Copper chemicals market to reach $ 4.04 billion globally by 2030 at a CAGR of 4.5%, according to Allied Market Research
The increasing demand for yield-enhancing agrochemicals and increasing demand for fruits and vegetables and fungicides are driving the growth of the global copper-based chemicals market.
PORTLAND, Ore., August 9, 2021 / PRNewswire / – Allied Market Research published a report titled, “Copper Chemicals Market by Type (Copper Sulfate, Copper Oxychloride, Cupric Oxide, Cuprous Chloride, Basic Copper Carbonate, Cupric Chloride, and Others) and by Application (Agriculture, Mining & Metallurgy, Ceramics, Paints, Textile and Others) ): Global Opportunity Analysis and Industry Forecast, 2021-2030 “. According to the report, the global copper chemicals industry has generated $ 2.62 billion in 2020, and should generate $ 4.04 billion by 2030, with a CAGR of 4.5% from 2021 to 2030.
Main determinants of growth
The increasing demand for yield-enhancing agrochemicals and increasing demand for fruits and vegetables and fungicides are driving the growth of the global copper-based chemicals market. However, the harmful effects of copper chemicals due to their toxicity is hampering the growth of the market. On the other hand, government initiatives to promote domestic manufacturing of agrochemicals present new opportunities in the years to come.
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Due to the COVID-19 outbreak, several countries are under strict restrictions, forcing almost all sectors to shut down their operations. This has hampered manufacturing activities and reduced the demand and production of copper-based chemicals.
The demand for copper-based chemicals from various end-use industries such as agrochemicals, ceramics, paint, mining, and the oil and gas industry declined during the pandemic.
Paint manufacturing facilities in various countries have been closed amid the lockdown imposed by many governments. Thus, the demand for copper-based chemicals as a raw material for the production of paints has decreased significantly.
Copper sulphate segment to maintain its leadership status throughout the forecast period
On the basis of components, the copper sulfate segment held the highest market share in 2020, accounting for nearly four-fifths of the global copper-based chemicals market, and is expected to maintain its leading status throughout. the forecast period. This is due to the increased demand from the agrochemical industry around the world for the production of pesticides. However, the cupric oxide segment is expected to post the highest CAGR of 7.1% from 2021 to 2030, due to the increase in the building and construction industry across the world, which has resulted in increased demand for ceramic tiles.
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Agriculture segment will maintain its leading position during the forecast period
Based on the type of application, the agriculture segment accounted for the largest share in 2020, contributing nearly three quarters of the global copper chemicals market, and is expected to maintain its leading position over the years. the forecast period. This is due to the focus by farmers on improving productivity and reducing damage from fungi, algae and bacteria with the help of pesticides such as herbicides, bactericides and fungicides. However, the ceramics segment is expected to account for the largest CAGR of 6.4% from 2021 to 2030, owing to the increase in the building and construction industry across the world.
Asia Pacific, followed by Europe & North America, to maintain its dominance by 2030
Depending on the region, Asia Pacific, followed by Europe and North America, held the highest market share in terms of 2020 revenue, accounting for more than half of the global copper chemicals market. This is due to the wide use of copper in the production of pesticides such as herbicides, bactericides and fungicides. Additionally, the region is expected to experience the fastest CAGR of 4.8% during the forecast period.
The main market players
Sumitomo Metal Mining Co. Ltd.
NOAH Technologies Corporation
William Blythe Limited
Allan Chemical Company
Shyam Chemicals Pvt Limited
Parikh Enterprises Private Limited.
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Copper Sulphate Market: Global Opportunity Analysis and Industry Forecast, 2021-2030
Agrochemicals Market: Global Opportunity Analysis and Industry Forecast, 2019-2026
Construction Chemicals Market: Global Opportunity Analysis and Industry Forecast, 2019-2026
Copper Foil Market: Global Opportunity Analysis and Industry Forecast, 2020-2027
Specialty Chemicals Market: Global Opportunity Analysis and Industry Forecast, 2020-2027
Allied Market Research (AMR) is a full-service market research and business consulting arm of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global businesses as well as medium and small businesses with unmatched quality of âmarket research reportsâ and âbusiness intelligence solutionsâ. AMR has a focused vision to provide business information and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.
Pawan kumar, CEO of Allied Market Research, leads the organization towards delivering high quality data and information. We have professional relationships with various companies, which helps us extract market data which helps us generate accurate research data tables and confirm the highest accuracy in our market forecast. Each of the data presented in the reports we publish is extracted through primary interviews with senior officials of the main companies in the field concerned. Our secondary data sourcing methodology includes in-depth online and offline research and discussions with industry-savvy professionals and analysts.
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SOURCE Allied market research