The global copper chemicals market is experiencing growth due
to several factors including rapid growth in electronic devices and
infrastructure development globally, which necessitates copper
chemicals for printed circuit boards and wiring applications. In
addition, rise in adoption of copper-based products in water
treatment and healthcare industries further propels the market
growth.
WILMINGTON, Del., March 28,
2024 /PRNewswire/ -- Allied Market Research published
a report, titled, "Copper Chemicals
Market by Type (Copper Sulphate, Copper Oxychloride,
Cupric Oxide, Cuprous Chloride, Basic Copper Carbonate, Cupric
Chloride, and Others), and Application (Agriculture, Mining and
Metallurgy, Ceramic, Paints, Textile, and Others): Global
Opportunity Analysis and Industry Forecast, 2023-2032".
According to the report, the "Copper Chemicals Market" was valued
at $2.5 billion in 2022, and is
estimated to reach $4.5 billion by
2032, growing at a CAGR of 6.5% from 2023 to 2032.
Prime determinants of growth
The global copper chemicals market is experiencing growth due to
several factors such as growing demand for agrochemicals. In
addition, the emphasis on sustainable agricultural practices and
rise in need for water treatment solutions drive the market growth.
However, fluctuating raw material prices and stringent
environmental regulations hinder the market growth to some extent.
Moreover, development of innovative copper-based products and
expanding applications in emerging economies offer remunerative
opportunities for the expansion of the copper chemicals market.
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Report coverage & details:
Report
Coverage
|
Details
|
Forecast
Period
|
2023–2032
|
Base Year
|
2022
|
Market Size In
2022
|
$2.5
Billion
|
Market Size In
2032
|
$4.5
Billion
|
CAGR
|
6.5 %
|
No. Of Pages In
Report
|
250
|
Segments
Covered
|
Type, Application, And
Region.
|
Drivers
|
Increase In Demand For
Water Treatment Applications.
Rise In Demand For
Fruits And Vegetables And Ultimately Fungicides
|
Opportunities
|
Government Initiatives
To Promote The Domestic Manufacturing Of
Agrochemicals
|
Restraints
|
Harmful Effects Of
Copper Chemicals Due To Their Toxicity
|
The copper oxychloride segment is expected to grow faster
during the forecast period.
By type, the copper sulphate segment held the highest market
share in 2022, accounting for nearly half of the global copper
chemicals market revenue and is expected to retain its dominance
during the forecast period. This can be attributed to the fact that
copper sulphate is a versatile compound with various applications.
Primarily, copper sulphate is used as a fungicide and algicide in
agriculture to control fungal diseases and algae growth in crops,
ponds, and water bodies. It also serves as a pesticide and
herbicide, effectively eliminating unwanted organisms. In addition,
it is also used as mordant for dyeing and for electroplating. It is
also used for the production of raw material in the synthetic fiber
industry. The metal industry uses large quantities of copper
sulphate as an electrolyte in copper refining, for copper coating
steel wire prior to wire drawing and in various copper plating
processes. The mining industry employs it as an activator in the
concentration by froth flotation of lead, zinc, cobalt and gold
ores. It is used as an electrolyte in the production of electrotype
and as an etching agent for process engraving in the printing
industry. It is used in anti-fouling paints, and widely used in
coloring glass in the paint industry.
However, the copper oxychloride segment is projected to attain
the highest CAGR of 7.3% from 2023 to 2032. This can be attributed
to the fact that copper oxychloride is utilized in agriculture
industry, where it serves as a protective agent against various
fungal and bacterial diseases that affect crops, particularly
fruits and vegetables. By inhibiting the growth and spread of
pathogens, copper oxychloride helps maintain plant health and
yield. In addition, it is utilized in industrial applications such
as wood preservation and in the synthesis of other copper
compounds. Despite its effectiveness in pest management, careful
application is necessary to prevent environmental contamination and
toxicity to non-target organisms. Copper oxychloride is also
utilized for colorant and pigment applications in ceramics and
glasses. Furthermore, it is used as a catalyst for oxidation and
chlorination in organic synthesis.
The ceramic segment is expected to lead the trial by
2032.
Bye application, the agriculture segment held the highest
market share in 2022, accounting for more than two-fifths
of the global copper chemicals market revenue and is expected to
retain its dominance during the forecast period. This can be
attributed to the fact copper chemicals find significant
application in agriculture industry for their role in plant disease
management and growth promotion. Copper-based fungicides, such as
Bordeaux mixture and copper
hydroxide, are extensively used to control fungal pathogens on
various crops, including fruits, vegetables, and grains. These
chemicals act by disrupting fungal cell membranes and interfering
with enzyme function, effectively suppressing diseases such as
downy mildew, powdery mildew, and bacterial blight. In addition,
copper micronutrient formulations are utilized to address copper
deficiencies in soils, supporting essential enzymatic processes in
plants and enhancing overall crop health and yield.
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However, the ceramic segment is projected to attain the highest
CAGR of 7.1% from 2023 to 2032. This can be attributed to the fact
copper chemicals find significant application in ceramics,
primarily as colorants and glaze additives. Copper oxide, commonly
used in ceramic formulations, imparts vibrant green and blue hues
to glazes when properly oxidized during firing. In addition, copper
carbonate and copper sulphate are utilized to achieve various
shades of blue, green, and even red in ceramic compositions. These
chemicals contribute to the aesthetic appeal of ceramic products,
enhancing their visual appeal and artistic value. Moreover, copper
compounds can influence the surface characteristics and texture of
ceramic materials, offering versatility in design and functionality
for pottery, tiles, and decorative pieces.
Asia-Pacific to
maintain its dominance by 2032.
Region-wise, Asia-Pacific held
the highest market share in terms of revenue in 2022, accounting
for more than two-fifth of the global copper chemicals market
revenue and is expected to maintain growth in terms of revenue
during the forecast period. The copper chemicals market in the
Asia-Pacific region is
experiencing steady growth, driven by several factors including
increasing industrialization, infrastructure development, and
agricultural activities. The demand for copper chemicals is
particularly high in sectors such as agriculture, mining, and
electronics manufacturing. In addition, favorable government
policies and investments in the region's chemical industry are
further fueling market expansion. China, India,
and Japan are key players in the
market owing to their significant manufacturing capabilities and
consumption patterns. As environmental concerns gain prominence,
there is also a shift towards eco-friendly copper chemicals,
driving innovation and adoption of sustainable practices within the
industry.
Want to Access the Statistical Data and Graphs, Key Players'
Strategies:
https://www.alliedmarketresearch.com/copper-chemicals-market/purchase-options
Players: -
- Pan-Continental Chemical Co., Ltd.,
- Noah Chemicals
- Sumitomo Metal Mining Co., Ltd.
- Syngenta AG
- Bayer AG
- William Blythe Ltd
- Jost Chemical Co.
- PERRYCHEM
- Shyam Chemicals Pvt.Ltd.
- Parikh Entreprises Pvt. Ltd.
The report provides a detailed analysis of these key players in
the global copper chemicals market. These players have adopted
different strategies such as new product launches, collaborations,
expansion, joint ventures, agreements, and others to increase their
market share and maintain dominant shares in different regions. The
report is valuable in highlighting business performance, operating
segments, product portfolio, and strategic moves of market players
to showcase the competitive scenario.
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