Ferrous Sulfate Market Demand, Future and Forecast Assessment till 2028
Posted by Deeksha on December 20th, 2019
Ferrous sulfate is a type of iron based salts, which are commonly used in the health care industry to treat issues such as iron deficiencies, and the material is also increasingly playing key roles in industrial applications.
Ferrous sulfate is used as a precursor to various iron compounds, and it is also used in the textile industry as a fixative variant, and is a popular option for the blackening of leather and for the production of dark inks and dyes.
Consolidation Processes Gain Traction in Major Businesses
The global ferrous sulfate market is largely fragmented. However, major companies in the field such as Kronos Worldwide Inc. and Venator Materials PLC, cumulatively account for nearly a third of the overall revenue from the ferrous sulfate market.
On the other hand, medium and small scale companies operating the production of ferrous sulfate remains concentrated in developed countries including those in North America and Europe. However, such companies are increasingly turning their attention towards emerging economies in the Asia Pacific owing to the opportunities coming out of local end use industries.
The Asia Pacific excluding Japan region offers a better business environment owing to higher levels of support from the government for such businesses in addition to the cheap cost of labor in these countries. Tier 2 and 3 companies account for more than 35 per cent of the APEJ market share.
Major companies are focusing their efforts on bolstering their production capacities, in addition to rising investments in research and development activities, for the production of higher quality grades of ferrous sulfate.
This trend is expected to increase the scope of application for the material across a greater range of end use applications, a large portion of which goes into the feedstock and agriculture sectors.
High Demand for Fertilizers in Agriculture Increases Adoption
The field of agriculture is important to economies around the world, and is constantly growing owing to the high food requirements for the global population. As per the FAO and OECD, the trade involving agricultural products and services is expected to resist the recent economic issues.
The demand for higher yields has made the use of compound fertilizers essential to operations. Fertilizers which contain ferrous sulfate facilitates growth and development, promoting photosynthesis in plants. These fertilizers also cuts down the alkalinity levels in the soil, which reduces the chances of chlorosis while bumping up fertility levels.
The addition of ferrous sulfate in fertilizers increases the nutrient absorption characteristics, which is expected to continue increasing the global demand for ferrous sulfate, which will also contribute to the rise in margins.
In addition, ferrous sulfate played a major role in terms of water treatment applications. However changes in such procedures and the rising use of ferrous sulfate in cement production are expected to substantially assist the growth of the industry. This can be attributed to European regulations, which mandate the use of ferrous sulfate as a key ingredient in cement formulations, which will substantially increase demand through the forecast period till 2028.
Like it? Share it!
About the AuthorDeeksha
Joined: January 3rd, 2019
Articles Posted: 12,334
More by this author