According to a new market report published by Credence Research “Global Copper Oxychloride Market - Growth, Opportunities, Share & Competitive Analysis, 2016 – 2023” the global copper oxychloride market was valued at US$ 248 Mn in 2015 is expected to reach over US$ 343 Mn by 2023, expanding at a CAGR of 4.4% from 2016 to 2023.
Market Insights
Copper Oxychloride, which is also known as basic cupric chloride, having chemical formula CuCl23Cu(OH)2is found in natural minerals and also produced synthetically. Copper oxychloride is used in fungicides, colorants & pigments, commercial feed supplements, etc. Fungicides are the major application of copper oxychloride as these products have become indispensable for protecting crops and plants from damage and destruction caused by fungi.
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It is toxic for fungi and safe for crops and plants. Copper oxychloride is used as colorant& pigment, and wood preservative when it is used in concrete for flooring. It is also used in commercial feed supplements as copper is one of the most important trace minerals essential in many enzymes. To support development and good health of animals, copper is frequently added to their feed.The global copper oxychloride market was valued at US$ 248Mn in 2015, and is expected to reach US$ 343Mn by 2023, expanding at a CAGR of 4.4% from 2016 to 2023.Asia Pacific accounted as the largest and fastest growing regional market for copper oxychloride in 2015 and is expected to retain its dominance during the forecast period.Europe accounted as the second largest market for copper oxychloride and is expected undergo perpetual growth in the near future. Other regions such as North America, Latin America and Middle East & Africa are also expected experience boost in demand for copper oxychloride in the market during the forecast period from 2016 to 2023.
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Competitive Insights:
Key players operating in the copper oxychloride market includes Biota Agro Solutions Private Limited, IQV, IsagroS.p.A., ManicaS.p.A., KillicksPharma, Albaugh LLC, Spiess-Urania, Syngenta, etc. IQV, Isagro S.p.A. and Albaugh, LLC are global top three players accounting over 50% market share.
Many companies are increasing their footprint in growing Asian market by mergers, acquisitions, long term licenses and joint ventures. In December 2014, Isagro S.p.A signed a long term license, development, distribution and supply agreement with Rotam Agrochemical Company Ltd. to evaluate the possible exploitation of certain combination products in China, Taiwan and Indonesia. In August 2016, Albaugh LLC declared that it has signed an agreement with Marrone Bio Innovations, Inc. (MBI) – a major provider of pest management and plant health products to develop and market one of MBI’s products.
Key Trends:
- Asia Pacific is the largest and fastest growing regional market
- Increasing agricultural production to act as the most prominent market driver
- Growing awareness about new technologies and products
- Increasing demand from agriculture and horticulture
- Government restriction on use of pesticides
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