietary patterns, necessitates increased agricultural production to meet food demands.
The agriculture sector is witnessing technological advancements that enhance productivity, efficiency, and sustainability. Precision agriculture technologies, such as sensors, drones, and data analytics, help farmers optimize resource allocation, improve crop yields, and reduce environmental impact. Genetically modified crops have been developed to improve crop yields, enhance pest resistance, and withstand harsh environmental conditions. These crops play a crucial role in addressing food security challenges. There is a growing consumer preference for organic and sustainably produced food. This trend has driven the expansion of organic farming practices and sustainable agriculture techniques, such as agroforestry and regenerative farming.
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Ferrous Sulfate, Segmentation by End Use Industry
- Food and Beverage
- Water Treatment
Amongst these segments, the pharmaceuticals segment is anticipated to hold a significant share over the forecast period. Healthcare expenditure continues to rise globally, driven by factors such as population growth, aging populations, and the prevalence of chronic diseases. According to the World Health Organization (WHO), global healthcare expenditure reached USD 8.3 trillion in 2020. Increased healthcare spending supports the demand for pharmaceutical products and drives the growth of the pharmaceuticals segment. The burden of chronic diseases, including cardiovascular diseases, diabetes, cancer, and respiratory diseases, is increasing globally. This trend has led to a higher demand for pharmaceutical products to treat and manage these conditions. The world’s population is aging, and the elderly population is growing rapidly. Older adults generally require more healthcare interventions and pharmaceutical treatments, which drives the demand for pharmaceutical products.
Pharmaceutical companies are investing heavily in research and development to discover and develop innovative drugs. R&D efforts aim to address unmet medical needs, develop new treatment modalities, and improve patient outcomes. Advances in biotechnology, genomics, and personalized medicine have revolutionized the pharmaceutical industry. Biologics, gene therapies, and precision medicine approaches are gaining prominence, offering targeted and personalized treatments for various diseases.
Few of the well-known market leaders in the global ferrous sulfate market that are profiled by Research Nester are Venator Materials PLC, Chemifloc Limite, LKAB Minerals A, and Gokay Mining and Chemicals, and other key market players.
Recent Development in the Market
- Venator Materials PLC: Venator Materials announced that it has completed the sale of its wholly owned subsidiary, Venator Pigments, for USD 900 million. The sale is expected to strengthen Venator’s balance sheet and provide financial flexibility to support the company’s future growth strategy.
- KRONOS Worldwide, Inc. – KRONOS Worldwide announced that it has completed the acquisition of the business and assets of Alkem Separations, a manufacturer of high purity specialty chemicals and solvents. The takeover is intended to strengthen KRONOS’ market position by expanding the product portfolio and improving capacities in the manufacture of high-purity products.
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