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The zinc sulfate market size is forecast to increase by USD 803.7 million at a CAGR of 5.78% between 2023 and 2028.
The industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The agriculture segment is estimated to witness significant growth during the forecast period. Zinc sulfate is a crucial ingredient In the agriculture industry as a fertilizer additive, addressing zinc deficiencies in crops. Prevalent in granular fertilizers due to its high water solubility and cost-effective production, zinc sulfate significantly enhances soil nutrient value. The escalating demand for fertilizer additives will fuel zinc sulfate consumption during the projection period. With the expansion of global agriculture activities, particularly in densely populated countries like India and China, the requirement for zinc sulfate is poised to increase. Beyond agriculture, it finds applications in various industries, including textiles, pharmaceuticals, and water treatment. In the textile sector, it serves as a precursor for producing hues for textiles and a raw material for manufacturing synthetic fibers like rayon.
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The agriculture segment was valued at USD 1.36 billion in 2018 and showed a gradual increase during the forecast period.
APAC is estimated to contribute 37% 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.
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Zinc sulfate is a crucial ingredient in various industries, including agriculture and textiles. In the agriculture sector, it functions as a fertilizer additive and agricultural spray to address zinc deficiencies in crops and enhance soil nutrients. Zinc sulfate is extensively utilized in producing agrochemicals for fertilizers, benefiting crops such as pecans, deciduous fruits, peanuts, cotton, corn, and others. The agriculture sector's expansion in developing countries in Asia Pacific (APAC), including China, India, Malaysia, and Indonesia, will fuel the demand for fertilizers, thereby increasing zinc sulfate consumption. Moreover, the emphasis on sustainability in agriculture will boost the use of zinc sulfate as a fertilizer additive during the forecast period.
Our researchers analyzed the data with 2023 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.
Increasing demand for zinc sulfate in agricultural industry is the key driver of the market.
Rising demand for zinc sulfate in textile industry is the upcoming market trend.
Volatility in zinc prices is a key challenge affecting the industry growth.
The market forecasting 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 market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry 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.
Zinc sulfate is a versatile inorganic compound with a wide range of applications in various industries. Its unique properties, such as its low production cost, high solubility in water, and ability to act as a precursor for various chemicals, make it an essential raw material in numerous sectors. In the agricultural industry, zinc sulfate is commonly used as a fertilizer additive to address zinc deficiency in crops. Granular fertilizers enriched with zinc sulfate help improve soil nutrient value and enhance crop productivity. The textile sector also utilizes it as a mordant, which helps improve the color retention of textiles during dyeing processes.
Moreover, it plays a crucial role In the production of various chemicals. For instance, it is used as a precursor In the synthesis of pigments, including lithopone pigment, which is widely used In the synthetic fiber industry. In the pharmaceutical sector, it is used In the production of medicines, particularly In the formulation of tablets to cure zinc deficiency. The cosmetics industry also relies on it as an essential ingredient. It functions as an astringent, an anti-microbial agent, and a cosmetic biocide, helping to clean the skin and deodorize personal care products. It is also used In the production of various industrial chemicals, such as corrosion inhibitors, water-treatment systems, herbicides, and flotation agents.
In addition, the mining industry utilizes zinc sulfate as a coagulant In the clarification process of mineral processing. It is also used In the plating of zinc to produce electroplated parts and as a raw material In the production of rayon fibers. Despite its wide range of applications, the market faces several challenges. Supply-side pressures, such as the high production cost of sulfuric acid, a key raw material in the production, can impact the market's cost-effectiveness. Additionally, sluggish procurement and the buildup of stockpiles can lead to fluctuations in prices. The agrochemical sector's growth is influenced by various factors, including population density, agricultural activity, and the demand for food.
Furthermore, the increasing urbanization and rapid industrialization in developing countries are expected to drive the demand for it in various applications. However, tight monetary conditions and interest rates can impact the sector's growth, as they can affect the procurement of raw materials and the production volume. The market is diverse and dynamic, with various applications in different industries. Its unique properties and wide range of applications make it an essential raw material in various sectors, including agriculture, textiles, pharmaceuticals, cosmetics, industrial chemicals, and mining. Despite the challenges, the market's growth is expected to continue, driven by the increasing demand for food, the growing population, and the expanding industrialization in developing countries.
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Market Scope |
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Report Coverage |
Details |
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Page number |
163 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.78% |
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Market growth 2024-2028 |
USD 803.7 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
5.44 |
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Key countries |
China, US, India, Germany, and Japan |
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Competitive landscape |
Leading Companies, market growth and forecasting , Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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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 Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive 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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