Ferrous Sulfate Market Size & Share, by Application (Agriculture, Food Fortification, Pharmaceuticals), End-user (Pharmaceuticals, Food, Beverage, Water Treatment) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 4985
  • Published Date: May 31, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights over 2023-2035

Ferrous Sulfate Market size is predicted to cross USD 35 Billion by 2035, witnessing around 8% CAGR from 2023 to 2035. In the year 2022, the industry size of ferrous sulfate was USD 10 Billion.

The market growth is attributed to the increasing demand for iron supplements and the growing awareness of iron-deficiency anemia. The World Health Organization (WHO) estimates that over 30% of the world's population suffers from anemia, and iron-deficiency anemia is the most common form of anemia.

In addition to this, ferrous sulfate is also used in the water treatment, agriculture, and textile industries. It is used as a flocculating agent in water treatment plants, as a nutrient for crops in agriculture, and as a dye in the textile industry. According to the Food and Agriculture Organization of the United Nations (FAO), global agricultural production is expected to increase by 1.2% per year over the next decade, driven by population growth and increasing demand for food.


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Ferrous Sulfate Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~ 8%

Base Year Market Size (2022)

 ~ USD 10 Billion

Forecast Year Market Size (2035)

 ~ USD 35 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Global Ferrous Sulfate Sector: Growth Drivers and Challenges

Market-Growth-Drivers

Growth Drivers

  • Rising Prevalence of Iron-deficiency anemia: Iron-deficiency anemia is a major public health concern, particularly in developing countries. According to the World Health Organization (WHO), iron-deficiency anemia affects an estimated 1.62 billion people globally. Ferrous sulfate is a key ingredient in iron supplements, which are commonly used to treat iron-deficiency anemia.
  • Growing Demand for Agriculture Products: Ferrous sulfate is commonly used as a nutrient for crops, particularly in soils with low iron content.
  • Expansion of the Textile Industry: Ferrous sulfate is used as a dye in the textile industry, particularly for wool and silk. The textile industry employs over 60 million people worldwide, according to the International Textile Manufacturers Federation (ITMF).

Challenges

  • Fluctuations in raw material prices: The price of raw materials used in the production of Ferrous Sulfate, such as iron ore, sulfuric acid, and scrap iron, can be volatile and subject to price fluctuations, which can affect the cost of production.
  • Environmental concerns
  • Competition from alternative iron supplements


Ferrous Sulfate Segmentation

Application (Agriculture, Food Fortification, Pharmaceuticals)

The agriculture segment is projected to gain the largest share of the global ferrous sulfate market in the year 2035. The growth of the segment is impelled by the growing demand for organic food. The demand for organic food is growing, and Ferrous Sulfate is approved for use in organic farming as a source of iron. This is expected to drive demand for Ferrous Sulfate in the agriculture segment in the coming years. In a survey, 66% of consumers in the United States reported buying organic food at least occasionally, and 23% reported buying organic food always or most of the time.

End Use Industry (Pharmaceuticals, Food, and Beverage, Water Treatment)

Ferrous sulfate market from the pharmaceuticals segment is poised to garner a significant share in the year 2035. The growth of the segment is impelled by the growing aging population. As the global population ages, the incidence of iron deficiency anemia increases due to factors such as decreased iron absorption, chronic diseases, and the use of certain medications. This demographic trend is expected to drive demand for Ferrous Sulfate in the pharmaceutical segment. There is increasing awareness of the importance of iron supplementation in preventing and treating iron deficiency anemia. This is leading to greater demand for iron supplements, including Ferrous Sulfate, in the pharmaceutical industry.

Our in-depth analysis of the market includes the following segments:

            By Application

  • Agriculture
  • Food Fortification
  • Pharmaceuticals

 

   

        By End Use Industry

  • Pharmaceuticals
  • Food and Beverage
  • Water Treatment

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Global Ferrous Sulfate Industry - Regional Synopsis

APAC Market Forecast

The ferrous sulfate market in the Asia Pacific region is slated to hold the largest revenue share by 2035. Regional growth is credited to the growing agriculture industry. Agriculture is the largest application segment for Ferrous Sulfate in the Asia Pacific region. According to the Food and Agriculture Organization (FAO), Asia accounts for over 90% of global rice production, which is one of the major crops treated with Ferrous Sulfate. The increasing demand for food and the need to improve crop yields are driving the growth of the Ferrous Sulfate market in the region. The increasing prevalence of iron deficiency anemia in the Asia Pacific region is also driving the demand for Ferrous Sulfate in the pharmaceutical industry.

North America Market Statistics

The ferrous sulfate market in the North American region is set to become the second-largest share during the forecast timeline. The growth of the market in this region can be attributed to the water treatment industry in the region. The water treatment industry is also a significant application segment for Ferrous Sulfate in North America. According to a report, the total public water supply withdrawals in the United States were 322 billion gallons per day in the year 2021. Ferrous Sulfate is commonly used as a coagulant in water treatment to remove impurities. The animal feed industry is also driving the demand for ferrous sulfate in North America.

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Companies Dominating the Ferrous Sulfate Market

top-features-companies
    • Venator Materials PLC
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Chemifloc Limited
    • LKAB Minerals AB
    • Gokay Mining and Chemicals
    • Crown Technology, LLC
    • Rech Chemical Co. Ltd.
    • KRONOS Worldwide, Inc.
    • Chengdu XiYa Chemical Technology Co., Ltd.
    • ERCO Worldwide
    • Belinka Perkemija d.o.o

In-the-news

In The News

  • Venator Materials PLC: Venator Materials announced that it had completed the sale of its wholly-owned subsidiary, Venator Pigments for USD 900 million. The sale is expected to strengthen Venator's balance sheet and provide financial flexibility to support the company's growth strategy in the future.
  • KRONOS Worldwide, Inc.: KRONOS Worldwide announced that it had completed the acquisition of the business and assets of Alkem Separations, a manufacturer of high-purity specialty chemicals and solvents. The acquisition is expected to strengthen KRONOS's position in the market by expanding its product portfolio and enhancing its capabilities in the production of high-purity products.

Author Credits:  Smruti Ranjan, Rajrani Baghel


  • Report ID: 4985
  • Published Date: May 31, 2023
  • Report Format: PDF, PPT

Key Questions Answered in the Report

1) What are the major factors driving the growth of the ferrous sulfate market?

Ans: Increasing demand for food is the major factor driving the market growth.

2) What would be the CAGR of the ferrous sulfate market over the forecast period?

Ans: The market size of ferrous sulfate is anticipated to attain a CAGR of 8% over the forecast period, i.e., 2023 – 2035.

3) Who are the major players dominating the ferrous sulfate market?

Ans: The major players in the market are Venator Materials PLC, Chemifloc Limite, LKAB Minerals A, Gokay Mining and Chemicals, and others.

4) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

5) What are the segments in the ferrous sulfate market?

Ans: The market is segmented by application, end-use industry, and by region.

6) Which segment captures the largest market size in the application segment in the ferrous sulfate market?

Ans: The agriculture segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

7) What are the challenges affecting the market growth?

Ans: The fluctuations in raw material prices are estimated to be the growth hindering factor for the market expansion.

8) Which region will provide more business opportunities for the growth of the ferrous sulfate market in the future?

Ans: The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

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