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.
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.
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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 & metallurgy, ceramic, paints, textile, and others. Region wise, it is studied across North America, Europe, Asia-Pacific, and LAMEA.
COVID-19 pandemic outbreak across the globe has resulted in the shutting down of manufacturing facilities and production units amid government imposed lock down measures, eventually declining the production of copper chemicals.
The copper sulphate segment accounted for a major copper chemicals market share in 2020. Copper sulphate is widely used in production of fungicides. According to the Food and Agriculture Organization, the total arable land for cereals, pulses, fruits, and vegetables is increasing in the region year after year, predominantly denoting the opportunities for the farmers to meet the increasing domestic and international food demand. Hence, in order to protect their crops against various fungal infestations, farmers are adopting the usage of fungicides.
Impact COVID-19 analysis on copper chemicals market
- According to the International Monetary Fund (IMF), the global economy shrunk by 3.0% in 2020, owing to the outbreak of novel coronavirus (COVID-19). Many countries are under strict lockdowns, which have forced several sectors to shut down their operations. This has halted manufacturing activities and reduced the demand and production of copper chemicals.
- According to the United Nations Industrial Development Organization (UNIDO), the Micro, Small & Medium Enterprises (MSME) sector across developing economies, such as India, has been worst affected due to the COVID-19 outbreak and the lockdown imposed thereafter. This is expected to decline the demand for copper chemicals from various end-use industries such as agrochemicals, ceramic, paint, mining, and oil & gas industry. In addition, in the second half of 2020, some countries started to lift restrictions and gradually start business operations in various sectors. Even with the gradual lifting of the lockdown, it is expected to be challenging for the manufacturing sector to get back to normal working conditions. This is expected to subsequently affect the copper chemicals market growth in the coming years.
- According to the UNIDO, 30.0%–70.0% of pre-COVID-19 workforce of various manufacturing industries, such as mining, paints, ceramics, and agrochemicals have migrated back to their hometowns due to uncertainties and loss of income during the lockdown. This non-availability or less availability of workforce is expected to directly affect production activities of these industries; thereby, resulting in decline in demand for copper chemicals. This is expected to decline the growth of the market during the forecast period.
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Over the past few years, the demand for fungicides has shifted from developed regions to developing regions. In addition to endeavors aimed at restricting unnecessary utilization of fungicides, the industrial markets of North America, Western Europe, and Japan are likely to sustain below-average growth in the demand for fungicides over the coming half-a-decade, due to maturity in the markets
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Key benefits for stakeholders
- The global copper chemicals market analysis covers in-depth information of major industry participants.
- Porter’s five forces analysis help analyze potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
- Major countries have been mapped according to their individual revenue contribution to the regional market.
- The report provides in-depth analysis of the global copper chemicals market forecast for the period 2021–2030.
- The report outlines the current global copper chemicals market trends and future scenario of the global copper chemicals market from 2020 to 2030 to understand the prevailing opportunities and potential investment pockets.
- Key drivers, restraints, & opportunities and their detailed impact analysis are explained
The major key players operating in the global copper chemicals market :
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, and Parikh Enterprises Private Limited.
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