A12499 | Pages: 306 | Jul 2021 | 1720 Views | ||
Author(s) : Anil Chaudhary , Eswara Prasad | Tables: 168 | Charts: 66 |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Copper Chemicals Market
Request Now !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.
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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.
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.
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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.
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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.
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Key benefits for stakeholders
Key market segments
By Type
By Application
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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.
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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