The global copper salts & derivatives market is estimated to garner remarkable revenue by growing at a notable CAGR over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to escalating demand in multiple industries, such as textile, agriculture, metallurgy, medical and others. Copper consists of various compounds and salts and each of them is significantly utilized for various purposes. Copper chloride is generally utilized in textile, photography, petroleum, agricultural products, and others. Additionally, copper oxide is utilized in paint, organic synthesis, textile, and others. Furthermore, the increasing mining activities across the globe is anticipated to boost the market growth. For instance, the mine capacity of copper was estimated to be approximately 20 million metric tons in 2020. Also, the copper ions are infused into the fabric to disinfect it. Such fabrics are utilized to make clothes for hospital settings to provide aid to people suffering from asthma and allergies. All these factors are projected to boost the growth of the market during the forecast period.
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The market is segmented by end-user industry into the agriculture sector, infrastructure sector, construction industry, medical industry, and others, out of which, the agriculture sector segment is anticipated to hold a significant share in the global copper salts & derivatives market over the forecast period, on account of higher utilization as an algaecide, root killer, herbicide, fungicide, and others. Copper salts are highly utilized in pesticides to reduce crop diseases to increase their quality and quantity.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, the Chemical industry in the U.S. accounted for 16.43% of manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in the future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, which accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for investment in businesses in Asia Pacific countries in the upcoming years.
Regionally, the global copper salts & derivatives market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in the Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of the constantly growing agriculture sector in the region. Based on the data provided by the World Bank, in 2018, 47.4% out of the total area in East Asia & Pacific was evaluated to be agricultural land. Furthermore, the chemical industry in the region is also projected to grow at a noteworthy pace over the forecast period providing lucrative opportunities for the growth of the market since the growth of the global copper salts & derivatives market is interlinked with the growth of the chemical industry. For instance, in 2020, the Asia Pacific was estimated to hold approximately 55% share of the chemical industry worldwide.
Furthermore, the global copper salts & derivatives market is also anticipated to acquire remarkable growth in the North America region on the back of the constantly growing chemical industry. Copper salts are being utilized as a raw material in the production of various products such as textile, paint, and others.
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The global copper salts & derivatives market is further classified on the basis of region as follows:
Our in-depth analysis of the global copper salts & derivatives market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Rising demand in various industries such as textile and agriculture are the major factors driving the growth of the copper salts & derivatives market.
The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2022 - 2031.
The major players in the market are Nordfeed, Noah Chemicals Corporation, Brenntag North America, Inc., TIB Chemicals AG, ReAgent Chemical Services Limited, Shepherd Chemical Company, Pan-Continental Chemical Co., Ltd, Old Bridge Chemicals, Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue-generating capacity as well as the new products being launched into the market by the company.
The market is segmented by salt type, distribution channel, end-user industry, and region.
The agriculture sector segment is anticipated to hold the largest market size in value and is estimated to grow further over the forecast period and display significant growth opportunities.
The access to alternative products in the market is estimated to hamper the market growth.
The Asia Pacific region will provide more business opportunities for the growth of the copper salts & derivatives market in future on the back of growing agriculture sector and chemical industry.
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