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The copper sulfate market size is estimated to grow at a CAGR of 5.76% between 2022 and 2027. The market size is forecast to increase by USD 369.15 million. The growth of the market depends on several factors such as growth in the copper market, growth of the agricultural industry, and increasing investment in the construction industry.
This copper sulfate market report extensively covers market segmentation by application (agriculture, chemical, and others), type (pentahydrate, anhydrous, and others), and geography (APAC, North America, Europe, South America, and the Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the copper sulfate market growth is the growth in the copper market. The process of manufacturing copper is complex which includes the extraction from mines and then conversion into copper concentrates that are then purified and converted into copper. Copper is essentially a reddish-brown commodity metal and is significantly consumed in APAC. Some of the key countries which significantly use copper include India, China, Malaysia, Taiwan, and Vietnam.
Additionally, several major industries which utilize copper include electrical and electronics, construction, automotive, and consumer goods. The manufacturing of copper sulfate involves the treatment of copper with dilute sulfuric acid. Thus, the increasing demand for copper in APAC is positively impacting the market. Hence, such factors are x[pected to drive market growth during the forecast period.
A key factor shaping the copper sulfate market growth is the growth in the paints and coatings industry. Besides improving the aesthetics of the substrates, some of the key functional benefits offered by paints and coating include anti-skid, insulation, conduction, reflection, and light absorption. Paints are coatings that are widely used for several applications such as household appliances, buildings, cars, ships, airplanes, computers, microchips, and printed circuit boards.
Furthermore, one of the major chemicals which is widely used in paints and coatings is copper sulfate in order to impart anti-fouling properties. Additionally, it is also used as a dyeing agent and imparts a blue color. Hence, the rising consumption of paints and coating will fuel the demand for copper sulfate which will drive the market growth during the forecast period.
Increasing number of substitutes for copper sulfate is one of the key challenges hindering the copper sulfate market growth. Some of the main substitutes for copper sulfate include zinc sulfate, algicide, and dichlobenil. Zinc sulfate is a potential alternative to copper sulfate which is widely used in foot baths for dairy cows and is less toxic than copper sulfate. There is an increasing preference for algicide over copper sulfate as it is more effective in controlling algae and is less harmful to plants, fish, and marine life in general.
Similarly, Dichlobenil is a strong herbicide that is widely used to remove weeds and tree roots. One of the main synthetic alternatives to copper sulfate is Zolera which is widely used in organic farming, depending on the specific purpose. It is essentially a combination of a fast-acting strobilurin with a highly systemic triazole which is a potential substitute for copper sulfate. Hence, such factors can hinder the market growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Copper Sulfate Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Aegion Corp: The company offers copper sulfate namely copper sulfate crystals.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The agriculture segment is estimated to witness significant growth during the forecast period. The main raw material which is used for the production of agricultural fungicides such as Bordeaux and Burgundy mixtures which are extensively used in farms is copper sulfate. Additionally, this copper sulfate is used as an algicide and molluscicide as well. Furthermore, it is widely utilized as a fungicide for plagues.
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The agriculture segment was the largest segment and was valued at USD 757.91 million in 2017. Other applications of copper sulfate in the agriculture segment include its use for fattening pigs and broiler chickens and treating copper deficiency in animals. Thus the rising number of agricultural activities across the world will increase the consumption of copper sulfate which in turn will fuel the growth of this segment. Some of the leading countries in agricultural activities include China, India, Denmark, France, Brazil, and Belgium. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the copper sulfate market growth during the forecast period.
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APAC is estimated to contribute 45% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. APAC is the leading contributor to the global sulfate market in terms of demand, innovation, and product development. The main segments which are significantly contributing to the growth of the global copper sulfate market in APAC are the agriculture and chemical segments.
Additionally, the increase in the construction, agriculture, and textile industries in APAC also fuels the demand for copper sulfate in the region. Some of the key countries in APAC which are leading consumers of copper sulfate include China, India, South Korea, and Japan. The increasing demand for copper sulfate in agriculture, construction, and textile industries mainly in countries like China, India, South Korea, and Japan is expected to drive the market growth in the region during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global copper sulfate market witnessed a significant slowdown due to the shutdown of many end-users of the copper sulfate market, such as agriculture, and chemical industries in the APAC region. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the resumption of activities in all the end-user industries such as agriculture, chemical, construction, and others. Such factors are expected to drive the market during the forecast period.
The copper sulfate market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Copper Sulfate Market Scope |
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Report Coverage |
Details |
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Page number |
162 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.76% |
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Market growth 2023-2027 |
USD 369.15 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
5.54 |
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Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 45% |
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Key countries |
US, Canada, China, Australia, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Aegion Corp, ALCONIX CORP, BAKIRSULFAT AS, Blue Line Corp., Changsha Haolin Chemicals Co. Ltd., Destiny Chemicals, Global Calcium Pvt. Ltd., GUJARAT AKSHA FERTILIZER COMPANY, Hemadri Chemicals, Highnic Group, JL Chemtonic Co. Ltd., Laiwu Iron and Steel Group Xintai Copper Co. Ltd., Merck KGaA, Nakoda Chemicals Pvt. Ltd., Old Bridge Chemicals Inc., SAGAN AG, Sulfozyme Agro India Private Limited., Sumitomo Metal Mining Co. Ltd., Uma Chemicals, and Wego Chemical Group Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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