As per a new industry analysis by Fact.MR, a market research and competitive intelligence provider, the global Iron Chelators Market is expected to grow at a CAGR of 4.7% during the forecast period. Iron chelators are utilized to bind free iron ions and remove them from chemical reactions, industrial processes etc. to achieve the desired results.
Furthermore, the excess of iron in water not only affects the agriculture industry but also has detrimental effects on human health. Iron overload leads to mineral deficiencies in the human body, which has adverse impacts on overall health. To address the issue of excess iron in water, iron chelators are used to effectively remove iron overload from the human body or the industrial processes.
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Why UK’s Iron Chelators Market is Flourishing?
The thriving pharmaceutical industry in the UK, with an estimated turnover of US$ 53.4 billion and a gross value added of US$ 18.32 billion to the country’s economy, plays a significant role in fueling the growth of the iron chelator market.
The escalating demand for medications and healthcare products in the UK is a clear indicator of the pharmaceutical industry’s prosperity. Iron chelators, being pharmaceutical compounds utilized in the treatment of iron overload conditions like hereditary hemochromatosis or thalassemia, are experiencing increased demand as the pharmaceutical industry expands. This surge in demand for iron chelators to address iron-related disorders is a key driver behind the growth of the iron chelator market in the country.
Key Takeaways from Market Study
- The iron chelators market is expected to create an absolute $ opportunity of US$ 1.4 billion during the forecast period
- The global iron chelators market is projected to grow at 4.7% CAGR and reach US$ 3.6 billion by 2033
- The iron chelators market registered a growth rate of 4.1% between the years 2018 to 2022
- Ethylene diamine tetraacetic acid (EDTA) is expected to hold a 32.3% market share in 2023
“Effective Role of Iron Chelators across Numerous Industries Create Immense Growth Opportunities for Market Titans during Assessment Period” says a Fact.MR analyst.
The water treatment industry remains a key end-use vertical of iron chelators thus, driving the market growth. Hence, with the growing water treatment industry creating a significant opportunity worth US$ 334.7 billion, growing at a CAGR of 7.0% holds immense growth opportunities for the iron chelators market.
Moreover, iron chelators find applications in chemical manufacturing, the pharmaceutical industry, and other sectors where excess iron needs to be eliminated. This broader range of applications contributes to the long-term growth of the iron chelators market, as it continues to meet the increasing demand for iron management solutions across industries.
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Market Growth Stratagems
Market players are likely to target new geographical regions or untapped markets to increase their customer base and sales. This involves entering emerging markets with high growth potential or expanding operations in regions with a significant prevalence of iron-related disorders. Advancements in supply chain and diverse distributors network also have a positive impact on market growth.
Market players are dedicated to expanding their product portfolios by developing novel and enhanced iron chelators. This commitment entails significant investments in research and development to create formulations with improved efficacy, safety, and convenience for consumers. Additionally, strengthening the distribution network not only helps broaden the customer base but also leads to higher profit margins, making it a go-to strategy for the market leaders operating in the iron chelators market.
Key Companies Profiled
- Aries Chemical
- AVA Chemicals Pvt Ltd.
- BASF SE
- Dow Chemical Company
- Nouryon
- Van Iperen International B.V
- Vijen Biotech (India) Private Limited
Country-wise Insights:
What are the Factors Driving Iron Chelators Demand Across India?
With the expansion of the agriculture industry, there is higher demand for fertilizers to enhance crop productivity. Iron is an essential micronutrient for plant growth and development. However, in certain soil conditions, iron availability is limited, leading to iron deficiency in plants. Iron chelators help improve the availability and uptake of iron by plants, thereby addressing nutrient deficiencies and promoting healthy crop growth.
Further, Indian agriculture sector faces challenges related to soil degradation, including nutrient depletion and imbalances. Iron chelators play a role in soil health management by optimizing iron availability. They help prevent or correct iron deficiencies, which adversely affect crop yields and quality.
As farmers increasingly focus on sustainable farming practices and soil fertility management, the demand for iron chelators as a tool for soil health improvement is expected to rise creating immense growth opportunities for the market players operating in the market.
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