Press Release
Press Release
According to a new report by EMR titled, ‘South Korea Ferric Chloride Market Report and Forecast 2024-2032’, the market is estimated to grow at a CAGR of 4.5% between 2024 and 2032. The market is being aided by the expanding application of ferric chloride across various industries.
The robustly growing South Korean electronics industry, coupled with the growing demand for miniaturised and intricate devices, is a key driver for ferric chloride consumption. This is due to the extensive use of ferric chloride (FeCl3) in the etching process during printed circuit board (PCB) manufacturing. PCBs are fundamental components in various electronic devices, ranging from smartphones and tablets to medical equipment. The increasing demand for these consumer gadgets and advancements in PCB technology are enabling the creation of smaller and more complex circuits, consequently, driving the South Korea ferric chloride market growth.
Ferric chloride finds extensive application in water treatment, primarily in the areas of water purification and wastewater treatment. Furthermore, its unique odour-sequestration properties distinguish it from other water treatment chemicals, contributing to its increased demand. Notably, over 75% of global water treatment needs are addressed through ferric chloride's utilisation in industrial settings, saltwater pre-treatment for desalination processes, and various other applications. This widespread adoption, coupled with South Korea's growing requirement for clean water, serves as a key driver for the market within the region.
Further, driven by environmental considerations, a shift is underway towards more sustainable alternatives to ferric chloride, a widely used industrial coagulant. Concerns regarding the disposal of ferric chloride-based sludge generated during water treatment have prompted the exploration of eco-friendly options. Poly aluminum chloride (PAC) and ferric sulphate present themselves as viable replacements, offering comparable performance with reduced sludge production and consequently, a lower environmental impact. This has led to a gradual transition by some end-users, towards adopting these greener alternatives.
BASF SE (OTCMKTS: BASFY), a prominent player in the chemical industry, offers ferric chloride. This versatile compound functions as a mild Lewis acid, serving as a catalyst in various chemical reactions. Its applications extend across diverse sectors, including the paper and textile industries, where it plays a crucial role in pigment and colour production. Furthermore, BASF supplies high-purity ferric chloride solutions specifically tailored for the pharmaceutical industry. These solutions are employed in the manufacturing of iron-based preparations used in the treatment of various diseases.
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The major players in the South Korea ferric chloride market are BASF SE, Samchun Chemical Co., Ltd, Arkema S.A., and VWR International, LLC., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Application |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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