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Copper Chemicals Market Expected to Reach $4.5 Billion by 2032

 
2022
Copper Chemicals Market

Report Code : A12499

quote The copper chemicals market is driven by expanding applications in agriculture, mining, and electronics. Growing demand for copper-based fungicides and pesticides fuels market growth. However, fluctuating copper prices and stringent environmental regulations restrain market expansion. Nonetheless, the increasing focus on sustainable practices and technological advancements offers opportunities for market players to innovate and develop eco-friendly solutions, fostering growth in the copper chemicals market. quote

Yerukola Eswara Prasad - Manager
Materials and Chemicals at Allied Market Research

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According to a new report published by Allied Market Research, titled, “Copper Chemicals Market," The copper chemicals market was valued at $2.5 billion in 2022, and is estimated to reach $4.5 billion by 2032, growing at a CAGR of 6.5% from 2023 to 2032. Asia-Pacific is projected as the fastest-growing region with a CAGR of 6.6%.

Introduction

Copper chemicals refer to compounds containing copper as a central element, widely used in various industries. These chemicals find applications in agriculture as fungicides and pesticides, in electronics for printed circuit boards, and in the manufacture of pigments for paints and dyes. In addition, Copper chemicals are also utilized in wood preservatives, catalysts, and as additives in the production of plastics and rubber, where their antimicrobial, catalytic, and stabilizing properties contribute to enhancing the durability, performance, and lifespan of these materials. Their versatility and effectiveness make them indispensable in many sectors of modern manufacturing and agriculture.

Market Dynamics

The rise in demand for water treatment applications is poised to significantly propel the growth of the copper chemicals market. With rising concerns regarding water pollution and the need for clean and safe drinking water, the adoption of copper chemicals in water treatment processes is on the rise. Copper chemicals, particularly copper sulfate and copper oxide are valued for their effective antimicrobial properties, which make them highly suitable for disinfection and purification purposes in water treatment plants. In addition, copper ions are known for their ability to control algae growth and inhibit the proliferation of harmful bacteria and viruses in water bodies. As governments and environmental agencies globally implement stringent regulations to ensure water quality standards, there is a growing emphasis on utilizing efficient and sustainable water treatment solutions.

For instance, in June 2022, China Everbright Water, an environmental protection business specializing in water environment management, secured the expansion and upgrade project for the ZhangdianEast Chemical Industry Park Industrial Wastewater Treatment in Zibo City, Shandong Province. This project will be run on a BOT (Build-Operate-Transfer) basis, with a designed daily industrial wastewater treatment capacity of approximately 5,000 cubic meters.

Also, according to the International Trade Administration, China intends to construct or upgrade 80,000 kilometers of sewage collection pipeline networks, increasing sewage treatment capacity by 20 million cubic meters per day between 2021 and 2025.

In the Union Budget 2022, the Government of India promised a package worth $7,271.9 million (INR 60 lakh crore) to supply drinkable water to every family, thereby increasing the demand for water treatment in the country.

The versatility of copper chemicals in addressing a wide range of waterborne contaminants, coupled with their cost-effectiveness and relatively low environmental impact as compared to alternative treatment methods, further increases demand for copper chemicals in the water treatment sector. Moreover, ongoing advancements in copper chemical formulations and treatment technologies are expected to enhance their efficacy and broaden their application scope, further driving the market growth in the coming years.

Fluctuations in the price of copper hamper the growth of the copper chemicals market. As copper serves as a primary raw material for the production of various copper chemicals, including copper sulfate, copper oxide, and copper carbonate, any volatility in its price significantly impacts production costs and profit margins. When copper prices surge, the cost of raw materials escalates, exerting pressure on manufacturers to either absorb increased expenses or pass them onto consumers, potentially reducing demand.

However, when copper prices are low, profitability may improve, yet leading to challenges in maintaining consistent supply chains and investments in production capacity. Such price fluctuations not only influence the economics of copper chemical production but also impact market expansion strategies. Thus, mitigating the effects of copper price volatility through strategic sourcing, hedging strategies, and diversification of raw material inputs becomes imperative for sustaining growth and competitiveness within the copper chemicals market.

