Global Zero Valent Iron Market Highlights over 2022 – 2031
The global zero valent iron market is estimated to grow at a CAGR of ~6% over the forecast period, i.e., 2022 – 2031. Zero-valent iron, which is written as Fe0, is used as a successful remediation agent for environmental issues, especially soil and groundwater remediation. This is because Fe0 can transfer its electron to the pollutant, making it negatively charged. This negatively charged pollutant particle can be later removed from the environment. This is largely application for the removal of harmful pesticides from the soil, including DDT, DDD, and DDE, which are all chlorinated pesticides. These pesticides can also seep into the ground and pollute the ground water reserves. The growth of the market can be primarily attributed to the increasing use of zero valent iron for environment remediation applications. Moreover, the growing awareness amongst the people regarding environment conservation is estimated to boost the market growth. The United Nations Environment Programme (UNEP) estimated that the degradation of land and soils affects at least 3.2 billion people, which is over 40% of the world’s population. Moreover, according to a report by the Food and Agriculture Organization (FAO), around 33% of all soils are degraded and contaminated by pesticides. Furthermore, various initiatives by the governments worldwide, to reduce environmental degradation, are anticipated to boost the market growth.
The market is segmented by application into ground water remediation, soil remediation, industrial reducing agent, and others, out of which, the soil remediation segment is anticipated to hold a substantial share in the global zero valent iron market over the forecast period. This can be accounted to the growing awareness amongst authorities and people regarding the adverse effects of soil pollution. Moreover, the rising level of soil pollution, backed by growing consumption of pesticides is estimated to boost the segment growth. For instance, in 2019, over 4 million metric tons of pesticides were used for agriculture across the world. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Global Zero Valent Iron Market Regional Synopsis
On the basis of geographical analysis, the global zero valent iron market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of growing chemical manufacturing industry in the region. Additionally, the various government initiatives to reduce pollution levels across the APAC region, is estimated to boost the market growth, as Asia is one of the major consumers of pesticides. According to the data by the FAO, Asia region accounted for more than 50% of the global pesticide consumption, in 2018. In the same year, China used a total of 1,774 thousand tons of pesticides.
The market in the North America region is anticipated to gain a notable market share throughout the forecast period owing to the growing consumption of chemicals, including agrochemicals. Moreover, rising environment awareness amongst the people is also estimated to fuel the regional market growth.
The global zero valent iron market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global zero valent iron market includes the following segments:
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The growing environment awareness amongst the people is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2022 – 2031.
The major players in the market are Redox Tech, LLC, Geo-Cleanse International, Inc., C.E.R.E.S Corporation, BASF SE, Corbion NV, Archer-Daniels-Midland Company (ADM), Lallemand Inc., GALACTIC Group, and Tate & Lyle PLC.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, and by region.
The soil remediation segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
High cost of ground water remediation is estimated to hamper the market growth.
The Asia Pacific region is anticipated to provide maximum business opportunities over the forecast period owing to the high consumption of agrochemicals in the region.
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