Ammonium Ferric Citrate Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Russia, Spain, China, India, Japan, Australia & New Zealand, South Korea, Brazil, Mexico, Argentina, GCC, South Africa), Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024
Report ID: GMI2524
Ammonium Ferric Citrate Market size is likely to see potential gains during the forecast period owing to its immense use in the pharmaceutical and food processing industry. The product is available in a crystalline power form with reddish brown color and completely soluble in water. Reaction of citric acid aqueous solution and ammonia with ferric hydroxide causes ammonium ferric citrate to form.
The pharmaceutical industry is foreseeing a possible growth in the coming years due to huge demand in the market. Rising number of new diseases and epidemics due to unhealthy lifestyles and pollution is driving the pharmaceutical market. The total pharmaceutical revenue recorded in the U.S. was close to USD 330 billion in 2016. The food & beverage industry is one of the biggest industries with a global revenue of over 3 trillion. This is due to the rise in population, changing eating habits and adoption of convenience food. These are the major factors driving the ammonium ferric citrate market demand.
Besides pharmaceutical and food & beverage, the multi-functional compound also finds its uses in waste water management, photographic printing and metal processing industries. The metal processing industry is led by the Asia Pacific region owing to the increasing construction activities, urbanization, growing automotive industry and ship building. The global steel processing industry was valued over USD 575 billion in 2016.
Expose to ammonium ferric citrate may cause minor health hazards such as contact with eye or skin can cause irritation. Inhalation of the product may also lead to irritation of nose, throat and lungs. These are some of the ammonium ferric citrate market restraints which will hinder the industry in future days.
On the basis of application, the ammonium ferric citrate market can be segmented as pharmaceuticals, food & beverages, waste water management, photographic printing and metal processing. In pharmaceutical, the product is used for drug processing and as a contrast agent in medical imaging. It is also used as a hematinic which is a nutrient required for the formation of blood cells. In food & beverage processing, the product finds usage as a food additive for the purpose of acid regulation, changing and maintaining the pH level and as an iron supplement. Ammonium ferric citrate also acts as a reducing agent thus suppressing salt formation in metals such as gold and silver. The product is also used to make blue prints required in the printing process as well as for water purification.
Considering the geographic regions, Asia Pacific is likely to display fastest growth for ammonium ferric citrate market in the forecast period. Ammonium ferric citrate market demand is likely to grow in this region owing to the rise in development in the pharmaceutical industry among the other industries. China is a major manufacturer and distributor followed by the other countries such as India and Japan. China exports ammonium ferric citrate in several regions of Latin America and Europe.
India is also an exporter of ammonium ferric citrate owing to its good distribution network in North America. Other Asia Pacific countries include Vietnam and Singapore that are anticipated to have an emerging ammonium ferric citrate market in the coming years. The rest of the world is likely to showcase a slower growth pace in the ammonium ferric citrate market in the forecast period. In Latin America and Middle East & Africa, Brazil and South Africa are likely to show better opportunities owing to increasing urbanization. Europe and North America are depicted to have a sluggish ammonium ferric citrate market growth owing to the heavy regulations on production of ammonium ferric citrate and established markets.
Primary players operating in ammonium ferric citrate market include Eminenco Pharma, New Alliance Dye Chemicals, West Bengal Chemical Industries, Shreenath Chemicals, Rishi Chemical, Muby Chemicals, Sigma-Aldrich, Devendra Kirti Pharmachem, American Elements, Powder Pack Chem, Nitika Chemicals, Ava Chemicals, Akhil Healthcare, Nikunj Chemicals, Triveni Interchem and Salvi Chemical Industries to name a few.
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