Ferrous Sulfate Market: Increased Demand Expected to Soar Revenue during Forecast Period
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.
[UKPRwire, Wed May 08 2019] Ferrous sulfate is iron salt, which is a by-product obtained during the manufacturing of titanium dioxide using sulfate process. Ferrous sulfate provides iron that is used to produce red blood cells in human body, reducing the chances of anemia. Ferrous sulfate is also used as a feed additive in animal feedstock that improves nutritional value of the feed. Ferrous sulfate is also used in compound fertilizers, which enhances the nutrient value and facilitates absorption of other vital ingredients. Other common uses of ferrous sulfate include production of ferric oxide pigments, cement manufacturing and water treatment.
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The report on ferrous sulfate market is an analytical research study offering key insights on the demand and supply of ferrous sulfate across key regions in the globe. The report also includes insights on parent product of ferrous sulfate – titanium dioxide production – which indirectly impacts the demand of ferrous sulfate. Historical data assessment, current market scenario and future projections circling the ferrous sulfate marketplace is also included in this comprehensive research report.
High Demand for Compound Fertilizers Influencing Sales of Ferrous Sulfate in Agriculture Industry
Being the backbone of every economy, agriculture continues to witness steady growth worldwide. According to OECD and FAO, agricultural trade is expected to remain resilient to economic downturns. In a bid to cater to the growing demand for agricultural products, it has become imperative to produce maximum yield using compound fertilizers. Against this backdrop, increasing use of ferrous sulfate as a major ingredient in compound fertilizers, has been witnessed, which facilitates development and growth, promoting photosynthesis in plants. In addition, ferrous sulfate in compound fertilizers also reduces the alkalinity of the soil in turn enhancing soil fertility and preventing chlorosis. Ferrous sulfate used in compound fertilizers also ensures maximum absorption of other vital nutrients such as phosphorous and nitrogen. This factor continues to influence the demand for ferrous sulfate worldwide, in turn contributing to its market’s marginal growth.
Rising Premature Babies Influence Ferrous Sulfate Demand
Ferrous sulfate acts as a brain enhancer and supports development of red blood cells. The demand for ferrous sulfate is likely to remain influenced with its significant application in the therapeutic space where it is used as a preventive measure for anemia caused due to lack of red blood cells, particularly among premature babies. Increasing premature birth rates, especially in developed countries such as the United States, is expected to influence the use of ferrous sulfate in baby nutrition. In the US alone, around 10 percent of babies are born prematurely and rate of preterm birth. Likewise, in the emerging economies such as China and India, steady increase in premature births has become a subject of concern associated with baby nutrition and health. If not properly monitored, every preterm birth could result in stillbirths within the first week of birth. As early born babies lack iron content needed for brain development, the use of ferrous sulfate is likely to witness an upsurge in this application in turn providing potential growth avenues for ferrous sulfate market in the forthcoming years.
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Shift in Demand from Water Treatment to Cement Applications
There has been a shift in demand for ferrous sulfate from water treatment to cement manufacturing. This shift can be attributed to the availability of alternative compounds such as ferric sulfate, polyferric sulfate and ferric chloride that are used as coagulants and flocculants in water treatment applications. Moreover, regulations circling cement manufacturing industry in a bid to monitor chromium levels are rising providing potential avenues for ferrous sulfate market. For instance, according to the Directive 2003/53/EC of the European Union, cement manufacturers are compelled to use ferrous sulfate as a key ingredient in cement. This is in accordance to the rising incidences of dermatitis among construction workers caused due to presence of hexavalent chromium ion in cement. Ferrous sulfate acts as a superior hexavalent chromium reducing agent and does not alter mechanical properties of cement, in turn reducing chances of dermatitis occurrences.
The report on ferrous sulfate market includes detailed assessment on various key companies involved in the manufacturing of ferrous sulfate. Key developments and major facets of ferrous sulfate market players has been included in the competitive landscape section of the report. The ferrous sulfate market report has profiled key companies including but not limited to Kronos Worldwide Inc., Verdesian Life Sciences LLC and Venator Materials PLC.
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