The copper oxychloride market size is expected to reach US$350 million by 2027 after growing at a CAGR of around 4.5 % from 2022 to 2027. The copper oxychloride is a solid green and crystalline in nature. The preparation methods include oxidation catalyst of the CU(I)Cl in brine solution and micronutrient procedure with cuprous oxide as a raw material. The copper oxychloride has major applications such as fungicides, colorants & pigments, feed supplements, and others. The superoxide dismutase helps in breaking down the harmful oxygen molecules or free radicals in plants. Furthermore, the copper oxychloride industry is driven by its growing demand as fungicide for various vegetable and fruit plants. The high demand for copper oxychloride in the agriculture sector for crop protection will lead to major growth in the copper oxychloride market during the forecast period.
The covid-19 outbreak has impacted the growth and functioning of the global copper oxychloride market. The disruptive supply chain, logistics, and disturbances in trade activities have hindered the growth in the market. The copper oxychloride industry has major applications in the agriculture, pyrotechnics, chemical, and other sectors. The agriculture industry was majorly hampered during the pandemic. The agriculture productions declined due to falling prices and consumer demand. The shortages in workforce, decline in agriculture harvest, and disruption in logistics created a major impact in the global agriculture sector. Furthermore, various agricultural products were not harvested during the covid-19 period due to price fall, raw material unavailability, and export slowdowns across the world. According to the United States Department of Agriculture, value of fresh fruits and vegetables exports to the world reached USD 6.9 billion in 2020, showing a 2% decline compared to the previous year. Thus, with declining growth and productions in the food and agriculture sector, the major applications of copper oxychloride such as fungicides, feed supplements, and others also saw a fall, thereby hindering the demand in the copper oxychloride industry during the covid-19 pandemic.
Copper Oxychloride Market Segment Analysis – By Form
By form, the powder segment is expected to have the largest share of more than 30% in 2021 and is expected to boost the copper oxychloride market share in the coming years. The powder form of copper oxychloride is majorly used in the agriculture sector for controlling and protecting the crops from diseases and fungi. The powdered copper oxychloride is mixed with the water in order to offer crop protection and disease prevention. The powder copper oxychloride offers efficiency due to its fine particles, high suspensibility, natural compound, and ideal application during rains and hailstorm for wide range of agricultural produce such as fruits, vegetables, and others. According to the data by World Bank, the value addition of agriculture, forestry, and fishing accounts for 4.34% of the world’s GDP in 2020. Thus, with high demand from the agriculture industry owing to its small particle size, less solubility, and others, the powder form of copper oxychloride will grow in the coming years.
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Copper Oxychloride Market Segment Analysis – By Application
By application, the fungicide segment is expected to hold a significant share of 24% in 2021 and is expected to increase the copper oxychloride market size in the coming years. The rising demand of fungicide is influenced by size in the coming years. The rising demand of fungicide in copper oxychloride market is influenced by crop protection requirements in the agriculture sector. The copper oxychloride fungicides are widely used in various fruits and vegetable plants such as tomatoes, grapes, celery, citrus, and others. Furthermore, the growing demand for the high yield crops in fertile lands is driving the growth for fungicides to control damage created by fungi and spores. According to the World Bank, the agricultural yield must increase by around 50% per hectare by the year 2050. Moreover, the growing demand of copper oxychloride in fungicides for crop protection, with copper toxicity in check, is expected to boost the copper oxychloride market share and offer maximum growth during the forecast period.
Copper Oxychloride Market Segment Analysis- By End-Use Industry
By end-use industry, the agriculture segment is expected to have the largest share of more than 35% in 2021 and is expected to increase the copper oxychloride market size during the forecast period. The growing crop productions, fruits, and vegetable cultivation is influencing the demand for copper oxychloride in the agriculture industry. The increasing applications of copper oxychloride such as fungicides, feed supplements, and others are boosting the growth in the market. Furthermore, the agriculture sector is growing massively with rising government investments and development projects across the world, thereby driving the demand for copper oxychloride as pesticides and fungicides. According to the United States Department of Agriculture (USDA), the food, agriculture, and related industries contributed around USD 1.109 trillion to the United States GDP in 2019. Furthermore, with rising agricultural yield and increasing consumption for fruits and vegetable plant and development in the agricultural industry, the copper oxychloride industry will experience high growth and demand during the forecast period.
