The global ferrous sulfate market was valued at US$ 844.5 Mn in 2018, according to Ferrous Sulfate Market Report, by Product Type (Hydrous and Anhydrous), by Application (Pigments, Water Treatment, Cement, Agricultural, Food & Animal Feed, and Others), by Regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa) published by .
The global ferrous sulfate market is projected to reach US$ 1,099.8 Mn by 2027, exhibiting a CAGR of 3% during the forecast period. Due to rapid urbanization in emerging economies, private sector has created more business opportunities by adoption of free or mixed economy policy by governments. According to United Nations’ World Urbanization Prospects 2018, 55% of world population currently lives in urban area, which is expected to grow by 68% in 2050. Growth of the world’s population could add another 2.5 billion people to urban areas by 2050, with close to 70% of this increase taking place in Asia Pacific. Rapid urbanization has led to high construction and infrastructure activities in several countries. Cement is an important constituent used in construction activities. Cement manufacturers use ferrous sulfate as a reducing agent to lower hexavalent chromium content in cement. Growth of construction industry is expected to drive demand for cement, which in turn is expected to drive growth of the ferrous sulfate market. For instance, according to India Brand Equity Foundation, the Indian real estate sector was valued at US$ 120 billion in 2017, and is expected to reach US$ 1 trillion by 2030 and is expected to contribute over 13% to the country’s GDP.
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Browse 60 market data tables* and 47 figures* on "Ferrous Sulfate Market” - Global forecast to 2027.
Key Trends and Analysis of the Ferrous Sulfate Market:
Among product type, the anhydrous segment is expected to witness significant growth, which in turn is expected to favor growth of the ferrous sulfate market over the forecast period. Increasing demand for ferrous sulfate as a supplement in feed in the food & animal feed industry is expected to boost growth of the anhydrous segment.
Iron is an important trace element in humans and animals. Iron is found in hemoglobin and is essential for oxygen transportation. Iron deficiency can cause anemia, which may lead to lethargy and loss of appetite. Ferrous sulfate is also used as a supplement in animal feed.
Therefore, growth of the animal feed industry is expected to increase demand for ferrous sulfate during the forecast period. For instance, according to International Feed Industry Federation, the global animal feed production reached 1 billion tones in 2016, and the market was valued at US$ 400 billion.
Key Takeaways of the Market:
Ferrous sulfate is used as free flowing iron supplement as food and functional food additive in humans and animals to increase iron level.
Increasing demand for animal feed is expected to boost growth of the ferrous sulfate market in North America. Moreover, increasing livestock population in the region is also expected to drive the market growth. According to the U.S. Department of Agriculture, the total population of cattle in the U.S. reached 94.4 million in 2018, which was 1% higher than 2017.
Among applications, the water treatment segment accounted for the largest revenue share in the global ferrous sulfate market in 2018, and is expected to maintain its dominance in the forecast period. Ferrous sulfate is used for treating drinking water by removing excess chlorine from the treated water. Stringent government regulations have made it mandatory to treat industrial wastewater before discharging it in the environment. These regulations are expected to increase demand for ferrous sulfate in industrial wastewater treatment. According to Central Pollution Control Board of India's Environmental Protection Rules, 1986, the effluents released in inland surface water should have pH value between 5.5 to 9.0 and suspended solids content should be less than 100 mg/l.
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
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