The ammonium sulfate market will touch USD 4,847.9 million, growing at a 6.4% compound annual growth rate, by 2030.
The growth of this industry is mainly because of the surge in the need for fertilizers, coupled with the development in the agriculture sector. This industry is highly dynamic and continuously progressing, with different businesses working in the worldwide ecosystem to enhance the overall intensity of the industry.
Advances in technology in end-use sectors like process innovations, rising manufacturing abilities, and geographical expansions of businesses, are further likely to boost industry growth in the coming years.
The fertilizers category, on the basis of application, was the largest contributor to the ammonium sulfate market, in the past few years. The increasing need for food grain, owing to the surging populace and the provision of fertilizer support schemes by governments across the globe, has boosted the adoption of fertilizers in the agriculture sector.
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The water treatment category, on the other hand, will propel at the fastest compound annual growth rate, of over 6.0%, in the coming years. This will be because liquid ammonium sulfate is extensively employed for water treatment and the surging requirement for treated and safe drinking water.
Furthermore, the pharmaceuticals category will progress at a significant CAGR in the years to come. Ammonium sulfate is a key part of the pharmaceutical sector, where it is generally utilized as an intermediate for the processes of identification, characterization, and isolation of different proteins, which are existing in a sample.
Additionally, Europe was the second-largest contributor to the industry in the past few years. This can be mainly because of the surged requirement for fertilizers employed in crop production.
It is because of the increase in the requirement for fertilizers and the agriculture sector growth, the ammonium sulfate industry will continue to advance in the coming years.