Ferrous sulfate is an inorganic compound that is predominantly used as a fertilizer in agriculture due to its iron content. It is odorless, dark green in color and is usually available in powder as well as crystal forms. As an iron supplement, ferrous sulfate helps reduce iron deficiency in plants and prevent chlorosis. It enhances the photosynthesis process and promotes overall growth of crops.
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:
Growing application of ferrous sulfate as an iron supplement in agriculture is one of the major trends driving the growth of this market. Iron plays a crucial role in photosynthesis and is involved in synthesis of chlorophyll in plants. Ferrous sulfate helps overcome iron deficiency in soils and supplies iron to plants to prevent chlorosis. It is extensively used as fertilizer for various crops including vegetables, cereals and cash crops. With the rising demand for food due to increasing population, focus on enhancing crop yields through use of fertilizers has increased significantly. This has propelled the demand for ferrous sulfate from the agriculture sector over the recent years. Furthermore, widespread adoption of fertigation techniques has further boosted its consumption.
SWOT Analysis
Strength: Ferrous Sulphate Market has applications in various end-use industries like agriculture, water treatment, and animal feed which drives its demand. It acts as a rich source of iron which is an essential micronutrient for plant growth.
Weakness: Strict regulations regarding the use of heavy metals and environmental concerns related to its production process can restrain market growth. Dependency on China for raw material supply is another limitation.
Opportunity: Increasing focus on sustainable agriculture practices and rising demand for organic fertilizers offers opportunities for ferrous sulfate manufacturers. Growing construction activities also augur well for its use in concrete applications.
Threats: Volatility in raw material prices mainly of sulfuric acid can impact the overall cost of ferrous sulfate. The presence of substitutes like ferrous gluconate and ferrous chelate poses threats. 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.
Asia Pacific currently dominates the market and is expected to continue its dominance in coming years owing to high agricultural activities in countries like China and India. China accounts for nearly 35% of the global production capacity of ferrous sulfate and also exports it to other regions.
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. The market is consolidated in nature with the top five players accounting for over 50% share. Players are focusing on capacity expansions to cater to the growing demand for ferrous sulfate.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