Copper Oxychloride Market Segment Analysis – By Geography
By geographical analysis, the Asia pacific holds the largest share of more than 27% in the copper oxychloride market for the year 2021 and will increase the copper oxychloride market size in the coming years. The growing demand for copper oxychloride in this region is influenced by the growing food and agricultural productions and high crop yield. The high agricultural activities in Asia have led to growth in the application for copper oxychloride as fungicides for protection from fungi, diseases, rust, and others. According to the India Brand Equity Foundation (IBEF), the production of horticulture crops reached around 331.05 million metric tons in 2020-21, showing a rise of 10.5 million metric tons over the financial year 2020. Furthermore, the demand for copper oxychloride is increasing in APAC owing to increasing usage of agrochemicals across various industrial verticals. The rising usage of copper oxychloride in chemical industry for catalyst in various reactions such as chlorination of ethylene and others is driving the growth prospects for the Asia Pacific region. Thus, with increasing demand of copper oxychloride in various end-use industries such as agriculture, chemical, pyrotechnics, and others in APAC, the copper oxychloride industry will experience high growth opportunities during the forecast period.
Copper Oxychloride Market Drivers
Growing demand from agriculture sector
The rising agriculture and crop cultivation is creating high demand and growth opportunities for the global copper oxychloride market. The copper oxychloride has major applications such as fungicides in the food and agriculture sector. The growing eating trends and increased farming has led to drive in the market for copper oxychloride as it helps in crop protection and disease prevention of various plants such as citrus, grapes, celery, tea, tomato, and others. The copper oxychloride fungicide works by killing the pathogen cells. However, it is essential to lower the copper toxicity as it can create harm to plants as well. The superoxide dismutase is helpful in reducing the oxidative stress and free radical damage in plants. Furthermore, the government’s initiative to boost the global agricultural production level is establishing demand for the copper oxychloride industry. For instance, the Indian Government launched the Production Linked Incentive (PLI) in year 2020 to promote the agrochemical manufacture domestically. According to the Organization for Economic Cooperation and Development (OECD), the global agricultural production is estimated to grow around 1.5% on yearly basis. Thus, with growing agriculture production and food sector across the world, the copper oxychloride market size will grow and experience major drive and during the forecast period.
Increasing demand for fungicides
The copper oxychloride and other copper based protection fungicides are widely used in various plants for protection from diseases, rust, and others. The growing need to control and prevent the fungal diseases is creating a drive for the copper oxychloride industry as it is majorly employed in fungicides, feed supplements, and others. The advancements in farming practices, high crop yield, and food security trends has led to increasing demand for fungicides to kill harmful pathogens, fungal diseases, and others. According to the National Horticulture Database, published by National Horticulture Board, around 99.07 million metric tons of fruits and 191 million metric tons of vegetables were produced in India for 2019-20. Furthermore, it is necessary to control the copper toxicity content in fungicides in order to provide desired protection spray content for the fruits and vegetables without harming them. Thus, with rising productions for cereals, vegetables, and fruits, the demand for copper oxychloride fungicides will rise in the coming years.
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Copper Oxychloride Market Challenges
Copper toxicity and substitute availability
The demand for copper oxychloride is high for crop protection and disease prevention in the agriculture sector. However, the copper toxicity due to excessive usage in the topsoil can create major challenges in the market as it affects the environment. The hazardous effects of the copper oxychloride fungicide can lead to soil pollution as it is not easily degradable, thereby restraining the demand for copper oxychloride industry. Moreover, the availability of various biofungicides as well as less harmful alternatives are major challenge for the copper oxychloride market. For instance, the copper hydroxide, Nordox, and others are some better substitutes to the copper oxychloride as they have low copper content and offers high efficiency for controlling the fungal diseases.
Global Copper Oxychloride Industry Outlook
The global copper oxychloride top 10 companies include:
1. Killicks Pharma
2. Isagro S.P.A
3. Biota Agro Solutions Private Limited
6. Greenriver Industry Co.
7. Manica S.p.A.
8. Vimal Crop Care Pvt. Ltd.
9. Albaugh, LLC
10. IQV Agro
In December 2020, Albaugh LLC, a leading manufacturing firm for specialty products and crop protection has acquired the assets of the prime source from the excelsior equity. This aimed to bring together the best customer service and manufacturing technology.
In October 2020, the ADAMA Ltd. made an acquisition of the major stake of crop protection distributor in FNV S.A. This strengthened the commercial presence and industrial base for the company in the Latin-American market.
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The copper oxychloride industry is experiencing major growth prospects with the growing application demand in the agriculture, chemical, pyrotechnics, and paint, and other end-use industries during the forecast period.
The Asia Pacific region held a major growth share and will dominate the copper oxychloride market due to the rising investment and development projects for agriculture sector in APAC region.
The demand for fungicides in the copper oxychloride industry due to growing need for protecting the fruits and vegetables from various diseases and fungi in the coming years.
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