Copper Oxychloride Market size worth $333.6 million by 2024
Published Date: September 27, 2016 Authors: Kiran Pulidindi, Hemant Pandey
According to a new research report by Global Market Insights, Inc., the Copper Oxychloride Market size is set to reach USD 333.6 million by 2024 with estimated gains at over 4% CAGR. Increasing population along with reduction of arable land will boost copper oxychloride market size over the forecast timeframe.
In 2010, the global population was approximately over 6.89 billion and reached up to 7 billion in 2015 with over 4.9% growth. On the other hand, total arable land witnessed growth only up to 3.4%, which increases high yielding crops demand with the help of agrochemicals including fungicide. In 2015, fungicide was the dominant application of copper oxychloride market. These are highly effective on tomatoes, potatoes, carnations, stone fruit, grapes, citrus, celery, coffee and avocados owing to boost industry growth.
Improved consumer eating habits has driven fruits & vegetables industry significantly as they carry all vital nutrients including minerals, vitamins and roughage. In 2015, fruits & vegetables production was over 2 billion tons and might reach 2.35 billion tons by 2024. In addition, approximately 30% of total fungicide produced are utilized by fruits & vegetables, which consequently will boost copper oxychloride market share.
Numerous alternate crop protection products available in the industry may force product substitute threat, which may hinder copper oxychloride market size by 2024. For instance, Kocide Blue Xtra from DuPont has gained more attraction as it contains bioavailable copper. In addition, excessive product usage has resulted in settling of copper in the soil layer and pushes adverse environmental consequences such as soil infertility.
Browse key industry insights spread across 105 pages with 86 market data tables & 15 figures & charts from the report, “Copper Oxychloride Market Size By Application (Fungicide, Commercial Feed Supplement, Colorant & Pigments) Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:
Key insights from the copper oxychloride market report include:
- Copper oxychloride market for fungicides must witness highest gains exceeding 4%. Increasing demand for high yielding crops in confined arable land will drive industry growth for fungicide. For instance, by 2050 farmers might have to upscale their crop yield by 50% according to the World Bank.
- In 2015, colorants & pigments was valued at over 5 million. Copper oxychloride are extensively used to manufacture colorants & pigments for glass and ceramics. Furthermore, it is used in illuminations, manuscripts and wall paintings as a coloring agent.
- Copper oxychloride market size for commercial feed supplement shall exceed USD 8 million by 2024. It is used in feed formulations for most animal species such as turkeys, chickens, pigs, horses, dairy cattle, pets, and also for aquaculture.
- North America, led by the U.S, accounted roughly around 22% of global share. The growth was mainly driven increasing food & vegetable demand.
- Asia Pacific, led by China, India and Japan copper oxychloride market generated revenue at over USD 55 million in 2015. Increasing population along with improving consumer eating habits will drive industry growth by 2024. Furthermore, strong industrialization in the region has decreased arable land owing to drive copper oxychloride market for fungicide.
- The market is highly consolidated with three major companies accounting more than 50% of global share in 2015. Isagro S.p.A., IQV and Albaugh are the prominent industry players. Other industry share contributor are Syngenta, Biota Agro Solutions, Manica S.p.A., Spiess-Urania, Vimal Crop Care., Killicks Pharma and Greenriver.
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