Swift upsurge in the global population coupled with low availability of cultivable land is expected to push Copper Oxychloride Market trends. As per the reliable estimates, population across the globe increased from nearly 6.89 billion in 2010 to more than 7 billion in 2015 recording a growth rate of 4.9% between the five-year time span. But the total tillable land experienced an expansion of only 3.4% during the period from 2010 to 2014. This has raised the need for using agrochemicals to increase the crop yield, thereby boosting copper oxychloride industry. As per the World Bank, farmers need to raise their crop output by 50% per hectare by 2050. Increase in the production of fruits & vegetables, the growing requirement of a healthy diet, and favorable government support for using agrochemicals in farming activities is expected to complement the business growth.
Data statistics state that food & vegetables yield, which was nearly 2 billion tons in 2015, is slated to exceed 2.35 billion tons by 2024 and this, in turn, will spur copper oxychloride market revenue. According to Global Market Insights, Inc., “Copper oxychloride industry size, which was evaluated at USD 230 million in 2015, is forecast to hit USD 333.6 million by 2024.”
U.S Copper Oxychloride Market size, by application, 2013-2024 (USD thousand)
Taking into consideration the geographical trends, Asia Pacific copper oxychloride industry revenue, which was estimated at USD 55 million in 2015, is slated to register substantial gains of more than 4% over 2016-2024. The revenue is driven by the decrease in cultivable land as a result of the rising population as well as growing industrialization. Japan, China, and India are likely to be the major regional revenue drivers.
North America copper oxychloride market, worth USD 55 million in 2015, is projected to witness a substantial surge over the coming seven years, subject to the escalated demand for agrochemicals in farming to increase the yield of crops & vegetables. The U.S. is projected to drive the regional share.
Copper oxychloride finds wide applications in colorants & pigments, fungicides, and commercial feed supplements. Colorants & pigments applications, which generated a revenue of more than USD 5 million in 2015, are predicted to make noteworthy contributions toward copper oxychloride market share over the span of the coming years. The growth can be attributed to the mounting use of the product in colorants & pigments for glass and ceramics. The product’s use as a coloring agent in manuscripts, wall paintings, and illuminations will further boost the revenue.
Copper oxychloride market size in fungicides is expected to register a CAGR of more than 4% over the coming seven years, driven by widespread use of the product in agriculture to improve the crop harvest across the limited cultivable land. Commercial feed supplements applications segment is forecast to accrue income greater than USD 8 million by 2024. The growth is driven by the extensive product usage in animal feed preparations.
Global copper oxychloride market share is highly consolidated with the top three players contributing to more than 50% of the overall revenue in 2015. Market players will try to increase their return on sales by implementing business growth strategies such as product differentiation, mergers & acquisitions, strategic alliances, and product benchmarking.
Biota Agro Solutions Private Limited, Manica S.p.A., Killicks Pharma, Greenriver Industry Company Limited, Isagro S.p.A, Albaugh LLC, Syngenta AG, Spiess-Urania, and Vimal Crop Care Private Limited are the key participants of copper oxychloride industry.