Global Ferrous Sulfate Market: Overview
Ferrous sulfates are primarily used for the treatment of iron deficiency. They are extensively used in several other medical and industrial applications. As per the World Health Organization (WHO), it one of the most important medications needed in the healthcare system. The global ferrous sulfate market is projected to grow exponentially during the forecast period owing to numerous recent technological developments.
Global Ferrous Sulfate Market: Notable Developments
Below are a few major developments in the global ferrous sulfate market:
- Development of new solid nanoparticles loaded with iron is a major breakthrough in the medical industry and will present new opportunities for the market. The commercially available iron tablets have several side effects such as constipation and blood in stools. The newly developed solid lipid nanoparticles overcome these challenges and offer an enhanced oral bioavailability. Use of nanotechnology in the treatment of iron deficiency has attracted numerous consumers to the ferrous sulfate market.
- The newly developed intravenous iron therapy has created new avenues for the global ferrous sulfate market. It is a more physiologic way of treating anemia and highly beneficial for patients with functional iron deficiency. Moreover, it offers an improved hemoglobin response and is less expensive.
Prominent players in the global ferrous sulfate market comprise Rech Chemicals Co. Ltd, Changsha Haolin Chemical Co. Ltd, Changsha Haolin Chemical Co. Ltd, and Reactivos Mineros SAC.
Global Ferrous Sulfate Market: Key Growth Dynamics
Ferrous sulfate is extensively used in several applications such as fertilizer, animal feed, and body supplements. This has highly driven the growth of the global ferrous sulfate market. Moreover, it finds several applications in the water treatment industry. The compound frees wastewater from hazardous chemicals and is also used in the treatment of raw drinking water. This has favorably impacted the ferrous sulfate market, thereby propelling its growth.
Additionally, recent changes in lifestyle have accounted for a high demand for dietary supplements. Consequently, people are increasingly using iron supplements, thereby contributing to the market’s expansion. Moreover, a rapidly growing population leading to an increase in consumption has also facilitated the market’s growth.
Furthermore, an increasing iron deficiency in animals has propelled growth of the global ferrous sulfate market. Ferrous sulfate is used in the diet of several animals such as swine and poultry. Along with this, a rapidly expanding fertilizer industry has fuelled the market’s growth too. Ferrous sulfate is widely used in numerous plant fertilizers as it reduces alkalinity and overcomes several deficiencies in soil.
On the downside, there are a few restraints that may thwart the global ferrous sulfate market’s growth. Factors such as availability of alternative products may cause a shortfall in the market. Nonetheless, availability of low cost raw materials and increasing number of manufacturers will subside the effects of the restraints. Moreover, increasing prices of hydrochloric acid have promoted the use of ferrous sulfate as it is an apt substitute. This has created several growth opportunities for the global ferrous sulfate market.
Global Ferrous Sulfate Market: Regional Outlook
Geographically, Asia Pacific leads the global ferrous sulfate market owing to an increase in population. Moreover, the presence of several local manufacturers has propelled the market’s growth in this region. Europe is also expected to show promising growth during the forecast period.. An increasing need for water treatment has contributed to the market’s growth in this region. Rising applications of ferrous sulfate in the medical industry have also contributed to the market’s growth in Europe.
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