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Iron Processing Sector Is Fastest Growing Segment Fueling The Growth Of Ferrous Sulfate Market

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Leena Shedmake
Iron Processing Sector Is Fastest Growing Segment Fueling The Growth Of 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 3.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.



Market Overview:


Ferrous sulfate is an inorganic compound that is highly soluble in water. It is mainly used as an additive in the production of detergents, herbicides, and fertilizers due to its properties of supplying iron to plants and activating bleaching reactions. It is also used as a coagulant in water and wastewater treatment.



Market key trends:


One of the key trends in the ferrous sulfate market is its growing use in the water treatment industry. Ferrous sulfate acts as a coagulant to remove suspended solids, turbidity, bacteria and viruses from water. It aggregates fine particulate matter and other impurities in water, which are then removed through sedimentation or filtration. This allows production of clearer and safer water. Further, increasing industrialization has led to the generation of more industrial wastewater, which needs to be treated before disposal. This is fueling demand for ferrous sulfate from the water treatment industry.


Segment Analysis


The global ferrous sulfate market is segmented into product type and application. By product type, ferrous sulphate monohydrate accounts for the largest share in the market. It is widely used application due its high solubility and economic benefits. Further, by application, water treatment is the dominant segment owing to increased use of ferrous sulfate for coagulation and flocculation in water treatment plants to remove impurities.



Key Takeaways


The Global Ferrous Sulfate Market Demand  is expected to witness high growth, exhibiting CAGR of 3.9% over the forecast period, due to increasing demand from water treatment industry. The global ferrous sulfate market size for 2023 is US$ 1015.83 Mn.


Regional analysis - Asia Pacific region holds the largest share in the global ferrous sulfate market. Rapid industrialization and urbanization along with stringent regulations regarding waste water management drives the demand for ferrous sulfate in the region.


Key players operating in the ferrous sulfate market are Crown Technology, Inc., Venator Materials PLC, Verdesian Life Sciences, LLC, Rech Chemical Co. Ltd., Coogee Chemicals Pty Ltd., Chemland Group, Hong Yield Chemical Industrial Co., Ltd., Changsha Haolin Chemicals Co., Ltd., and PJSC Sumykhimprom. Key players are focusing on expansion of production facilities and introduction of innovative application development to gain competitive edge in the market.

 

Read More - https://www.pressreleasebulletin.com/ferrous-sulfate-market-growth-and-analysis-share-demand-and-size-forecast/

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