FerrousSulfate Market: Introduction
Interms of value, the global ferrous sulfate market is anticipated to expand at a CAGR of 3% from 2019 to 2027 andreach ~US$ 4 Bn by 2027. AsiaPacific dominated the global ferrous sulfate market in terms of volume in 2018. It isestimated to be the leading region of the global ferrous sulfate market duringthe forecast period. Various companies engaged in wastewater treatment arefocusing on expanding their business in Asia Pacific. For instance, in February 2018, SuezSA, a France-based water treatment company, announced plans to start a drinkingwater production plant in Indonesia. This is anticipated to drive the ferroussulfate market in Asia Pacific.
FerrousSulfate Market: Key Drivers and Restraints
Increasein usage of ferrous sulfate to treat anemia is anticipated to boost the ferroussulfate market during the forecast period. Iron deficiency occurs when therequired amount of iron decreases to low levels and the amount is notsufficient to support normal RBC production. According to the World HealthOrganization (WHO), in 2017, 42% of childrenaged less than five years and 40% of pregnant women worldwide were anemic.Ferrous sulfate is employed to treat and prevent anemia. It replenishes iron.It helps in oxygen transport and storage, electron transport, energymetabolism, and provides beneficial pro-oxidant functions.
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Risein cases of anemia has led to initiation of iron fortification programs invarious parts of the globe. For instance, more than 20 countries in LatinAmerica have implemented mass iron fortification programs. Most of theseinvolve the fortification of wheat or maize flours. Countries in Latin Americaare using ferrous sulfate as a fortificant for most of their food. Increase inusage of ferrous sulfate in the cement industry is expected to create lucrativeopportunities for the ferrous sulfate market in the near future. Ferrous sulfateis primarily used as a reducing agent in the cement industry in order to reducechromium VI to chromium III, as chromium is known to cause dermatitis (alsoknown as cement itch).
Moreover,rise in construction activities is anticipated to boost the demand for cement,thereby augmenting the demand for ferrous sulfate. According to the U.S. CensusBureau, the U.S. Government spent US$1,369.2 Bn in overall construction activities in January 2020,exhibiting a 1.8% increasefrom US$ 1,345.5Bn in December2019. Ferrous sulfate carries various side effects. As aresult, various alternatives of ferrous sulfate are being employed across theworld. Carbonyl iron is used as a substitute for ferrous sulfate. It is highlyrecommended for children and women, as it has a slower release of iron. Besidescarbonyl iron, ferrous fumarate and ferrous gluconate are used as alternativesfor ferrous sulfate. Thus, emergence of such alternative is likely to lead to achange in preferences of customers. This is projected to hamper the globalferrous sulfate market during the forecast period.
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FerrousSulfate Market: Key Business Strategies
In October 2019, Kemirawon the European Responsible Care Award for a project, which helped convertunutilized by-products into valuable raw materials. The company mined alandfill that contained several tons of ferrous sulfate raw material, puttingalmost 30 years of accumulated industrial by-products back into use in thecircular economy. The company gained recognition in the market with this award.In April 2019,Venator Materials PLC acquired Tronox’s titanium dioxide (TiO2) paper laminatesbusiness. The company invested approximately US$ 8.9 Mn inthe acquisition. Ferrous sulfate is a by-product of titanium dioxide. Theacquisition is likely to help the company meet the increasing demand forferrous sulfate among customers.
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CompetitionLandscape of Ferrous Sulfate Market
Majorplayers operating in the global ferrous sulfate market include Venator Materials PLC; Kemira;KRONOS Worldwide, Inc.; CINKARNA Celje d.d.; Gökay Group; Crown Technology,Inc.; and Verdesian Life Sciences
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