Rise in investments to build infrastructures, use of copper sulfate as an animal feed addition, and rapid increase in the use of electronic products are the factors that drive the global market growth
PORTLAND, Ore., Sept. 14, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Copper Sulfate Market by Type (Anhydrous, Pentahydrate, and Others) and Application (Chemicals, Agriculture, Construction, Mining & Metallurgy, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030." According to the report, the global copper sulfate industry was worth $0.8 billion in 2020, and is anticipated to reach $1.3 billion by 2030, witnessing a CAGR of 5.4% from 2021 to 2030.
Prime drivers of the market growth:
Increase in the demand for electrical & electronic and textile products and rise in demand for food across the world that raised the demand for agrochemicals are the key factors boosting the global copper sulfate market.
On the other hand, intake of copper sulfate will create health issues. The growth in the production of eco-friendly agriculture products will also create restraint to the copper sulfate market. Moreover, rapid development in electrical and construction technology will open many doors of opportunities to the global copper sulfate market.
Copper sulfate prices stayed high owing to high sulphuric acid costs along with a limited regional supply of the needed raw material. Due to lowering demand, supplies of copper oxide and sulphuric acid were low.
Outbreak of Covid-19 halted the infrastructure projects in the developing countries, which also lead to a decline in demand.
Outbreak of pandemic led to increase in demand of copper sulfate from the health care industry.
The Pentahydrate segment will maintain the leading position throughout the forecast period:
Based on type, the Pentahydrate segment contributed to the highest market share in 2020, accounting for more than two-fifths of the global copper sulfate Market, and is projected to maintain the leading position during the forecast period. This growth is due to increase in population, demand for food, and rise in use in the agriculture sector to manufacture insecticides, fungicides, to recover the copper deficiency in the soil and animal. On the other hand, the anhydrous segment is anticipated to manifest the highest CAGR of 5.4% from 2021 to 2030.
The agriculture segment will maintain the leading position throughout the forecast period:
Based on application, the agriculture segment contributed for the highest market share in 2020, accounting for more than two-fifths of the global copper sulfate market, and is anticipated to lead the market during the forecast period. Rise in the need for high-quality food is helping agrochemical companies to invest and develop high-quality, chemicals in order to boost the crop yield. Copper sulfate is vital to growing plants. On the other hand, the chemicals segment is anticipated to manifest the highest CAGR of 6.5% from 2021 to 2030.
Asia-Pacific, followed by North America, to maintain its lead by 2030:
Based on region, Asia-Pacific, followed by North America, held the highest market share in 2020, contributing to nearly one-third of the global copper sulfate market, and is expected to dominate the market by 2030. The region is expected to manifest the highest CAGR of 6.7% from 2021 to 2030. The Asia-Pacific dominates this market due to the presence of huge consumers of copper sulfate. China and India have a huge population, and hence need copper sulfate-based agrochemicals to improve and increase crop yields.
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