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The zinc sulfate market is estimated to grow at a CAGR of 5.4% between 2022 and 2027. The size of the market is forecast to increase by 857.39 thousand tons. 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.
This report extensively covers market segmentation by type (solid and liquid), application (agriculture, medical, and others), and geography (APAC, Europe, North America, South America, and Middle East and Africa). 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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Technavio categorizes the global zinc sulfate market as a part of the global diversified metals and mining market within the global materials market. The parent global diversified metals and mining market covers companies engaged in the production or extraction of metals and minerals such as non-ferrous metals (except bauxite), salt and borate, phosphate rock, and diversified metal mining operations. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
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 growth. 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.
Key Zinc Sulfate Market Driver
The increasing demand for zinc sulfate in the agricultural industry is notably driving the market growth. Zinc sulfate 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 zinc sulfate during the forecast period.
Growing agricultural activities increases the use of fertilizers, insecticides, and pesticides. The global agricultural industry is registering significant growth, led by the rising demand for food in highly populated countries such as India and China. Therefore, the growth in the agricultural industry is expected to accelerate the market growth during the forecast period.
Significant Zinc Sulfate Market Trend
Rising demand for zinc sulfate in the textile industry is an emerging trend in the market. Zinc sulfate 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, growth 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 zinc sulfate and in turn fuel the market growth during the forecast period.
Major Zinc Sulfate Market Challenge
Lack of awareness is a major challenge impeding market growth. For the growth 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 zinc sulfate. 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 growth of the market during the forecast period.
Key Zinc Sulfate Market Customer Landscape
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 Zinc Sulfate Market Customer Landscape
Vendors 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 operates under one segment. The company under this segment 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 vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors 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 growth 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 growth 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 growth. 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.
In 2020, vendors in the market in APAC witnessed the negative impact of COVID-19 on their business operations. However, by the end of 2020, the demand for zinc sulfate in the region reappeared as factories reopened, which led to the resumption of the production and distribution of the product. Therefore, the market in APAC will continue to grow during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by Type (Solid and Liquid), Application (Agriculture, Medical, and Others), and Geography (APAC, Europe, North America, South America, and Middle East and Africa).
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Zinc Sulfate Market Scope |
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Report Coverage |
Details |
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Page number |
155 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.4% |
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Market growth 2023-2027 |
857.39 th t |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
5.31 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 39% |
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Key countries |
US, China, India, Japan, and Germany |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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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. |
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Market dynamics |
Parent market analysis, Market growth 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. |
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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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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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