Copper Nitrate Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1253
Copper Nitrate Market size will witness favorable growth during forecast period due to extensive use of copper oxide in chemicals industry as well as textiles and ceramics industry. Copper nitrate is an inorganic compound which forms blue crystalline solids mainly used to convert into copper oxide.
Global chemicals industry witnessed more than 5 billion dollar sales each year from 2013 to 2015 and this trend is expected to continue and drive the copper nitrate market during the forecast period. Owing to the increasing demand for high quality apparels and clothes and increasing purchasing power of consumers in developing countries, the textiles market is growing at a fast pace and recorded exports of more than 280 billion USD in 2015. At the same time apparels industry, recorded exports of more than 400 billion USD. This growth will also augment the copper nitrate market during the forecast timespan.
The product is a strong oxidizing agent and hence it may increase intensity of fire when kept in proximity to other combustible material. It also causes irritation when in contact with eyes, skin or inhaled. This makes handling and storing of the product difficult and unsafe. These factors can hinder the copper nitrate market causing industries to find other safer alternatives.
By product the copper nitrate market is segmented mainly into two viz. hydrous and anhydrous form. Hydrous copper nitrate occurs in five forms viz. hexahydrate, trihydrate, hemi pentahydrate, sesquihydrate and monohydrate of which hexahydrate and trihydrate are the most common forms. By the level of purity, it is classified into four categories - (2N) 99%, (3N) 99.9%, (4N) 99.99% and (5N) 99.999%.
Its primary application is in the preparation of copper oxide which is used as a catalyst in the synthesis of many organic compounds. Copper oxide is also used as a pigment in ceramics to produce various colors. The product can also be used in synthesizing nitric acid when decomposed by heating and passing the fumes directly into water. Combining the product with acetic anhydride gives an active reagent that is used in nitration of aromatic compounds. It is also used as a dye and in fireworks displays. It is used to polish metals and as a wood preservative. The product is also used to show voltaic cell reactions in laboratories. It is also used as an insecticide and a fungicide. Hydrous copper nitrate is used in electroplating copper on iron.
The copper nitrate market is likely to grow during the forecast period because it is used in many different industries. The end users of copper nitrate market are chemical industries, textile industries which uses it as a dye and in printing industry as a pigment. It is also used as a pigment in ceramics industry. Global ceramics market share was more than 150 billion USD in 2015 and is expected to grow by more than 6 % CAGR during forecast period which will also drive the copper nitrate market. It is used in fireworks industry and in laboratories. It is used in agrochemicals industry as an insecticide and in wood pulp industry as a fungicide to preserve wood. It is also used as a component in rocket fuel and with the space exploration industry flourishing in many regions including Asia and America, it has a high potential of growth in this sector. Metal works industry also employs the product as a polishing agent.
Copper nitrate market in the world is segmented into five main regions – North America, Europe, Asia pacific, Middle east and Africa and Latin America. Among these Asia pacific region is the largest copper nitrate market. It is due to the vast uses of its successor copper oxide in this region to produce chemicals and textiles. China and India are the leading copper nitrate markets in this region in terms of production and consumption. This trend is supposed to continue during the forecast period because of the high number of manufacturers in both these countries. Europe is the second leading copper nitrate market followed by North America. Africa has a high potential for growth of this market due to its large mineral reserves but the absence of manufacturers in that region is a hindrance.
Major companies in the copper nitrate market are – International Biological Laboratories, American Elements, Alpha Chemika, Chemical Point UG, Combined Chemicals, Sigma-Aldrich, MINS group, Beijing Science and Technology, ALS Environmental, Evans Chem India, Zibo Hangzheng chemical trading, Wuhan Pharmchem company, Shanghai Hanhong Scientific.
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