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2021
Copper Chemicals Market

Copper Chemicals Market by Type (Copper Sulphate, Copper Oxychloride, Cupric Oxide, Cuprous Chloride, Basic Copper Carbonate, Cupric Chloride, and Others) and Application (Agriculture, Mining & Metallurgy, Ceramic, Paints, Textile, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030
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A12499
Pages: 306
Jul 2021 | 1720 Views
Author(s) : Anil Chaudhary , Eswara Prasad
Tables: 168
Charts: 66
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COVID-19

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Copper Chemicals Market Outlook - 2021-2030

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.

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.

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.

Copper-Chemicals-Market-2021-2030

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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 & metallurgy, ceramic, paints, textile, and others. Region wise, it is studied across North America, Europe, Asia-Pacific, and LAMEA.

The major key players operating in the global copper chemicals market include 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.

Global copper chemicals market, by region

Asia-Pacific accounted for a major market share in 2020. Asia-Pacific is the major consumer of pesticides such as herbicide, bactericide, and fungicide for control of fungi, algae, roots, and bacteria, owing to its large agricultural base. China, Japan, India, and Australia accounted for more than 80.0% share in the consumption of pesticides in Asia-Pacific in 2020. In China, the Ministry of Agriculture introduced the “Zero Growth Policy of Pesticides and Fertilizers by 2020” in 2015 to phase out the use of synthetic pesticides and promote the use of bio-based and organic pesticides. Furthermore, China, the largest producer of cotton, has increased the adoption of GMO cotton, which also resulted in a substantial reduction in the use of chemical pesticides across the country. In addition, India is a largely agrarian country with more than 50.0% of the population depending on agriculture for their livelihood. However, the contribution of agriculture to the country's economy is decreasing over the last few years. The primary reason behind this is the fact that crop yields in India are much lower than regions such as North America and Europe, and even similar countries such as China. The average yield of food grains in the country stood at 2.30 metric ton per hectare in the year 2019, while the global average stood at 3.29 metric ton per hectare. With the need for increasing crop yields, the demand for pesticides is expected to increase at a robust rate during the forecast period. Furthermore, in India, synthetic pesticides have been extensively used for alleviating the loss of crops, due to the high incidence of pests and diseases. Major factors driving the demand for pesticides in India include higher demand for food grains, limited availability of arable land, elevating exports, growth in horticulture and floriculture, and increase in public awareness regarding pesticides and biopesticides. However, in Japan, companies are highly focused on conducting R&D activities, which is the backbone of the introduction of new and advanced pesticide products, boosting the demand for pesticides across Asia-Pacific. These factors are expected to drive the demand for copper chemicals across Asia-Pacific during the forecast period.

Copper Chemicals Market
By Region

2030
Asia-pacific 
North America
Europe
Lamea

Asia-Pacific would exhibit an CAGR of 4.9% during 2021-2030

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Global copper chemicals market, by type

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. 

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. Furthermore, Asia-Pacific is among the largest consumer of fungicides in the market. There has been an enhanced investment in R&D for manufacturing novel, innovative, and cost-efficient solutions against fungi in crops in the region during the study period. The high production potential for grains, cereals, and vegetables in the region has increased the demand for fungicides in the market studied. Fungicides, especially SDHI fungicides, are often used in combination with other chemicals, widely used for seed treatments in the region. For instance, Carboxin is often used in combination with thiram toward seed treatment of various crops, such as soybean, groundnut, cotton, and potato. The increased demand for food among the growing population can be attributed to the need to enhance crop yield, owing to which the demand for fungicides is anticipate to surge significantly, which eventually will drive the demand for copper sulphate during the forecast period.

Copper Chemicals Market
By Type

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Copper Sulphate is projected as the most lucrative segment.

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Global copper chemicals market, by application

The agriculture segment accounted for a major share in the copper chemicals market in 2020. According to the UNFAO (United Nation Food and Agriculture Organization), global food demand is expected to increase from 50.0% to 90.0% by 2050, owing to the expected increase in the global population by over 2300 million people, between 2009 and 2050. The global food production needs are likely to increase by around 70.0% by 2050 to meet the growing food demand due to the increasing population globally. This implies that there must be a significant increase in the production of certain food commodities. For instance, the production of cereals must reach around 3000.0 million metric ton by 2050, an increase from nearly 2100.0 million metric ton in 2018. The increased demand for food security has impacted the insecticide market affirmatively. This can be attributed to the high productivity of farms where appropriate usage of herbicide, bactericide, and fungicide is practiced. Many factors, from climate change to the outbreak of pests and lack of investment, have also restricted the production of food products. The percentage of the arable land area is falling in major countries such as the U.S., which indicates the need to enhance agricultural productivity to meet the population's rising demand. Thus, farmers are focusing on increasing productivity by reducing the damage caused by fungi, algae, and bacteria. Hence, the demand for herbicide, bactericide, and fungicide is expected to grow around the globe which is likely to drive the growth of the copper chemicals market during the forecast period.

Copper Chemicals Market
By Application

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Agriculture is projected as the most lucrative segment.

