by Ferrous sulfate is an iron supplementation compound majorly used in fertilizers and animal feed production. It helps in the treatment of iron deficiency and is widely used as a coagulant in water treatment plants. Ferrous sulfate finds numerous applications in pharmaceuticals as an essential nutrient. It is used in the manufacturing of supplements to treat conditions like anemia. Growing demand for iron supplements from the expanding geriatric population base is slated to drive the ferrous sulfate market.
The global Ferrous sulfate Market is estimated to be valued at US$ 1015.83 Mn in 2023 and is expected to exhibit a CAGR of 4.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing applications of ferrous sulfate in pharmaceutical industry is one of the key trends that is projected to propel the growth of ferrous sulfate market over the forecast period. Ferrous sulfate is used as an essential ingredient in manufacturing of dietary supplements to cure iron deficiency. Iron deficiency is highly prevalent in developed as well as developing countries. As per the recent study, nearly 2 billion people worldwide are affected by iron deficiency. This widespread iron deficiency is anticipated to boost the demand for ferrous sulfate from pharmaceutical manufacturers. The growing geriatric population base prone to iron deficiency anemia will further augment the market growth of ferrous sulfate over the coming years.
SWOT Analysis
Strength: Ferrous sulfate is an environmentally friendly compound that is readily available. It is widely used in many industries like pharmaceuticals, agriculture, water treatment etc.
Weakness: Ferrous sulfate has very poor solubility which can limit its applications. Long term exposure to ferrous sulfate can cause gastrointestinal side effects in some individuals.
Opportunity: Growing demand for ferrous sulfate from end use industries like water treatment and agriculture is an opportunity. Increasing focus on environment protection is driving the use of ferrous sulfate in place of more hazardous compounds.
Threats: Fluctuations in raw material prices can impact the cost of ferrous sulfate. Strict regulations pertaining to usage of chemicals in different applications can restrain the market growth.
Key Takeaways
The Global Ferrous Sulfate Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 1015.83 Mn by 2024 registering a CAGR of 4.4% during the forecast period.
Regional analysis
The Asia Pacific region currently dominates the global ferrous sulfate market with a share of over 35% in 2023. China accounts for the major demand for ferrous sulfate due to large textiles and water treatment industries in the country. India is projected to be the fastest growing country in the Asia Pacific ferrous sulfate market over the forecast period supported by growing population, industrialization and focus on rural development.
Key players
Key players operating in the ferrous sulfate market are 3M Company, Arthrex, Inc., ArthroCare Corporation, Biomet, Inc., BREG, Inc., Conmed Corporation, DePuy Mitek, Inc., DJO Global, Inc., Mueller Sports Medicine, Inc., Ossur hf, and OttoBock Healthcare GmbH. These players are focusing on capacity expansions and new product launches to strengthen their position in the market.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
