Copper Salts & Derivatives Market size is expected to reach USD 4.5 Billion by the end of 2035, growing at a CAGR of 7% during the forecast period , i.e., 2023-2035. In the year 2022, the industry size of copper salts & derivatives was over USD 2 Billion. The growth of the market can be attributed to the increasing use in the agriculture sector for the preparation of various insecticides, fungicides, and pesticides. The growing applications in the chemical industry across the world for manufacturing different chemical combinations are estimated to propel market growth. The growing number of copper ores with the increasing mining sector in the world is estimated to drive the growth of the market as per the market analysis. As of 2021, there are over 240 copper mines that are operated in around 40 countries across the world with production of more than 18 million tons in 2020. The increasing production capacity of chemical industries with rising demand from consumers is also anticipated to have a positive impact on market growth.
The increasing use of copper in synthetic fiber production to prevent wrinkles and non-invasive that are believed to reduce common health problems is expected to hike the market growth. The rising photography sector is also estimated to propel the market growth owing to the use of copper plates to bleach and add a yellow hue to the pictures which have dark areas. Around the world, more than 1.5 trillion photos are captured per annum as of 2023 and are projected to reach over 2 trillion by the end of 2030. The market growth is also estimated to expand owing to the increasing use in various end-user sectors including medical and laboratory sectors.
Growth Drivers
Increasing Demand in Textile Sector to Develop New Fabrics that are Used in Wound Dressing –
The rising number of textile industries owing to the increasing economic standards and rising fashion trends is estimated to drive market growth. The number of people participating in beauty pageants and the increasing disposable income of people are also anticipated to drive market growth. The infusion of copper fibers into the fabric is a growing trend which is also estimated to drive the market growth.
The worldwide textile sector was estimated to increase its demand by over 8 billion by the end of 2025.
Rising Utilization of Copper Kitchenware to Prevent Carbon Foot Print and Improve Health – The number of copper kitchen articles and pot scourers exported from 2020 to 2021 around the globe increased from USD 110 million to USD 150 million with a rise of over 30% as per the estimations.
Growing Paint Consumption across the World with Increasing Construction Sector – According to the reports, more than 860 million gallons of paint were used for architectural purposes in the United States as of 2021.
Increasing Pharmaceutical Industries that use Copper in Various Medications – The earning of the pharmaceutical sector across the U.S. in the year 2021 was estimated to be more than USD 500 billion.
Rising Electrical and Electronics Sector with High Use of Copper Wires – As per the data of India Brand Equity Foundation, the growth of the electronic manufacturing industry is projected to reach USD 300 billion by the end of 2025-2026 in India.
Challenges
Long-term exposure to copper and copper salts in the human body is estimated to cause some the health issues such as liver damage, abdominal pain, cramps, vomiting, nausea, and diarrhea which are the reason for hampering market growth in the coming years. These disorders are most in occupations such as copper ore extraction, and manufacturing of insecticides and fungicides that contain high amounts of copper.
|
Base Year |
2022 |
|
Forecast Year |
2023-2035 |
|
CAGR |
~7% |
|
Base Year Market Size (2022) |
~ USD 2 Billion |
|
Forecast Year Market Size (2035) |
~ USD 4.5 Billion |
|
Regional Scope |
|
End-user (Agriculture, Infrastructure, Construction, Medical)
The global copper salts & derivatives market is segmented and analyzed for demand and supply by end-user into the agriculture sector, infrastructure sector, construction industry, medical industry, and others. Out of these types, the agriculture sector segment is estimated to gain the largest market share of about ~38% in the year 2035. The growth of the segment can be attributed to the increasing use of copper in insecticides, and fungicides used in agriculture. The worldwide consumption of herbicides in the year 2020 was estimated to reach 1 million metric tons, and pesticides were 3 million metric tons. The rising use of copper to improve deficiency in soil and farm animals is estimated to contribute to market segment growth. The utilization of copper compounds in the destruction of slugs and snails that damage crop plants by eating and multiplying is expected to drive market segment growth. The escalating use of copper in various applications such as to control or prevent foot rot in sheep, and cattle, and increase plant nutrients in rice fields is expected to propel the market segment growth. Copper usage in seed dressings and increasing use in vermin ingredients to protect repellents such as rabbits from damaging tree bark are also expected to hike the market segment growth.
