Ferrous Sulfate Market
Global Industry Analysis and Forecast 2023-2030
Market Value (2022)
USD 842.62 Million
Forecasted Value (2030)
USD 1,069.41 Million
CAGR (2023 - 2030)
Fastest Growing Region (2023 - 2030)
Granule or Powder, Liquid, Others
Ferrous Sulfate Heptahydrate, Ferrous Sulfate Monohydrate, Ferrous Sulfate Tetrahydrate, Ferrous Sulfate Anhydrous, Others
Construction, Water Treatment, Pigments, Pharmaceutical, Animal Feed, Others
The global Ferrous Sulfate Market was valued at USD 842.62 million in 2022 and is projected to reach USD 1,069.41 million by 2030, growing at a CAGR of 3.09% from 2023 to 2030.
The expansion of the ferrous sulfate market is driven by an increased number of production facilities with stringent government efforts to mandate the cleaning of industrial effluent before dumping it into the atmosphere. The increased application of ferrous sulfate as an additive in water treatment, agriculture, pigments, cement, and animal feeding also contributes to market growth.
It is feasible that continuous research & development would reveal new applications for ferrous sulfate. However, the variations in the supply of raw materials and the availability of substitute products restrict the ferrous sulfate market growth. The report provides a holistic evaluation of the market.
Analyst’s Review on Ferrous Sulfate Market
The market witnessed a significant growth rate as there is an increased interest in developing new and more effective forms of ferrous sulfate. This includes research into new production methods, such as the use of industrial waste as a source of iron in the production of ferrous sulfate.
Researchers are also exploring the potential of nanotechnology to improve the properties of ferrous sulfate, making it even more effective in many applications. Along with this, the increased demand for iron supplements, the usage of ferrous sulfate as a soil amendment and concrete addition is propelling the growth of the market.
Ferrous sulfate is a mineral required by the body to make red blood cells. Iron deficiency can result in fatigue, shortness of breath, and impaired physical performance which can also increase the likelihood of infection in a liver transplant recipient. Ferrous sulfate appears to be a relatively popular drug used to treat iron deficiency anemia. It is available as a generic drug and is often used in combination with other iron supplements.
In addition, ferrous sulfate may be useful in the treatment of restless legs syndrome, while continuous research has found that it may play a role in reducing the risk of cardiovascular disease. Ferrous sulfate is also used as a raw material in the production of titanium dioxide, a white pigment used in a wide variety of products, including cosmetics, food, and medicine.
A notable trend in the ferrous sulfate market is the growing demand in agriculture, especially as a fertilizer as it is an essential nutrient for plant growth and development. It is often used to treat iron-deficient soil and promote healthy plant growth. Some studies have also shown that the use of iron sulfate in agriculture can improve the nutritional value of crops and make them more suitable for human consumption.
In addition to this, ferrous sulfate is commonly used as an iron supplement to treat iron deficiency - anemia, which affects millions of people worldwide. It is also used to treat other medical conditions such as restless legs syndrome and pregnancy-related anemia. Researchers across the globe are investigating the potential of ferrous sulfate to treat other health conditions, such as celiac disease and cancer.
Moreover, the upward trend in ferrous sulfate utility indicates that this versatile substance would continue to play a prominent role in industries ranging from agriculture and healthcare. The continued research & development would likely lead to new and innovative uses for ferrous sulfate over the forecasted period.
The ferrous sulfate market is growing rapidly over the forecast period owing to its increased application across several end-user applications. However, the volatile raw material prices for ferrous sulfate have led to a reduction in usability. Furthermore, the fluctuations in supply and demand, changes in regulations, and natural disasters affecting mining and transportation infrastructure restrict the market growth. Other input costs, such as electricity and chemicals, can also affect the overall cost of production for ferrous sulfate. These mentioned factors are affecting the market growth over the projected timeframe.
The global ferrous sulfate market is segmented based on form, type, application, and geography.
Based on the form, the market is segmented into granules or powder, liquid, and others. The granule or powder segment is the most dominating segment which is estimated to grow at a CAGR of 3.47% over the anticipated period. The granule or powder form is used across its numerous applications including a dietary supplement, a tofu coagulant, and a pigment binding agent in ceramics. It has a pale green color and is easily soluble in water, which is often used as a fertilizer to supply iron to plants. This form is easier for plants to absorb than granular or powder forms, making it a preferred choice among horticulturists.
Based on type, the market is classified into ferrous sulfate heptahydrate, ferrous sulfate monohydrate, ferrous sulfate tetrahydrate, ferrous sulfate anhydrous, and others. The ferrous sulfate heptahydrate is expected to grow at a CAGR of 3.18% over the projected timeframe owing to the expanding demand for nutritional supplement goods, the growing need for nutraceuticals, and drugs for treating anemia, which contributes to the segment's growth rate.
Based on application, the market is categorized into construction, water treatment, pigments, pharmaceutical, animal feed, and others. The pharmaceutical segment is growing rapidly with a forecasted CAGR of 3.90% through 2030 attributed to the accelerating use of iron deficiency in the form of supplements. These are available for pharmaceutical use orally in the form of tablets, capsules, or liquid solutions. It is absorbed into the body and helps to increase the production of hemoglobin in red blood cells, which improves the delivery of oxygen throughout the body.
Based on regional analysis, the global ferrous sulfate market is classified into North America, Europe, Asia Pacific, MEA, and Latin America.
The Asia Pacific is the largest region in the ferrous sulfate market with a forecasted market value of USD 424.3 million in 2030. In the Asia Pacific region, the increasing number of patients suffering from anemia in pregnant women is a major global health problem. In India, the prevalence of anemia among pregnant women was 52.2% during 2019-2021, compared to 50.4% in previous years (2015-2016) according to the National Family Health survey. About half of the global maternal deaths due to anemia occur in South Asian countries, of which India accounts for about 80%. During pregnancy, the situation worsens due to the increasing demand of the fetus and the physiological changes that occur during pregnancy.
Europe is the second dominating region with a forecasted market value of USD 278.4 million in 2030. The ongoing research activities across the region in treating several disorders related to low hemoglobin accelerate the need for ferrous sulfate. For instance, in Europe, an increasing number of public health campaigns are promoting iron-rich foods and healthy eating habits which also address the root causes of anemia in individuals and communities. In several countries across the region, ferrous sulfate is often used as a dietary supplement to treat iron deficiency anemia.
The global ferrous sulfate industry study report will provide valuable insight with an emphasis on the fragmented nature of the global market. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their respective market shares across different regions. Expansion & investments involve a range of strategic initiatives including investments in R&D activities, new manufacturing facilities, and supply chain optimization.
The major players in the market are:
- Chemland Group
- Crown Technology, Inc.
- Merck KGaA
- Pencco, Inc.
- Rech Chemicals Co Ltd
- Thermo Fisher Scientific Inc.
- Venator Materials PLC
- KRONOS INTERNATIONAL, Inc.
- November 2021 (Expansion): Kemira completed the expansion of the production capacity of iron-based water treatment chemicals in the UK. The annual production is expected to increase by more than 100,000 tons per year which also assists to alleviate the immediate challenge of the water chemicals supply situation for the UK water industry.
The Global Ferrous Sulfate Market is segmented as:
- Granule or Powder
- Ferrous Sulfate Heptahydrate
- Ferrous Sulfate Monohydrate
- Ferrous Sulfate Tetrahydrate
- Ferrous Sulfate Anhydrous
- Water Treatment
- Animal Feed
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- North Africa
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America