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COVID-19 analysis:

  • 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. 
  • Attributed to the COVID-19 pandemic, the paints manufacturing units across various countries have been shut down amid lockdown imposed by governments of various countries across the globe. As a result, demand for copper chemicals that are widely used as raw material in production of paints has decreased significantly, which is expected to decline the growth of the market during the forecast period.
  • Copper chemicals are widely used in production of pesticides such as herbicide, bactericide, and fungicide. Around 75.0% of the copper chemicals are used in the production of pesticides across the globe. The crop protection sector is in huge demand in recent years, with its increasing importance on the growth. This is because it has a lot to do with the well-being of the plants and the consumers. The components that are used in the production of agrochemicals are sometimes chemicals and sometimes biological species, which ultimately help in controlling the pests from damaging the crops or helps improve soil fertility. This results in healthy crop production with no health issues. With these concerns, farmers have started the usage of various agrochemicals to prevent damage and hence, increase productivity. Due to the emergence of the COVID-19 pandemic, there has been a supply chain disruption because of which the agricultural sector had to face problems such as labor unavailability, transportation barriers, restriction for market access, and lack of inventories in some regions. Many fertilizer and pesticide manufacturers were facing issues due to lack of raw material availability, which has led to the reduction of various agrochemical product manufacturing. Post COVID-19, the agricultural activities have normalized, which has helped the companies to deliver products to target locations. Agrochemicals, such as pesticides and fertilizers, play an important role, as they have been able to serve as an important solution for farmers across the globe.
  • Copper chemicals are widely used in the production of ceramics and in the manufacturing of tiles. Attributed to the outbreak of COVID-19 pandemic, the construction of various residential, commercial, and industrial projects has been halted amid lockdown. As a result, the demand for ceramic tiles has been declined, which led to the downfall of its production. In addition, amid lockdown, various ceramic and ceramic tiles plants and their production activities were shut down, which resulted in decline in the demand for copper chemicals.
  • Attributed to the COVID-19 pandemic, the paints manufacturing units across various countries have been shut down amid lockdown imposed by many governments. As a result, the demand for copper chemicals as raw material for the formulation of the paints has declined significantly, which eventually will restrain the growth of the market during the forecast period.
  • According to BP statistical energy review 2021, in 2020, the global crude oil production was 4165.1 million tons as compared to 4478.0 million tons in 2019, registering a decline in growth rate by 7.2%. Copper chemicals are widely used by oil refiners in oil sweetening process. The demand for copper chemicals from oil refiners has been declined significantly due to decline in production of oil across the globe.

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 in the global copper chemicals market study.

Key market segments

By Type

  • Copper Sulphate
  • Copper Oxychloride
  • Cupric Oxide
  • Cuprous Chloride
  • Basic Copper Carbonate
  • Cupric Chloride
  • Others

By Application

  • Agriculture
  • Mining & Metallurgy
  • Ceramic
  • Paints
  • Textile
  • Others

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • Italy
    • Spain
    • UK
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • South Korea
    • India
    • Australia
    • Rest of Asia-Pacific
  • LAMEA
    • Brazil
    • Saudi Arabia
    • South Africa
    • Rest of LAMEA
 

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According to the analyst, the global copper chemicals market is anticipated to witness significant growth during the forecast period owing to increase in demand for food supply due to the rapid growth in the human population has triggered agricultural intensification during the last few decades. For addressing the growing food demands, agrochemicals (fertilizers and diverse pesticides) are rigorously used in agriculture, which accomplishes the gap between food production and consumption. In addition, the building and construction are growing globally at a very fast pace, and thus, is one of the drivers for the copper chemicals market. Growing demand for ceramic tiles from building and construction industry is expected to surge the demand for copper chemicals, as it is widely used in manufacturing of ceramics, which is later used to produce ceramic tiles.

However, concurrently unbalanced use of agrochemicals also causes environmental deterioration and poses severe challenges to aquatic and terrestrial ecosystems. Various research studies have indicated that fertilizers and pesticides used in agriculture have been substantially increased in developed and developing countries in recent years for attaining maximum yields of crops.

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FREQUENTLY ASKED QUESTIONS?

A. Global demand for copper chemicals market is primarily driven by surge in demand from agrochemicals such as herbicide, bactericide, and fungicide owing to growing focus of farmers toward increasing productivity by reducing the damage caused by fungi, algae, and bacteria.

A. 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.

A. Bayer AG, Atotech, Sumitomo Metal Mining Co. Ltd., Syngenta, Brenntag, NOAH Technologies Corporation, William Blythe Limited, Allan Chemical Corporation, Jost Chemical, and Perrychem are the most established players of the global copper chemicals market.

A. Ceramic industry is projected to increase the demand for copper chemicals market.

A. Type, application, and region segments are covered in copper chemicals market report.

A. Increase in need for yield-enhancing agrochemicals and rise in demand for fungicides due to surge in demand for fruits and vegetables is the main Driver of copper chemicals market.

A. Agriculture, mining and metallurgy, ceramic, paints, textile, and others applications are expected to drive the adoption of copper chemicals.

A. The COVID-19 pandemic has influenced the growth prospects of the copper chemical market to a considerable extent. The growing transmission levels of the virus forced many countries to impose strict lockdowns. These lockdowns resulted in the shutting down of manufacturing facilities and production units, eventually declining the production of copper chemicals.

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