Ferrous Sulfate Market Forecast Report with Size, Challenges to Market Growth, Market Trends, Drivers, Key Vendors (Coogee Chemicals Pty Ltd, KRONOS Worldwide, Crown Technology,Verdesian Life Sciences, Rishi Chemical Works Pvt. Ltd., Gokay Group, Rech Che
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Challenges impacting the entire ferrous sulfate supply chain have influenced strategies of these two marquee players. Ferrous sulfate being a bi-product of titanium dioxide, macroeconomic aspects associated with the latter are bound to impact the cost structure of the former. The fluctuation in pricing, on account of oversupply of titanium dioxide, has led to strategic collaborations and joint ventures. Tier 1 companies in the ferrous sulfate marketplace have been focusing on this growth strategy in a bid to ensure continues supply of ferrous sulfate across various end use applications along with marginal reduction in costing, it being shared by the entities in the joint venture.
Tier 2 and Tier 3 Companies Focusing on Consolidating Their Position in APEJ
Presence of Tier 2 and Tier 3 companies involved in ferrous sulfate production, continues to remain concentrated in developed countries, particularly in the North America and Europe regions. However, these companies, such as Coogee Chemicals Pty Ltd., Verdesian Life Sciences LLC, Rech Chemicals Co. Ltd., and Chemland Group to name a few, have been focusing on expanding their global footprint by targeting developing countries across the Asia Pacific on the back of its market potential across end use areas of ferrous sulfate. Apart from lucrative market with respect to end use of ferrous sulfate, Asia Pacific excluding Japan (APEJ) offers superior business environment in terms of cheap labor and land, and government support. Collectively, Tier 2 and Tier 3 companies in ferrous sulfate market account for more than 35 percent share in the APEJ region. These companies are also focusing on tapping other emerging regions including countries of Eastern Europe and Latin America.
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.
Key stakeholders and Tier 1 companies in the ferrous sulfate landscape are focusing on increasing their production capacity and investing in research and development of new grades of ferrous sulfate. For instance, Kronos Worldwide Inc., invested US$ 16 Mn, US$ 13 Mn and US$ 20 Mn in research activities in 2015, 2016 and 2017 respectively. It aims to invest around US$ 19 Mn by end of 2018 to development higher grades of ferrous sulfate increasing its application scope across end use industries. Companies are also focusing on entering the European micronutrients market. For instance, since 2015, Verdesian Life Sciences LLC, the only company offering ferrous sulfate as PCP (Pest Control Product) provider in Canada (under Canadian PCP Act), is focusing on entering European micronutrients market in a bid to supply ferrous sulfate in the region’s agriculture and feedstock sectors.
The report on ferrous sulfate market has segmented the market in-depth in a bid to include all angles impacting the market growth. The ferrous sulfate market is segmented on the basis of grade, by type, by application and by region. In terms of grade, ferrous sulfate market is categorized into food grade and technical grade. Ferrous sulfate market by type covers assessment on ferrous sulfate monohydrate and ferrous sulfate heptahydrate. By application, ferrous sulfate market is segmented by water treatment, agriculture, pigment, cement, and animal feedstock sectors. The ferrous sulfate market is assessed across key regions of North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan (APEJ), Japan and Middle East and Africa (MEA).
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Table of Content:
1.1. Market Overview
1.2. Market Analysis
1.3. FMR Analysis and Recommendation
1.4. Wheel of Fortune
2.2. Market Definition
3.1. Macro-Economic Factors
3.2. Market Dynamics
3.3. Porter’s Analysis
3.4. Value Chain
3.5. Patent Analysis
3.6. Forecast Factor Relevance & Impact
Global Ferrous Sulfate Market Analysis 2013–2017 and Forecast 2018–2028
4.1. Global Ferrous Sulfate Market Forecast
4.2. Pricing Analysis
4.3. Global Ferrous Sulfate Market Analysis
Global Ferrous Sulfate Market Analysis and Forecast, By Type
5.2. Historical Market Size (US$ MN) and Volume (Kilo Tons) Trend Analysis by Type, 2013–2017
5.3. Current Market Size (US$ MN) and Volume (Kilo Tons) Forecast By Type, 2018–2028
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