The global copper oxychloride market is characterized by a moderately consolidated competitive landscape, finds Transparence Market Research (TMR). The top three market players, Albaugh, LLC, Isagro S.p.A., and IQV accounted for a share of nearly 50% in the global market for copper oxychloride. A key trend observed in the global copper oxychloride market is the signing of long-term contracts and agreements by leading vendors with raw material providers, as most of the major vendors do not manufacture raw materials. An upsurge in the number of medium-sized manufacturers of raw materials in Asia Pacific, especially in India and China, is likely to intensify the competition in the market.
The global market for copper oxychloride was estimated at US$231.8 mn during 2015. It is expected to reach nearly US$333.5 mn by the end of 2024, expanding steadily at a CAGR of 4.2% during the forecast period 2016 to 2024.
Growing Demand from Asia Pacific to Boost Expansion
By geography, Asia Pacific represented the largest chunk in the global copper oxychloride market during 2015, holding a share of more than 30% in the copper oxychloride market. The developed regions of Europe and North America might hold the second and third position in the global market for copper oxychloride, thanks to the advancement of several end-use industries in the region. Asia Pacific is likely to continue to hold a sway over the market over the next few years. The growth of this region can be attributed to the augmenting demand for copper oxychloride, which is being used in fungicides to protect crops.
By application, the fungicide segment led the market in 2015. It held a whopping share of 90% and is likely to retain its position. The growth of the fungicide segment is being triggered by the increasing demand for vegetables and fruits on a global scale.
Growing Need for Fruits and Vegetables Drives Growth
As copper oxychloride is being deployed by several agricultural fungicide manufacturers, the global copper oxychloride market will gain impetus. The use of fungicides in the protection of crops such as celery, potatoes, coffee, carnation, tomatoes, citrus, and grapes ensures that the crops are safe from diseases, pests, and infections. As the global population has been growing considerably, the need for vegetables and fruits will also soar, aiding the expansion of the global copper oxychloride market.
This chemical is also used in coloring applications such as manuscripts, wall paintings, and illuminations. Commercial feed supplements also use copper oxychloride in the production of animal feed such as pig feed, horse feed, chicken feed, and pet feed. In pyrotechnics, copper oxychloride is used as a blue or green coloring agent. Also, several organic synthesis reactions also employ copper oxychloride as a catalyst. All these applications are responsible for the escalating demand for copper oxychloride.
On the flip side, the availability of several substitutes for copper oxychloride across numerous applications might hamper the growth of the global copper oxychloride market. However, government initiatives for greater adoption of agrochemicals can countervail the negative impact of this restraint. The rising usage of chemicals that protect crops in Latin America can also provide substantial growth opportunities over the forecast period.
The information presented in this review is based on a Transparency Market Research report, titled, “Copper Oxychloride Market (Application - Fungicide, Colorants & Pigments, Commercial Feed Supplement, Pyrotechnics, and Catalysts) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.”
Key segments of the Copper Oxychloride Market
Copper Oxychloride Market - Application Analysis
- Colorants & Pigments
- Commercial Feed Supplement
- Others (Including pyrotechnics and catalyst)
Copper Oxychloride Market - Regional Analysis
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of MEA
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