Ferrous Sulfate Market Hits Goldmine as Ferrous Salts Gain Popularity to Treat Anemia
The ferrous sulfate market is expected to witness steady growth in the upcoming years, owing to the soaring demand from a host of applications. Ferrous sulfate is increasingly being used in pharmaceuticals, water treatment systems, and the construction industry. The significant rise in the number of construction activities, especially in developing regions is likely to propel the demand for ferrous sulfate in upcoming years. In addition, as focus on industrialization and urbanization continues to gain notable pace across the Asia Pacific and the Middle East & Africa, the demand for ferrous sulfate, which is primarily used as a reduction agent is on the rise – providing an impetus for growth of the ferrous sulfate market during the forecast period.
Over the past couple of decades, iron deficiency has emerged as a glaring global health problem due to which, the demand for iron supplements such as ferrous sulfate in the form of capsules, tablets, etc., is increasing. The soaring demand for ferrous sulfate to formulate medication to treat anemia is another factor that is expected to boost the market for ferrous sulfate during the forecast period. At the back of these factors coupled with widening applications of ferrous sulfate, the global ferrous sulfate market is expected to attain a market value of ~US$ 4 Bn by the end of 2027.
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Consistent Demand from Pharmaceutical Sector to Aid Market Growth
The unprecedented rise in the prevalence of iron deficiency around the world has compelled pharmaceutical companies to fast track the development of iron supplements, including ferrous sulfate. Although a host of treatment alternatives are available to address iron deficiency such as intravenous (IV) iron/blood transfusion, oral iron supplements are increasingly becoming popular due to an array of factors, including easier accessibility, low costs, and ease of administration. The demand for iron salts is on the rise, owing to the desired absorption capacity and low morbidity. Although iron supplements are likely to cause side effects and problems in the gastrointestinal tract, research and development activities are predominantly focusing on preventing side effects and increasing the efficacy of iron supplements. The consistent rise in the demand for iron supplements is a major factor that is projected to boost the growth of the global ferrous sulfate market during the forecast period.
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Focus on Improving Water Quality Triggers Demand for Ferrous Sulfate
Over the past couple of decades, governments of developing regions of the Asia Pacific and Europe are increasingly investing resources to improve the quality of water. Technological advancements and research activities are paving the way for effective and reliable chemical treatment systems particularly for municipal wastewater treatment wherein lime and copper cementation effluents are used as coagulants. The growing evidence drawn from research activities continues to pinpoint the benefits of using ferrous sulfate to treat sanitary as well as industrial wastewater. Ferrous sulfate monohydrate has gained a considerable amount of popularity over the past few years and is increasingly being used in a host of applications, including blood removal, sledge dewatering, metals precipitation, and phosphorous removal & color reduction. While the demand for ferrous sulfate for wastewater treatment is on the rise, the adoption rate of the same from the agriculture industry as a vitamin supplement is ascending at a rapid pace. Ferrous sulfate provides a balance to the iron content of the soil due to which, it is increasingly being used in the agriculture sector across the world. Ferrous sulfate is also used to manufacture granular fertilizers. These factors, along with continual research are expected to accelerate the ferrous sulfate market in the upcoming months.
Disruptions in Supply Chain Due to COVID-19 to Hinder Market Growth
The onset of the novel COVID-19 pandemic is expected to hinder the growth of the ferrous sulfate market particularly in 2020 with a likelihood of affecting operations in the first half of 2021. Participants operating in the value chain of the ferrous sulfate market are projected to introspect their business models and turn to business contingency and continuity strategies. While suppliers are anticipated to address a host of challenges, including government lockdowns and logistics restrictions, the demand for ferrous sulfate is estimated to decline in 2020. However, the demand for ferrous sulfate, particularly for wastewater treatment is expected to grow at an impressive pace post the pandemic– an opportunity for players to gain ground.