Ferrous Sulfate Market Projected to Witness a Single-Digit CAGR During 2018-2028
Posted by Arslan on July 4th, 2019
In order to dissert the market scenario prevailing across the ferrous sulfate market sector, Fact.MR has evenly presented a comprehensive ferrous sulfate market analysis to its extensive online repository. With all vital market facets enclosed into this single assessment, readers can learn about different market drivers, opportunities and trends which are likely to influence the overall market space for the ferrous sulfate market in the coming years. In addition, factors such as market size, Y-o-Y growth and revenue share are investigated so as to make this research highly authentic and reliable.
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Top 2 Companies Account for Nearly One-Third Revenue Share of the Ferrous Sulfate Market Share
Ferrous sulfate remains an extremely fragmented market. Regardless of a high level of fragmentation in the ferrous sulfate market, top two market participants continue to maintain their status quo by holding onto their ferrous sulfate revenue shares. These two companies include Venator Materials PLC and Kronos Worldwide Inc. Collectively these two players account for around one-third revenue share of the overall ferrous sulfate market.
Challenges impacting the entire ferrous sulfate supply chain have influenced strategies of these two marquee players. Ferrous sulfate being a bi-product of titanium dioxide, macroeconomic aspects associated with the latter are bound to impact the cost structure of the former. The fluctuation in pricing, on account of oversupply of titanium dioxide, has led to strategic collaborations and joint ventures. Tier 1 companies in the ferrous sulfate marketplace have been focusing on this growth strategy in a bid to ensure continues supply of ferrous sulfate across various end use applications along with marginal reduction in costing, it being shared by the entities in the joint venture.
Tier 2 and Tier 3 Companies Focusing on Consolidating Their Position in APEJ
Presence of Tier 2 and Tier 3 companies involved in ferrous sulfate production, continues to remain concentrated in developed countries, particularly in the North America and Europe regions. However, these companies, such as Coogee Chemicals Pty Ltd., Verdesian Life Sciences LLC, Rech Chemicals Co. Ltd., and Chemland Group to name a few, have been focusing on expanding their global footprint by targeting developing countries across the Asia Pacific on the back of its market potential across end use areas of ferrous sulfate. Apart from lucrative market with respect to end use of ferrous sulfate, Asia Pacific excluding Japan (APEJ) offers superior business environment in terms of cheap labor and land, and government support. Collectively, Tier 2 and Tier 3 companies in ferrous sulfate market account for more than 35 percent share in the APEJ region. These companies are also focusing on tapping other emerging regions including countries of Eastern Europe and Latin America.
Being the backbone of every economy, agriculture continues to witness steady growth worldwide. According to OECD and FAO, agricultural trade is expected to remain resilient to economic downturns. In a bid to cater to the growing demand for agricultural products, it has become imperative to produce maximum yield using compound fertilizers. Against this backdrop, increasing use of ferrous sulfate as a major ingredient in compound fertilizers, has been witnessed, which facilitates development and growth, promoting photosynthesis in plants. In addition, ferrous sulfate in compound fertilizers also reduces the alkalinity of the soil in turn enhancing soil fertility and preventing chlorosis. Ferrous sulfate used in compound fertilizers also ensures maximum absorption of other vital nutrients such as phosphorous and nitrogen. This factor continues to influence the demand for ferrous sulfate worldwide, in turn contributing to its market’s marginal growth.
Rising Premature Babies Influence Ferrous Sulfate Demand
Ferrous sulfate acts as a brain enhancer and supports development of red blood cells. The demand for ferrous sulfate is likely to remain influenced with its significant application in the therapeutic space where it is used as a preventive measure for anemia caused due to lack of red blood cells, particularly among premature babies. Increasing premature birth rates, especially in developed countries such as the United States, is expected to influence the use of ferrous sulfate in baby nutrition. In the US alone, around 10 percent of babies are born prematurely and rate of preterm birth. Likewise, in the emerging economies such as China and India, steady increase in premature births has become a subject of concern associated with baby nutrition and health. If not properly monitored, every preterm birth could result in stillbirths within the first week of birth. As early born babies lack iron content needed for brain development, the use of ferrous sulfate is likely to witness an upsurge in this application in turn providing potential growth avenues for ferrous sulfate market in the forthcoming years.
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About the AuthorArslan
Joined: December 18th, 2017
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