New York (US), May 15, 2023 (GLOBE NEWSWIRE) -- Copper Sulfate Market Overview
Market Research Future (MRFR) 's report highlights “Copper Sulfate Market Information By Type, Application, And Region - Forecast till 2032"; The Copper Sulfate market is projected to grow from USD 1.3 Billion in 2023 to USD 2.0 Billion by 2032 at a 5.80% CAGR.
Market Synopsis
Copper sulfate is an inorganic compound. Pentahydrate, also called blue vitriol, blue stone, and Roman vitriol, is the most widely used type of copper sulfate. It is blue, and in water, it breaks down exothermically to create a complex solution. In an industrial setting, it is created by heating sulfuric acid or oxides and applying them to copper metal. A specific bacterium can speed up the process of leaching low-grade copper ores slowly in the air. It is one of the primary raw materials used in the fertilizer sector to make fungicides and pesticides. Copper sulfate uses in agriculture, particularly as a fungicide, are rising.
Additionally, it is frequently added to animal feed, as animals need copper for healthy body function. Huge amounts of copper are needed for electrical conduction due to the rapid growth in electronic and electrical goods. It is frequently used as an electrolyte for electroplating, refining, and battery advancement in the metal and electrical industries. Global demand for copper sulfate is rising as energy storage devices become more necessary for small- and large-scale electronic projects. The market is growing due to rising investments made by developing nations in the construction of different infrastructures that use copper sulfate for various purposes. Copper sulfate has low dosage, high purity, adequate solubility, low toxicity, long shelf life, and is economical and environmentally friendly. These characteristics increase the demand for copper sulfate in various industries, such as construction, mining and metallurgy, chemical, and healthcare.
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Market Competitive Landscape:
- The competitors in the copper sulfate market are:
- JX Nippon Mining & Metals Corp.,
- NEKK Industrial Group,
- Noah Technologies Corp.,
- Beneut Enterprise Co. Ltd.,
- Blue Line Corp,
- Changsha Haolin Chemicals Co. Ltd.,
- Highnic Group,
- Old Bridge Chemicals Inc.,
- Sumitomo Metal Mining Co. Ltd.,
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size in 2032 | USD 2.0 Billion |
| CAGR | 5.80% (2023-2032) |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Key Market Drivers | Increasing demand for copper sulfate in the agricultural industry and growth in the copper market |
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Market U.S.P. Covered:
Market Drivers:
The growing demand for goods in agricultural manufacturing is the main factor driving the worldwide copper sulfate market. It is used as a herbicide, an insecticide, and a fungicide, among other things. The market growth is further fueled by expanding R&D for efficient fungicides and herbicides that safeguard farm yield. One of the main market trends driving the growth of the copper sulfate industry is fluctuations in copper prices. Various variables, including economic expansion, the accessibility and suitability of alternative products, and political considerations, caused price changes. After iron and aluminum, copper is the third most consumed metal in the world, and price changes impact both its supply and demand. The US dollar's fluctuations, the erratic price of oil, and the supply-demand imbalance in China are additional factors that impact world prices. In turn, this will spur market expansion during the anticipated period. Because the product can be used as a catalyst, demand for it is also rising. It is also a popular electrolyte for various applications, including the creation of batteries, electroplating, and refinement.
Restraints
Copper sulfate overdose can result in nausea and vomiting. Additionally, it might harm blood cells, body tissues, the liver, and the kidneys. Consequently, it is anticipated that this will slow market growth.
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COVID 19 Analysis
During this pandemic, the market is negatively impacted by the declining popularity of copper sulfate in the technological and other industries. The market for copper sulfate is expanding primarily due to the expansion of the copper market, but some factors could restrain this growth, such as the rising number of copper sulfate substitutes. The market in these industries is currently negatively impacted by the declining popularity of copper sulfate in computers and other industries. The pandemic outbreak led to a significant change in the healthcare sector's demand for copper sulfate. During this pandemic, there is an increase in the public's awareness of environmentally friendly products, as copper sulfate poses an unnecessary risk, and ponds and lakes can become contaminated with water harmful to both people and animals.
Market Segmentation
By application, the market includes agriculture, construction, chemicals, healthcare, mining, and metallurgy. By type, the market includes anhydrous and pentahydrate.
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Regional Insights
The copper sulfate market is anticipated to grow fastest in the Asia Pacific. Growing agricultural activity due to rising demand for agricultural output is causing growth. Also contributing to the market's expansion is the availability of a sizable population in nations like China and India. Continual demand from countries that are developing, like China and India, is also anticipated to support copper sulfate organic expansion. In addition, the nation's copper sulfate market had the fastest growth rate in Asia, while China's Copper Sulfate market had the largest market share. The expansion of the market in North America will be fueled by the widespread use of copper sulfate in chemical applications. The growing application of the product in mining and metallurgy applications is credited with the growth in Europe. Due to the product's adoption in the construction sector, the Middle East and Africa are expected to experience rapid growth.
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