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The zinc sulfate market size is forecast to increase by 857.39 thousand tons, at a CAGR of 5.4% between 2023 and 2028.
The growth of the market depends on several factors, including increasing demand for zinc sulfate in the agricultural industry, safe for use in food and medical applications, and the need to meet the rising demand for crops. It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The increasing demand for zinc sulfate in the agricultural industry is notably driving market growth, although factors such as lack of awareness may impede market expansion. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increasing demand for zinc sulfate in the agricultural industry is notably driving market growth. This product plays an important role in the agricultural industry. In the agricultural industry, it is generally used as a fertilizer additive for preventing and correcting zinc deficiency in crops. It is the most commonly used source of zinc in granular fertilizers owing to its high solubility in water and low cost of production. Hence, the increasing demand for fertilizer additives is expected to drive the consumption of this product during the forecast period.
Growing agricultural activities increases the use of fertilizers, insecticides, and pesticides. The global agricultural industry is registering significant expansion, led by the rising demand for food in highly populated countries such as India and China. Therefore, the expansion in the agricultural industry is expected to accelerate the market growth during the forecast period.
Rising demand for zinc sulfate in the textile industry is an emerging trend in the market. This product is used for manufacturing fabrics in the textile industry. It is added to various chemicals to obtain different shades for textiles. In addition, it is also used as a precursor to the lithopone pigment that is used in the textile industry. Hence, expansion in the global textile industry will also increase the use of this chemical during the forecast period.
Furthermore, it is also used for manufacturing synthetic fiber and is also used as a raw material in the synthetic fiber industry to produce fiber and textile materials. Therefore, the rising demand for synthetic fiber in the textile industry will accelerate the demand for this product and in turn fuel the market growth during the forecast period.
Lack of awareness is a major challenge impeding market growth. For the expansion of sustainable agriculture, one of the biggest challenges arises from the social, technological, and financial background of farmers. The lack of proper knowledge encourages farmers to use conventional ways. With smart and sustainable farming techniques gaining traction in the market, farmers must be aware of agricultural products such as zinc sulfate, which are used to increase the yield of crops.
In developing countries, skilled labor and lack of awareness among farmers are key challenges in implementing this product. The lack of awareness regarding the benefits and advantages of products will affect the global market in terms of volume consumption and value generation. Therefore, these factors will hinder the expansion of the market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Alpha Chemicals - The company offers a wide range of chemicals such as Black Iron Oxide and Ferrous Sulfate Heptahydrate. The key offerings of the company include zinc sulfate.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative market growth analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the solid segment will be significant during the forecast period. Zinc is essential micronutrient plants need to grow efficiently. Zinc sulfate is a colorless crystalline solid. It is commonly used in the agricultural industry, especially to counter the various levels of zinc deficiencies which can lead to poor plant development and reduced productivity.
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The solid segment was valued at USD 1,430.26 thousand t in 2017 and continued to grow until 2021. Zinc sulfate can be applied to the crops at the time of sowing and in the standing crops. The increasing agricultural activities across the globe will drive its use during the forecast period. For instance, in 2020-2021, the share of agriculture in India's GDP reached almost 20% for the first time since 2004. This was an increase from 17.8% in 2019-2020. The last time the contribution of the agriculture sector to GDP was at 20% was in 2003-2004. Hence, the expansion in agricultural activities will also drive the demand for nitrogenous fertilizer, which, in turn, will boost the growth of the global market during the forecast period.
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APAC is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
In 2022, China, India, Malaysia, Indonesia, and several other developing countries dominated the market in the region. It is used as a fertilizer additive and agricultural spray to treat zinc deficiencies in crops and increase nutrients in the soil. The demand for food and the number of agricultural activities has increased due to the ever-rising population. Therefore, the increasing population will lead to a higher demand for food, as well as for agricultural activities across the region. Therefore, the expansion of the agriculture sector in developing countries in APAC will increase the demand for fertilizers, which in turn, will boost the regional market during the forecast period.
Additionally, the rising demand for medicines and other pharmaceutical products in APAC will also drive market expansion. In the medical industry, it is used as a dietary supplement to treat zinc deficiency and improve oral rehydration in cases of diarrhea. Furthermore, it is also used for purifying wastewater for drinking and other industrial uses. Therefore, the increasing demand for drinking water in highly populated countries, such as China and India, will drive the market during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides a market research and growth analysis of the latest market trends and growth opportunities from 2017 to 2027.
Zinc sulfate, a key player in various industries, exhibits water solubility and cost-effectiveness, making it a preferred choice. Its applications extend to synthetic fibers and rayon fibers, contributing to the development of diverse products. The zinc oxide and zinc chloride markets benefit from its versatile uses, while the agrochemical and pharmaceutical sectors leverage its properties. In regions like China and India, the market, encompassing variations like monohydrate and heptahydrate, thrives.
Noteworthy players in this market include KAZ International, Zincure, Zinker, Gupta Agricare, China Bohigh, and Old Bridge Chemical, collectively contributing to the expansion and innovation within the agricultural sector. The market remains pivotal in supporting multiple industries and addressing various needs, showcasing its significance in the global market landscape.
Zinc Sulfate Market Scope |
|
Report Coverage |
Details |
Page number |
155 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.4% |
Market growth 2023-2027 |
857.39 th t |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.31 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 39% |
Key countries |
US, China, India, Japan, and Germany |
Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Alpha Chemicals, AVA Chemicals Pvt. Ltd., BALAJI INDUSTRIES, Bohigh Group, Changsha Haolin Chemicals Co. Ltd., Changsha Lantian Chemicals Co. Ltd., Clean Agro Chemicals, Grillo Werke AG, Illinois Tool Works Inc., Merck KGaA, Oasis Fine Chem, Ravi Chem Industries, Rech Chemical Co. Ltd., Redox Ltd., Saba Chemical GmbH, Sulfozyme Agro India Pvt. Ltd., Tianjin Xinxin Chemical Factory, Vedanta Ltd., WATA Chemicals Ltd., and Zinc Nacional S.A. |
Market dynamics |
Parent market analysis, Market forecasting, Market expansion inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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