Copper Oxychloride Market to reach US$333.5 mn by 2024
Transparency Market Research has published a new report titled “Copper Oxychloride Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016 - 2024.” According to the report, the global copper oxychloride market was valued at US$231.8 mn in 2015 and is anticipated to reach US$333.5 mn in 2024, expanding at a CAGR of 4.2% between 2016 and 2024.
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Copper oxychloride, also known as tribasic copper chloride (TBCC), is widely used in fungicide. It competes with numerous copper compounds for different applications. Increasing demand for copper oxychloride in the agriculture industry for usage as fungicide is the major factor driving the global copper oxychloride market. Fruits and vegetable crops are the major consumers of fungicides. Various generic as well as specific fungicides have been developed for applications in fruits and vegetable crops. Copper oxychloride is employed in the manufacture of commercial feed supplements. It is used in feed formulations for most animal species. Additionally copper oxychloride is employed in the manufacture of colorants and pigments for ceramics and glasses.
Market dynamics of copper oxychloride are highly region oriented and exhibit distinctive trends in different regions. In terms of region, Asia Pacific held the largest share of the global copper oxychloride market in 2015. Currently, China dominates the copper oxychloride market in Asia Pacific. In terms of volume, Asia Pacific accounted for more than 30% share of the global copper oxychloride market in 2015.
Demand for copper oxychloride in the region is expected to rise owing to the increasing usage of fungicides for crop protection since the last few years. Countries such as India, Bangladesh, and those in Southeast Asia have been experiencing strong demand for fungicides since the last few years. Europe held the second largest share, while North America constituted the third largest share of the global copper oxychloride market in 2015. The copper oxychloride market in Europe and North America is likely to experience sluggish growth during the forecast period owing to the slow economic growth in these regions.
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This, in turn, is estimated to hamper the demand for copper oxychloride in these regions. Availability of various substitutes for different applications is likely to adversely affect the copper oxychloride market in the region. The increasing usage of crop protection chemicals in Latin America is projected to boost the demand for copper oxychloride during the forecast period. The region is anticipated to expand at a fastest CAGR during the forecast period.
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