Ferrous Sulfate Market Witnessing Penetration of Heptahydrate Variants; Global Demand to Exceed 24 Million Tons by 2028
Published : 05 Oct 2018 Industry: Chemical & Materials
Fact.MR has published a recent report on the ferrous sulfate market for the forecast period of 2018 to 2028, which offers cumulative insights on the captivating trends influencing long-term aspects of the industry. As per the study, demand from the agricultural domain is foreseen to be one of the key influencing factors driving the growth of the ferrous sulfate market over the forecast timespan. Moreover, the report also reinforces the fact that the surging production of animal livestock will be a prominent influencer boosting the growth of the ferrous sulfate market.
Albeit growth at a marginal volume CAGR of 2.5%, the report projects the global demand for ferrous sulfate to be over 24 mn tons by 2028-end. Favorable policies, such as Directive 2003/53/EC of the European Union that mandates the use of ferrous sulfate as a reducing agent additive, are poised to bode well for the growth of the ferrous sulfate market.
Fact.MR’s analysis inculcates all the vital aspects, ranging from surging investments in the construction sector to a growing appetite for meat & dietary products, governing the dynamics of the global ferrous sulfate market. Moreover, the recognition provided to ferrous sulfate as an authentic nutritional additive by the European Union (EU) is likely to foster its popularity in the foreseeable future.
The Fact.MR research study outlines heptahydrate to be the most dominant type of ferrous sulfate throughout the forecast period, in terms of volume. This proliferation can be attributed to its bolstering demand as a reducing agent across construction projects and rising application in water treatment plants. However, the monohydrate segment is foreseen to steadily gain ground in the ferrous sulfate market and exhibit the highest volume CAGR of 3.1% from 2018 to 2028.
The report closely scrutinizes the supply-demand equations of the global ferrous sulfate market. Water treatment is foreseen to be the largest application segment in terms of volume, followed by cement and agriculture. The report unveils that water treatment will remain an eminent application segment for the key stakeholders of the ferrous sulfate market, however, remunerative opportunities will also evolve in the cement and agriculture segment. In terms of growth, cement is likely to register the highest growth at a volume CAGR of 3% from 2018 to 2028.
APEJ is likely to most the most lucrative market, in terms of volume, over the assessment timeline. As per estimates of the report, the sales of ferrous sulfate in APEJ are likely to surpass 11 mn tons by 2028-end. The dominance of APEJ in the global ferrous sulfate market can be attributed to emerging countries such as China, India, Indonesia, and Thailand, which are highly dependent on agriculture and are injecting notable investments in infrastructural development.
The report offers cumulative insights on various trends pervasive in the marketplace, which are prominently shaping the ferrous sulfate market. Joint ventures among the key players for synthesizing and marketing the co-products from titanium dioxide plants have been observed as a major trend in the ferrous sulfate market. For instance, Kronos Worldwide, Inc. and Venator Materials PLC, two of the prominent players in the ferrous sulfate market, are in a 50:50 joint venture, wherein they share the operating costs involved and independently market their share of the overall production. The report also offers a deep dive into the key differential strategies adopted by the key stakeholders to strengthen their industry foothold. According to the study, manufacturers have started establishing long-term agreements with the direct end-users, such as chemical companies and cement producers, in a bid to boost their geographical reach.