“Global Copper Chemicals Market to reach a market value of USD 4 Billion by 2031 growing at a CAGR of 6.3%”
The Global Copper Chemicals Market size is expected to reach $4 billion by 2031, rising at a market growth of 6.3% CAGR during the forecast period. In the year 2023, the market attained a volume of 6,673.71 hundred Tonnes, experiencing a growth of 15.2% (2020-2023).
Copper chemicals impart hygienic and odor-control properties to textiles, including clothing, bedding, towels, and upholstery. The National Investment Promotion and Facilitation Agency's Invest India reports that the value of India's textile exports in FY 2021–22 exceeded US$ 44 billion, and the industry is expected to be worth $250 billion by 2025. India's domestic textile and apparel sector produced 7% of the value of all industries and contributed 2.3% to the nation's GDP. Hence, the Textile segment registered $193.12 million revenue in the year 2023. In terms of volume, 539.17 hundred tonnes of Copper chemicals are utilized in Textile industry in the year 2023. Antimicrobial textiles help maintain hygiene by preventing the growth of odor-causing bacteria and fungi, keeping textiles fresh and odor-free. The extensive use of copper chemicals will increase along with the expanding textile industry.
Rapid urbanization often leads to the conversion of agricultural land into urban areas. This can intensify agricultural activities in remaining rural areas, boosting the demand for copper chemicals as fungicides and bactericides in crop protection. Infrastructure development, including the construction of roads, bridges, and utilities, further drives up the demand for copper chemicals.
Additionally, Copper chemicals are extensively used in the solar energy sector, particularly in producing photovoltaic (PV) cells and solar panels. CIGS or copper indium gallium selenide and copper oxide are key materials used in thin-film solar cells, while copper is also utilized in the conductive components of solar panels. Copper chemicals are crucial in energy storage technologies, such as lithium-ion batteries and supercapacitors, which are essential for storing excess renewable energy. Hence, the expansion of the renewable energy sector will propel the demand for copper chemicals.
However, Fluctuations in copper prices directly affect the production costs of copper chemicals. As copper is a primary raw material for copper chemicals, any significant changes in copper prices can impact the overall production costs, squeezing profit margins for manufacturers. Price fluctuations can impact on their profitability and competitiveness in the market, affecting their overall growth and sustainability. Therefore, fluctuations in the prices of copper chemicals may hamper the growth of the market.
By type, the market is divided into copper sulphate, copper oxychloride, cupric oxide, cuprous chloride, basic copper carbonate, cupric chloride, and others. In 2023, the copper sulphate segment held 45% revenue share in the market. In terms of volume, 6,441.57 hundred tonnes of copper sulphate would be utilized by the year 2031. Copper sulfate is a nutritional supplement in animal feed to prevent copper deficiency in livestock. This is because copper is an essential trace element for various animal physiological functions, including enzyme activity, bone formation, and immune system function.
Based on application, the market is classified into agriculture, mining & metallurgy, ceramic, paints, textile, and others. The mining & metallurgy segment garnered 19% revenue share in the copper chemicals market in 2023. In terms of volume, it is expected that 1,780.82 hundred tonnes of Copper chemicals in mining & metallurgy field. Copper chemicals such as xanthates, dithiophosphates, and thiocarbamates are widely used as flotation reagents in the mining & metallurgy segment. They are used to selectively separate valuable minerals, including copper, lead, zinc, nickel, and gold, from their ores during the flotation process.
Free Valuable Insights: Global Copper Chemicals Market size to reach USD 4 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the Asia Pacific region led the market by generating 44% revenue share. In term of volume, 4,438.06 hundred tonnes of Copper Chemical would be utilized in this region by the year 2031. Asia Pacific is rich in mineral resources, and there is a growing demand for copper and other metals in various industries. Copper chemicals are used in the textile industry to produce antimicrobial fabrics for healthcare, personal protective equipment (PPE), sports and activewear, and home textiles in Asia Pacific.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 2.5 Billion |
| Market size forecast in 2031 | USD 4 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 6.3% from 2024 to 2031 |
| Quantitative Data | Volume in Hundred Tonnes, Revenue in USD Billion, and CAGR from 2020 to 2031 |
| Number of Pages | 311 |
| Number of Tables | 650 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Type, Application, Region |
| Country scope |
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| Companies Included | Bayer AG, NOAH Technologies Corp., Jost Chemical Co., Sumitomo Metal Mining Co., Ltd., Pan-Continental Chemical Co., Ltd., Syngenta AG Group, Shyam Chemicals Pvt. Ltd., Synthomer PLC (William Blythe Ltd.), Parikh Enterprises Pvt. Ltd., and PERRYCHEM |
By Application (Volume, Hundred Tonnes, USD Billion, 2020-2031)
By Type (Volume, Hundred Tonnes, USD Billion, 2020-2031)
By Geography (Volume, Hundred Tonnes, USD Billion, 2020-2031)
This Market size is expected to reach $4 billion by 2031.
Rapid Urbanization and Infrastructure Development are driving the Market in coming years, however, High Volatility in Price of Copper restraints the growth of the Market.
Bayer AG, NOAH Technologies Corp., Jost Chemical Co., Sumitomo Metal Mining Co., Ltd., Pan-Continental Chemical Co., Ltd., Syngenta AG Group, Shyam Chemicals Pvt. Ltd., Synthomer PLC (William Blythe Ltd.), Parikh Enterprises Pvt. Ltd., and PERRYCHEM
In the year 2023, the market attained a volume of 6,673.71 hundred Tonnes, experiencing a growth of 15.2% (2020-2023).
The Agriculture segment is leading the Market by Application in 2023; thereby, achieving a market value of $1.7 billion by 2031.
The Asia Pacific region dominated the Market by Region in 2023; thereby, achieving a market value of $1.8 billion by 2031.
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