The utilization of copper-based chemicals for wood treatment represents a highly lucrative opportunity for the growth of the copper chemicals market. With increasing concerns about environmental sustainability and the need for durable construction materials, the demand for wood preservation solutions has surged. Copper chemicals, renowned for their effectiveness in protecting against decay, mold, and insect damage, offer a compelling solution to extend the lifespan of wood products. These chemicals create a protective barrier on the surface of the wood, inhibiting the growth of fungi, mold and wood-boring insects. As a result, treated wood products demonstrate enhanced durability and resistance to environmental factors, such as moisture and temperature fluctuations.

Moreover, the adoption of copper-based wood treatments aligns with the growing preference for eco-friendly and long-lasting construction materials, further driving the market growth. In addition, regulatory initiatives aimed at reducing the use of harmful chemicals in wood preservation processes have propelled the demand for safer alternatives including copper-based treatments. Overall, the wood preservation sector presents a promising avenue for the expansion of the copper chemicals market, fueled by rise in demand for sustainable and resilient construction materials.

Segments Overview

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

On the basis of the type, the copper chemicals market is classified into copper sulphate, copper oxychloride, cupric oxide, cuprous chloride, basic copper carbonate, cupric chloride, and others. Copper oxychloride is projected to be the fastest-growing segment and copper sulfate has garnered the highest share in the copper chemicals market.

On the basis of the application, the copper chemicals market is classified into agriculture, mining and metallurgy, ceramic, paints, textile, and others. Ceramic is projected to be the fastest-growing segment and agriculture has garnered the highest share in the copper chemicals market.

The major players operating in the global copper chemicals market are Pan-Continental Chemical Co., Ltd., Noah Chemicals, Sumitomo Metal Mining Co., Ltd., Syngenta AG, Bayer AG, William Blythe Ltd, Jost Chemical Co., PERRYCHEM, Shyam Chemicals Pvt.Ltd., and Parikh Entreprises Pvt. Ltd.

Other players include SHEPHERD CHEMICALS, TIB Chemicals AG, American Chemet Corporation, Pan-Continental Chemical Co., Ltd., American Elements, Meghachem, and Kidarnath Chemical Co.

Regional Analysis

Asia-Pacific is projected to register robust growth during the forecast period. Rapid industrialization and urbanization in countries like China and India are driving the need for copper-based products, including chemicals used in agriculture, electronics, and construction. Additionally, the expanding population and improving living standards are boosting the demand for consumer goods and infrastructure, further fueling the need for copper chemicals. According to the Economic Survey of 2021-22, there has been substantial growth in India’s road network during the current fiscal year compared to previous periods. In 2020-21, the construction of roads extended to 13,327 km, marking a notable increase from 10,237 km in 2019-20, indicating a growth rate of 30.2% over the preceding year. By September of 2021-2022, an additional 3,824 km of new roads were constructed.

The Asian Development Bank (ADB) has pledged $ 100 million in funding for India's infrastructure sector through the government-backed National Investment and Infrastructure Fund (NIIF). Foreign investments play a pivotal role in India's efforts to revamp its infrastructure, encompassing ports, airports, and highways, thereby stimulating economic growth. Infrastructure stands out as one of the primary sectors attracting substantial foreign direct investment (FDI). Initiatives like 'Housing for all' and the 'Smart Cities Mission' have notably benefited from such inflows. (Source: Mordor Intelligence)

Moreover, the growing emphasis on sustainable agriculture practices is driving the adoption of copper-based fungicides and pesticides in the region. Furthermore, the increasing investments in renewable energy projects, such as solar and wind farms, require copper-based components for transmission and distribution, contributing to the overall demand for copper chemicals in Asia-Pacific. These combined factors are expected to continue driving the growth of the copper chemicals market in the region.

Key Findings of the Study

  • By type, the copper oxychloride segment is projected to be the fastest growing segment in terms of revenue, during the forecast period.
  • Depending on the end-use industry, the agriculture segment is expected to be the leading segment during the forecast period.
  • Region-wise, Asia-Pacific garnered a major share in 2022 in terms of revenue.

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quote Copper Chemicals Market by Type (Copper Sulphate, Copper Oxychloride, Cupric Oxide, Cuprous Chloride, Basic Copper Carbonate, Cupric Chloride, Others), by Application (Agriculture, Mining and Metallurgy, Ceramic, Paints, Textile, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032 quote

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