Wilmington, Delaware, United States, March 05, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. -The global iron sulfate and iron chlorosulfate market is projected to rise at a CAGR of 3.5% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 1.9 billion is anticipated for the market in 2031. As of 2023, the demand for iron sulfate and iron chlorosulfate is expected to close at US$ 1.45 billion.
With increasing construction activities worldwide, particularly in emerging economies like China, India, and Southeast Asian nations, there's a growing demand for these chemicals in applications such as concrete production, water treatment, and wastewater management.
Iron sulfate and iron chlorosulfate play a crucial role in enhancing the strength and durability of concrete structures, thus aligning with the demands of urban development projects.
Increasing preference for maintenance-free and long-lasting infrastructure solutions is also fueling the demand for iron sulfate and iron chlorosulfate. These chemicals aid in preventing corrosion, enhancing the lifespan of structures, and reducing the need for frequent maintenance and repair work.
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Iron sulfate serves as a versatile component across various industries, including agriculture, construction, and water treatment, among others. Its application in animal feed and organic fertilizers enhances agricultural productivity, while its role as a coagulant in water purification ensures the provision of clean water resources.
Its attributes are leveraged by the construction sector for pigment production and cement reinforcement, highlighting its adaptability and utility across diverse applications.
The global market for iron sulfate and iron chlorosulfate exhibits immense potential, driven by their diverse applications across critical industries. This robust growth trajectory garners significant interest from discerning investors and corporate leaders, recognizing the lucrative opportunities presented by these chemicals in various sectors.
Key Takeaways from the Market Study
- As of 2022, the iron sulfate and iron chlorosulfate market was valued at US$ 1.4 billion
- Based on product, the iron sulfate segment is expected to dominate the global market during the forecast period.
Iron Sulfate and Iron Chlorosulfate Market: Key Trends and Opportunistic Frontiers
- Notable shift towards sustainable practices across industries, leading to increased research and development efforts focused on creating environmentally friendly products in the iron sulfate and iron chlorosulfate market.
- Ongoing technological advancements are leading to the development of innovative formulations and applications of iron sulfate and iron chlorosulfate, enhancing their efficiency and effectiveness in various industries.
- Stringent regulations related to environmental protection and water quality standards are driving the adoption of iron sulfate and iron chlorosulfate in compliance with regulatory requirements, particularly in water treatment processes.
Iron Sulfate and Iron Chlorosulfate Market – Regional Analysis
- North America claims the second spot in iron sulfate and iron chlorosulfate, propelled by its adherence to rigorous building regulations and a rising emphasis on sustainable construction methods. The region's construction sector relies on these chemicals for concrete stabilization and water treatment applications. The emphasis on durable and eco-friendly solutions further drives demand.
- Asia Pacific region holds a significant share of the market. The region's flourishing construction sector, particularly in nations like China, India, and Southeast Asian countries, fueled by swift urbanization and infrastructure expansion, is driving a surge in demand for dependable waterproofing solutions, thereby enhancing market momentum in the area.
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Competitive Landscape
The iron sulfate and iron chlorosulfate market on a global scale is dominated by a small number of major vendors, who command the majority share. These companies are heavily investing in extensive research and development initiatives, with a primary focus on developing environmentally sustainable products.
Key Players ProfiledTop of Form
- Venator Materials plc
- Kronos Worldwide
- Kemira
- Tronox Holdings Plc
- Grupa Azoty S.A.
- Cinkarna Celje
- Verdesian Life Sciences LLC
- Rech Chemical Co. Ltd
- Chemland Group
- Crown Technology Inc.
- Changsha Haolin Chemicals Co. Ltd
- Ravensdown Limited
- Others
Key Developments
- In December 2023 - Kemira has recently entered into an agreement to sell its Oil & Gas-related portfolio to Sterling Specialty Chemicals LLC, a US-based subsidiary of Artek Group, a prominent global industrial chemicals group headquartered in India.
- This strategic move allows Kemira to sharpen its focus on its core businesses and advance its profitable growth strategy. As part of the transaction, Kemira and Sterling Specialty Chemicals LLC will establish a long-term partnership, involving contract manufacturing agreements in both directions.
Iron Sulfate and Iron Chlorosulfate Market – Key Segments
Product
- Iron Sulfate
- Iron Chlorosulfate
Application
- Iron Sulfate
- Water and Waste Processing
- Fertilizers
- Body Supplements
- Catalyst
- Cement Additive
- Pigments
- Animal Feed
- Others
- Iron Chlorosulfate
- Sewage and Effluent Treatment
- Water Purification
- Sludge Conditioning
- Other
End Use
- Building & Construction
- Agriculture
- Industrial
- Pharmaceutical
- Food & Beverages
- Paints & Coatings
- Waste Treatment
- Other
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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