The global copper salts & derivatives market is also segmented and analyzed for demand and supply by end-user into the agriculture sector, infrastructure sector, construction industry, medical industry, and others. Amongst these three segments, the construction segment is expected to garner a significant share of around ~27% in the year 2035. The rising use of copper in wooden buildings and wooden posts during construction to improve shelf life is estimated to propel the market segment growth. The market growth is attributed to the increasing number of apartments that are residential, and nonresidential. The increasing use of timber in the construction sector is also estimated to drive the growth of the copper salts & derivates market. The rising use of paints in the construction sector with growing renovation works across the world is estimated to drive the market segment growth. The escalating demand for architectural work by the government to improve old monuments and infrastructure development of many old buildings is expected to hike the market growth.
Our in-depth analysis of the global market includes the following segments:
|
By Salt Type |
|
|
By Distribution Channel |
|
|
By End User |
|
North American Market Forecast
The market share of copper salts & derivatives in North America, amongst the market in all the other regions, is projected to be the largest with a share of about ~35% by the end of 2035. The growth of the market can be attributed majorly to the increasing applications in the electrical sector and construction sectors. The rising use in the printing sector as an etching agent in the engraving process and as an electrolyte in electrotype preparation and as an ingredient in printing ink is expected to propel the market growth in this region. The rising number of copper production ores and mining works conducted across the region are driving the market growth. As per the estimations, more than 1200 thousand tons of copper was produced in 2021 with an increase of ~3% in the U.S. The presence of more copper resources in the region and increasing demand for various countries is anticipated to hike the market growth during the forecast period. The use of copper in marine for ship hulls, and growing applications in electric vehicles, earth-coupled heat pumps, and solar energy is estimated to have a positive impact on market growth. The rising opportunities in other areas such as fire sprinklers, and nuclear waste disposal canisters are also estimated to rise the market growth in the coming years.
APAC Market Statistics
The Asia Pacific copper salts & derivatives market is estimated to be the second largest, registering a share of about ~28% by the end of 2035. The growth of the market can be attributed majorly to the increasing use of refined copper consumption across the region. The rising use in the electronics sector owing to its electrical and thermal conductivity, resistance to corrosion, recyclability, nonmagnetic, and highly ductile nature. The growing application in the manufacturing of copper wires, cables, motors, switches, electrical circuits, electromagnets, and transformers is also estimated to drive market growth. The increasing number of electric vehicles in the region is also estimated to promote growth opportunities in the market during the forecast period. The replacement of aluminum used in the production of internal parts of robots, home and telecommunication appliances, and high-speed computers is also estimated to drive market growth in the region. The hike in industrial activities and mining metal works is estimated to contribute to market growth. The research and development in robotic technology in China, South Korea, and Japan are estimated to surge the market growth in this region.
Europe Market Forecast
Further, the market in Europe, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2035. The growth of the market can be attributed majorly to the increasing import and export of copper across the region with increasing use. The growing use of copper in petroleum oil purification is estimated to drive market growth. The rising use of copper salts in buildings as wood preservatives to prevent woodworms and wood rots in the construction sector is anticipated to hike market growth. The market growth is attributed to the increasing pharmaceutical industries and chemical industries in this region. The increasing construction sector and rising use of paints in the region are also anticipated to drive market growth in the coming years.
Brenntag North America, Inc., the global market leader in chemicals and ingredients distribution, merged path with BASF to become its exclusive distributor of Baxxodur amine-based curing agents in the North American region.
Noah Chemicals Corporation delivered customized solutions with compatible compounds, in the agriculture industry, and solve difficulties faced by clients by providing requisite assistance to increase their profitability.
Author Credits: Smruti Ranjan, Rajrani Baghel
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?