by Ferrous sulfate is widely used as a coagulant in wastewater and sewage treatment plants for purification of water. It helps remove suspended solids, bacteria and other organic matter from wastewater by coagulating them for easy removal. With growing global population and rapid urbanization, the demand for clean water is surging significantly. This has propelled the infrastructure development for water and wastewater treatment plants across major countries. Ferrous sulfate is one of the most abundantly used coagulants in water treatment due to its high efficiency and low cost. It effectively binds with phosphates, fluorides and other pollutants to form larger aggregates that can be filtered out.
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:
One of the key trends witnessed in the global ferrous sulfate market is its increasing demand from fertilizer industry. Ferrous sulfate is widely used as a micronutrient fertilizer to treat iron deficiency in crops. It provides iron in a soluble form that can be easily absorbed by plant roots. With rising world population and steady decline in arable land, there is upsurge in demand for high yielding and nutrient-rich crops. This is propelling the usage of ferrous sulfate as micronutrient fertilizer. Manufacturers are also offering customized fertilizer formulations containing ferrous sulfate to suit soil and crop requirements of different regions. Another significant trend is the rising adoption of ferrous sulfate as an animal feed additive. It serves as an essential micronutrient for poultry and pig feed industry. Manufacturers are focusing on expansion into animal feed applications to augment revenue streams.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate. The ferrous sulfate market is quite fragmented with several global and regional players. Establishing manufacturing facility requires high initial investment which acts as a barrier.
Bargaining power of buyers: The bargaining power of buyers is high. Buyers can negotiate on price owing to availability of substitutes and presence of many buyers globally.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Raw materials required are iron ore and sulfuric acid which are commodity chemicals and globally available. However, manufacturers prefer long term relationship with suppliers.
Threat of new substitutes: The threat of new substitutes is low. Ferrous sulfate does not have cost effective substitutes with equivalent properties in end use industries like water treatment.
Competitive rivalry: The competition among existing players is high. Players compete based on product quality, price, service and innovation. The market is quite fragmented with presence of various global and regional players.
Key Takeaways
The global Ferrous Sulfate Market Growth is expected to witness high. The market is driven by growing demand from industries like water treatment, agriculture and animal feed. 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.
Regional analysis comprises– Asia Pacific dominates the global ferrous sulfate market with over 35% share. China is the leading producer and consumer owing to large production facilities and massive water treatment industry. India is another major market in the region supported by burgeoning agriculture sector.
Key players analysis comprises– Key players operating in the ferrous sulfate 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. Players are focusing on capacity expansion and new product launch to strengthen market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
