Copper Chemicals Market to Reach $4.5 billion, Globally, by 2032 at 6.5% CAGR: Allied Market Research

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Mar 28, 2024, 04:41 ET

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.

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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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