The zinc sulphate market was worth US$ 1.4 billion in 2018. It accumulated a market value of USD 1.7 billion in 2022 while expanding at a CAGR of 5 per cent during the historical period
The global zinc sulphate market is expected to attain a valuation of US$ 1.81 billion in 2023 and is projected to reach US$ 3.5 billion by 2033, trailing a CAGR of 6.8 per cent during the forecast period. Potassium formate
Zinc sulphate plays a crucial role in the agricultural sector, primarily as a fertilizer additive to prevent and correct zinc deficiency in crops. It is widely used in granular fertilizers due to its high solubility in water and cost-effectiveness. As the demand for fertilizer additives continues to rise, the consumption of zinc sulphate is expected to increase in the forecast period.
The global agricultural industry is experiencing substantial growth, driven by the increasing demand for food in densely populated countries like India and China. This growth in agricultural activities leads to high usage of fertilizers, insecticides, and pesticides. Consequently, the expansion of the agricultural industry is expected to fuel market growth further in the forecast period.
An emerging trend in the market is the rising demand for zinc sulphate in the textile industry. Zinc sulphate is utilized in fabric manufacturing and is added to various chemicals to achieve different textile shades. Additionally, it serves as a precursor to the lithopone pigment used in textiles. Hence, the growth of the global textile industry might contribute to the increased utilization of zinc sulphate in the forecast period.
Zinc sulphate is employed in the production of synthetic fibers and serves as a raw material in the synthetic fiber industry for manufacturing fiber and textile materials. Thus, the growing demand for synthetic fibers in the textile sector is expected to drive the market growth of zinc sulphate in the forecast period.
The expanding production of medicines for zinc deficiency is anticipated to positively impact the sales of zinc sulphate in the upcoming years. Moreover, the increasing consumption of zinc sulphate in the production of rayon fibers is expected to boost the demand for this chemical.
2018 to 2022 Zinc Sulphate Demand Analysis vs. Forecast 2023 to 2033
The zinc sulphate market was worth US$ 1.4 billion in 2018. It accumulated a market value of USD 1.7 billion in 2022 while expanding at a CAGR of 5 per cent during the historical period.
Zinc sulphate has applications in the agriculture segment to treat plants and crops from zinc deficiency which can lead to poor plant development and reduced productivity. The sales of zinc sulphate are anticipated to expand at a 6.8% CAGR over the forecast period between 2023 and 2033. A significant production volume of such medicinal drugs and tablets to cure zinc deficiency is expected to propel sales in the forthcoming years.
Changing lifestyle and food habits are some of the key factors responsible for poor nutrition and have resulted in zinc deficiency. This is expected to boost demand for zinc sulphate in the pharmaceutical sector.
How is the Growing Demand for Agrochemicals Influencing Demand for Zinc Sulfate?
Zinc sulfate is used in a variety of agricultural applications for tackling zinc deficiency in plants. Zinc deficiency results in malformed leaves, stunting of plants, and leaf chlorosis. Since zinc sulfate is water-soluble, it is quickly absorbed by the soil.
Sixteen elements have been identified for plant growth and development. Zinc is one of the seven micronutrients which are needed for plant growth. Zinc sulphate monohydrate is mostly used for overcoming zinc deficiency in plants.
Zinc sulphate is used as a weed killer and to protect crops from pests. Due to the shrinking amount of arable land, there is a high demand for zinc sulphate to boost yield and improve crop quality.
The growing consumption of zinc sulphate in agrochemicals is expected to boost the sales of zinc sulphate and this trend is expected to continue in the forecast period. The agrochemical segment accounted for 48.1% of the total market share in 2022.
What is Driving Sales of Zinc Sulphate in the Pharmaceutical Sector?
Zinc sulphate is commonly used to replenish low levels of zinc or to prevent zinc deficiency. It is used as a dietary supplement to boost the immune system. Further, it is used to treat the common cold, recurrent ear infections, and flu, and to prevent and treat lower respiratory infections.
Zink sulphate is also listed on the World Health Organization’s list of essential medicines. The list consists of the most important medication which is required in a basic health system. It is also used as a topical astringent.
Zinc sulphate has many significant uses in medicine production which help to overcome mineral deficiencies. Further, the rising consumption of zinc sulphate in the production of medicine is expected to propel the growth in the zinc sulphate market in the forthcoming years.
Start-ups in the Zinc Sulphate Market
Start-ups have a crucial role in recognizing growth prospects and driving industry expansion. Their proficiency in transforming inputs into outputs and adapting to market uncertainties is valuable. In the zinc sulphate market, several start-ups are engaged in manufacturing and providing related services.
KAZ International manufactures and markets nutritional ingredients, including zinc sulfate. They also design private-label supplements for nutraceutical companies and market their own branded supplements.
Zincure is a developer of therapeutics for neurological diseases, focusing on regulating zinc homeostasis. Their product pipeline includes ZC-C10, ZC-C20, and ZC-P40, targeting stroke, multiple sclerosis, Alzheimer's disease, and Parkinson's disease.
Zinker manufactures zinc-based anti-corrosion coatings that effectively protect ferrous metals from soil, water, and atmospheric corrosion.
The market for zinc sulphate is highly competitive, with numerous prominent industry players making substantial investments in increasing their manufacturing capabilities.
The key industry players operating in the market are Balaji Industries, Changsha Haolin Chemicals Co., Ltd, Midsouth Chemicals, Gupta Agricare, China Bohigh, Old Bridge Chemical, Tianjin Topfert Agrochemical Co, Rongqing Chemical Co. Ltd, Clean Agro, Oasis Fine Chem, Saba Chemical GmbH, and Redox.
Recent Developments in the Zinc Sulphate Market
On August 19, 2022, Piramal Pharma's Critical Care division, a leading provider of complex hospital generics, introduced Zinc Sulfate Injection as the first generic product of its kind in the United States market.
The ICIS Chemical Business Magazine's annual Top 100 Chemical Distributors for 2023 has ranked Redox as the large distributor in Australia, 12th in APAC, and 34th globally.
In September 2022, Redox obtained FAMI-QS certification from DNV Business Assurance Australia Pty Limited.
These insights are based on a report on zinc sulphate market by Future Market Insights
BW Communities is an array of business news websites targeted towards niche communities and readers across various industries
Potassium formate © Copyright BW BUSINESSWORLD 2018. All Rights Reserved.