May 26, 2024
Ferrous Sulfate Market

Driving Factors and Trends in the Global Ferrous Sulfate Market

Ferrous sulfate is an inorganic compound that provides iron in a very soluble form to aid its absorption in the body. It is used in the treatment of iron deficiency anemia. Ferrous sulfate is available in various forms like tablets, capsules, oral liquids and injectables. It is an affordable treatment option, especially in developing nations. The global ferrous sulfate market offers lucrative opportunities owing to the large patient pool suffering from iron deficiency globally.

The Global Ferrous sulfate Market is estimated to be valued at US$ 1170.24 Mn in 2024 and is expected to exhibit a CAGR of 4.4% over the forecast period from 2024 to 2031.

Key Takeaways

Key players operating in the ferrous sulfate are 3M Company, Arthrex, Inc., ArthroCare Corporation, Biomet, Inc., BREG, Inc., Conmed Corporation, DePuy Mitek, Inc., DJO Global, Inc., Mueller Sports Medicine, Inc., Ossur hf, and OttoBock Healthcare GmbH. The increased prevalence of iron deficiency anemia globally is expected to drive the demand for ferrous sulfate. According to the WHO, over 2 billion people worldwide are anemic due to iron deficiency. Ferrous Sulfate Market Demand manufacturers are focusing on expanding their presence globally especially in emerging economies of Asia Pacific and Latin America to tap the high growth opportunities.

Growing demand in the market

The global ferrous sulfate market is driven by the growing incidences of iron deficiency. WHO estimates that approximately 50% of anemia cases globally can be attributed to iron deficiency. Ferrous sulfate offers an affordable treatment option and is commonly prescribed by healthcare practitioners for patients diagnosed with iron deficiency anemia. The rising awareness about nutritional deficiencies and their treatment is also contributing to the growing demand for Ferrous Sulfate supplements globally.

Global expansion of the market

Key players in the ferrous sulfate market are focusing on strategic partnerships and collaborations to expand their footprint in high growth regions. Manufacturers are also investing in enhancing their production capacities in Asia Pacific and Latin America with supportive government policies and initiatives. These regions offer huge market potential owing to the large patient population and growing medical infrastructure. Strong global demand, especially from China and India will aid the market value growth of ferrous sulfate during the forecast period.

Market key trends

One of the key trends witnessed in the ferrous sulfate market is the adoption of microencapsulation technology. Ferrous sulfate in the microencapsulated form has better stability, bioavailability and reduces gastrointestinal side effects. It ensures slow and prolonged release of iron in the body. Several key players are innovating novel drug delivery systems using microencapsulation to gain competitive advantage. This technology is expected to pick up momentum and boost the overall ferrous sulfate market growth over the next few years.

Porter’s Analysis

Threat of new entrants: Low requirements for new entrants to enter the market as ferrous sulfate production process is simple.
Bargaining power of buyers: Moderate as ferrous sulfate has few substitutes and buyers cannot change suppliers easily due to certifications required.
Bargaining power of suppliers: High as ferrous sulfate production process is simple and suppliers have a list of substitutes like cooper, manganese etc. to shift to.
Threat of new substitutes: Moderate as substitutes available have limitations in applications compared to ferrous sulfate.
Competitive rivalry: High as the major players compete on factors like product quality, certifications and pricing.

Geographical Regions

The Asia Pacific region accounts for the largest share in the ferrous sulfate market in terms of value owing to large population base and industrial growth in countries like China and India. Ferrous sulfate finds wide application as a coagulant in water treatment which is a booming industry in the region.
North America region is expected to witness the fastest growth over the forecast period in the ferrous sulfate market. This is attributed to growing demand from the construction industry and wastewater treatment facilities across USA and Canada. Stringent regulations regarding wastewater management will further propel the market growth.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research.
2. We have leveraged AI tools to mine information and compile it.