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.
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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.
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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
- Fungicide
- Colorants & Pigments
- Commercial Feed Supplement
- Others (Including pyrotechnics and catalyst)
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