FERROUS SULFATE MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

Ferrous sulfate, also called as iron (II) sulfate, is a salt with the formula FeSO4·xH2O. Ferrous sulfate exists in hydrous and anhydrous form. Hydrous and anhydrous ferrous sulfate mainly exist in the form of heptahydrate. Ferrous sulfate is commonly found as a hydrated salt. The hydrous forms of ferrous sulfate are monohydrate, tetrahydrate, pentahydrate, and heptahydrate. The most commonly used hydrous ferrous sulfate is monohydrate and heptahydrate.

Global ferrous sulfate market was valued at US$ 941.0 Million in 2021 in terms of revenue, exhibiting a CAGR of 3.9% during the forecast period (2022 to 2030).

Drivers

Increasing demand for ferrous sulfate in the water treatment sector is a major factor driving growth of the global ferrous sulfate market, owing to increasing production capacity of ferrous sulfate across the globe. Stringent government regulations have made industrial wastewater treatment mandatory before discharging it in the environment. These regulations are expected to increase demand for ferrous sulfate in industrial wastewater treatment. According to China’s Ministry of Ecology and Environment and General Administration of Quality Supervision, Inspection and Quarantine, 2018, the effluents released from outlet of ship sewage treatment facility should have pH value of 6 to 8.5 and suspended solids content should be less than 35 mg/l.

In terms of revenue Asia Pacific is expected to dominate in the global ferrous sulfate market and is expected to continue its dominance over the forecast period. This can be attributed to increasing demand from the pharmaceutical sector, manufacturers shifting their base to mean emerging economies due to easy availability of raw material and low-cost labor, and presence of major manufacturers operating in emerging economies in this region. In addition, growing merger and acquisition activities between regional and international players is expected to further drive of the market in this region.

Figure 1. Global Ferrous Sulfate Market Value Share (%), By Region, 2021

Market Restraints

In wastewater treatment, ferric chloride and alum are used as alternative coagulant for ferrous sulfate. Low cost and easy availability makes ferric chloride and alum easy substitutes for ferrous sulfate. Therefore, the availability of substitutes for ferrous sulfate can hamper growth of the ferrous sulfate market over the forecast period.

Market Trends

Ferrous sulfate monohydrate is obtained from heptahydrate by heating it above 65 degree Celsius. Ferrous sulfate heptahydrate is obtained by processing ilmenite ore in manufacturing of titanium dioxide, or as a co-product of steel pickling. It is used as a reducing agent in treatment of hazardous waste and as a coagulant in treatment of sewage waste, drinking water, and industrial effluents. It is also used in the cement industry to reduce harmful hexavalent chromium content in cement binding agents. Anhydrous ferrous sulfate is produced by reacting elemental iron with sulfuric acid to produce ferrous sulfate and hydrogen gas. Another method is oxidation of pyrites, which is used for correction of iron deficiencies in plants and soils, and also as a moss killer.

Figure 2. Global Ferrous Sulfate Market Value Share (%), By Application 2021

Among applications, the water treatment segment held dominant position in 2021, with a market share of 39.9% in the global ferrous sulfate market. The segment is expected to witness significant growth during the forecast period due to high demand for ferrous sulfate in the wastewater treatment industry.

Recent Developments

• In October 2019, Kemira Oyj has expanded its ferric sulfate water treatment chemicals production line in Goole, U.K. This would further help the company to meet growing demand for coagulants used in water treatment, driven by stricter regulation regarding phosphorus removal.
• In October 2019, Venator launched a new titanium dioxide (TiO2) pigment to the global plastics industry. TIOXIDE TR29 is Venator’s highest performing white pigment for low moisture applications and demanding processing conditions.
• In October, 2021 USALCO, a leading producer of high-quality water treatment and industrial chemicals, announces that it had acquired the water treatment business of ALTIVIA. USALCO is a leading provider of high-quality specialty chemicals used in water and wastewater treatment and other industrial applications in the U.S.

Competitive Section

Major players operating in the global ferrous sulfate market include 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.