The 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 Overview:
Ferrous sulfate is an inorganic compound that contains iron, sulfur and oxygen. It is available in the form of crystalline powder or white crystals commonly known as blue vitriol. Ferrous sulfate is widely used as a nutritional supplement for iron deficiency. It also finds applications in water treatment plants, in agriculture as fertilizer and animal feed. Its usage in water treatment process helps in reduction of contaminants and prevention of red water.
Market key trends:
One of the key trends driving growth in the ferrous sulfate market is increased demand from wastewater treatment industry. Ferrous sulfate is commonly used as a coagulant and flocculant in wastewater treatment process. It helps to remove contaminants like phosphates, fluoride, arsenic and heavy metals from wastewater. With rapid urbanization and industrialization, wastewater volume has increased significantly creating demand for effective treatment chemicals like ferrous sulfate. Stringent regulations regarding wastewater discharge standards have also propelled its usage in wastewater treatment plants across regions. The adoption of ferrous sulfate as a coagulant agent in wastewater purification is estimated to continue growing thereby support the market expansion over the forecast period.
Porter’s Analysis
Threat of new entrants: New entrants face high capital requirements to build manufacturing facilities and distribution networks. Also, established players have strong brand recognition and customer loyalty.
Bargaining power of buyers: Buyers have moderate bargaining power as ferrous sulfate has applications in various end-use industries. Buyers can negotiate on price.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of raw materials from several sources globally.
Threat of new substitutes: Substitutes like iron gluconate, ferrous fumarate and ferrous bisglycinate pose low threat as ferrous sulfate is economical and widely used.
Competitive rivalry: Intense due to presence of numerous regional and global players. Players compete on pricing and quality.
SWOT Analysis
Strengths: Wide applications, economical, easy availability.
Weaknesses: Potential health hazards if consumed in large quantities, stringent regulations.
Opportunities: Growing consumption in water treatment, increasing demand from iron deficient populations.
Threats: Volatility in raw material prices, threat from substitutes.
Key Takeaways
The Global Ferrous Sulfate Market Growth is expected to witness a CAGR of 3.9% over the forecast period owing to growing demand from end-use industries such as water treatment. Asia Pacific dominates the global market and is expected to continue its dominance due to high consumption in China and India. 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., and PJSC Sumykhimprom.
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