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Transparency Market Research, New York: The demand for ferrous sulfate as a reduction agent is gaining sufficient traction and may serve as an important growth multiplier for the ferrous sulfate market. The increase in the number of construction activities across the globe may also prove fruitful for bringing a rise in the graph of growth.
The analysts at Transparency Market Research (TMR) predict the global ferrous sulfate market to expand at a CAGR of ~3 percent across the forecast period of 2019-2027. Based on all the growth factors, the ferrous sulfate market is anticipated to reach a valuation of ~US$ 4 bn by the end of the forecast period.
The high prevalence of iron deficiency cases around the world has led to a rise in the demand for iron supplements, including ferrous sulfate. This factor may bring immense growth prospects for the ferrous sulfate market. In addition, the growing use of ferrous sulfate in the agriculture industry as a significant vitamin supplement is providing prodigious growth opportunities for the ferrous sulfate market.
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The TMR analysts highlight the widespread use of ferrous sulfate across a variety of applications as a significant growth generator. The analysts also point out the rising demand for ferrous sulfate to manufacture pigments and dyes as a vital growth aspect. The analysts further advise the manufacturers in the ferrous sulfate market to focus on production and business continuity strategies in the post-pandemic era.
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The growing demand for ferrous sulfate to treat anemia may bring expansive growth opportunities for the ferrous sulfate market. Ferrous sulfate is being used across various industries for wastewater applications. This aspect may serve as a good growth opportunity.
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The novel coronavirus pandemic has resulted in magnifying loss across various sectors. The ferrous sulfate market is no stranger to this loss. The lockdown implementations to contain the transmission of SARS-CoV-2 have negatively affected the growth rate of the ferrous sulfate market. The pandemic is expected to disrupt the growth of the ferrous sulfate market mainly in 2020 and the first half of 2020. Nevertheless, the demand for wastewater treatment is expected to gain momentum post the pandemic, thus providing an opportunity to regain lost growth.
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