South Korea Ferric Chloride Market Outlook
According to a new report by Expert Market Research titled “South Korea Ferric Chloride Market Size, Share, Analysis, Report, Demand, Forecast 2023-2028″, the South Korea ferric chloride market is projected to grow at a CAGR of 8.8% between 2023 and 2028. Aided by the rising demand for clean drinking water and the expanding applications of ferric chloride across numerous industries, the market is expected to grow significantly by 2028.
Ferric chloride, a brownish liquid or crystalline solid, is a critical chemical extensively used for water purification and wastewater treatment. It serves as a coagulant, aiding in the removal of suspended particles from the water by causing them to clump together and settle at the bottom. Aside from its utility in water treatment, ferric chloride possesses excellent etching properties, making it a valuable material in various industrial applications, including printed circuit boards (PCBs), photo-engraving in the printing industry, and as a mordant in dyeing and printing textiles.
The burgeoning demand for potable water and improved sanitation is a significant driver of the South Korea ferric chloride market growth. With the rising awareness of the health implications associated with waterborne diseases, there has been a substantial shift towards implementing efficient water treatment procedures, leading to an upsurge in demand for ferric chloride-based solutions.
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In addition to this, the escalating trend of electronics miniaturisation has further bolstered the popularity of ferric chloride, given its pivotal role in etching PCBs used in various electronics and appliances. The increasing production and consumption of electronics in South Korea is thus, a significant factor propelling the ferric chloride market.
Ferric chloride’s widespread applications in various industries also contribute substantially to the South Korea ferric chloride market development. In the pharmaceutical industry, ferric chloride is used as a flocculant in the manufacturing of certain medicines. The printing industry utilises ferric chloride in photo-engraving processes. Moreover, the adhesive properties of ferric chloride make it an essential component in the formulation of certain adhesives and glues.
Moreover, the increasing demand for sustainable and eco-friendly alternatives in the water treatment industry has led to an augmented focus on ferric chloride as an efficient and viable option. With the escalating environmental concerns and the increasing popularity of sustainable living, ferric chloride has emerged as a critical player in the formulation of environment-friendly wastewater treatment solutions, thereby driving South Korea ferric chloride market expansion.
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South Korea Ferric Chloride Market Segmentation
The market can be divided based on application.
Market Breakup by Application
- Water and Wastewater Treatment
- Printed Circuit Board (PCB)
- Pigment Manufacturing
- Animal Nutrient Supplement
- Asphalt Blowing
- Others
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the South Korea ferric chloride companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- BASF SE
- Samchun Chemical Co., Ltd
- Arkema S.A.
- VWR International, LLC.
- Others
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