Sep 27, 2021   SOURCE: BusinessWire

Global Copper Chemicals Market (2021 to 2030) - by Type, Application and Region - ResearchAndMarkets.com

The "Copper Chemicals Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2021-2030" report has been added to ResearchAndMarkets.com's offering.

The global copper chemicals market was valued at $2.62 billion in 2020, and is projected to reach $4.04 billion by 2030, growing at a CAGR of 4.50% from 2021 to 2030.

Copper forms a rich variety of chemicals, usually with oxidation states +1 and +2, which are often called cuprous and cupric, respectively. Copper chemicals, whether organic complexes or organometallics, promote or catalyze numerous chemical and biological processes. Various types of copper chemicals include copper oxychloride, basic copper carbonate, copper sulphate, cupric chloride, cupric oxide, cuprous chloride, copper acetates, cupric nitrate, copper cyanide, copper naphthenate, and copper soaps. It is widely used as raw material in the applications such as pesticides, paints, ceramics, textile, and mining & metallurgy.

The global demand for copper chemicals market is primarily driven by surge in demand from agrochemicals and building & construction industries. Copper chemicals are widely used in production of pesticides such as herbicide, bactericide, and fungicide. Around 75.0% of the copper chemicals produced are used by pesticides manufacturers across the globe. Continuous advancements in the technology used in agriculture have led to a shift in farming practices. With the increased export and import of agricultural commodities across different geographies, especially in developing regions, new types of harmful organisms have emerged, leading to an increase in the demand for novel active ingredient products to safeguard crops. Globalization of the agrochemical industry has a huge impact on the Asian pesticides markets. With the highest rate of population growth, increase in need for food production and economic growth, the demand for various agrochemicals such as herbicides and pesticides are increasing.

While the demand for food products is increasing in the developing countries of Asia-Pacific, the available landmass for agriculture is shrinking due to the increased effect of urbanization that propels farmers to use various agrochemicals to maintain soil health and increase land productivity. This factor is likely to surge the demand for copper chemicals in near future. Copper chemicals are widely used in production of ceramics and later the ceramics are used in the manufacturing of tiles. Rapid industrialization and urbanization across developing economies, such as China and India, led to surge in demand for new homes for accommodation of growing population in both urban and rural areas. As a result, the building & construction industry has grown significantly in recent years, which led to surge in demand and production of ceramic tiles across these countries. In addition, copper chemicals are widely used in production of paints and wood preservatives. Furthermore, the demand for paints and wood preservatives has increased significantly in architectural and furniture industries due to rapid industrialization across the developing economies such as China, India, and Brazil. Therefore, the demand for copper chemicals is anticipated to surge from paints and wood preservatives manufacturers during the forecast period.

However, harmful effects of copper chemicals due to their toxicity are expected to hamper the growth of the copper chemicals market during the forecast period. Furthermore, government initiatives to promote the domestic manufacturing of agrochemicals is expected to provide growth opportunities for the copper chemicals market during the forecast period.

The global copper chemicals market size is segmented on the basis of type, application, and region. By type, it is analyzed across copper sulphate, copper oxychloride, cupric oxide, cuprous chloride, basic copper carbonate, cupric chloride, and others. By application, it is segmented into agriculture, mining and metallurgy, ceramic, paints, textile, and others. Region wise, it is studied across North America, Europe, Asia-Pacific, and LAMEA.

Market Dynamics

Drivers

  • Increase in need for yield-enhancing agrochemicals
  • Rise in demand for fruits and vegetables and ultimately fungicides

Restraints

  • Harmful effects of copper chemicals due to their toxicity

Opportunity

  • Government initiatives to promote the domestic manufacturing of agrochemicals

Companies Mentioned

  • Bayer AG
  • Atotech
  • Sumitomo Metal Mining Co. Ltd.
  • Syngenta
  • Brenntag
  • NOAH Technologies Corporation
  • William Blythe Limited
  • Allan Chemical Corporation
  • Jost Chemical
  • Perrychem
  • Shyam Chemicals Pvt Limited
  • Parikh Enterprises Private Limited

For more information about this report visit https://www.researchandmarkets.com/r/de30ci