Copper Oxychloride Market to Expand with Significant CAGR During 2024
The
global market for copper oxychloride is characterized by a highly
fragmented competitive landscape wherein a large number of small-,
medium, and large scale players operate in the market. The
small-scale market players are on the quest to retain their customers
from the local markets while the medium-sized players are aiming to
take the next step in expanding their market base. However, both of
these small- and medium-sized players face a threat of being
overthrown by the large scale players.
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The
large-sized companies are expected to focus on mergers and
acquisitions to capture a consumer base in new areas and unexplored
territories. Strategic alliances are also anticipated to be a core
strategy of the market players who want to reap the benefits of a
larger reach. Furthermore, the competition in the market is expected
to stiffen over the coming years as new players enter the market to
try their fortunes. Some of the key players in the global market for
copper oxychloride are Vimal Crop Care Pvt. Ltd, Manica S.p.A., Biota
Agro Solutions Private Limited, Killicks Pharma, Syngenta, IQV,
Isagro S.p.A., Albaugh, LLC, and SPIESS-URANIA. All of these market
players are expected to reinvent their business strategies in order
to gain a greater market share as against their competitors.
Transparency
Market Research (TMR) foresees the global market for copper
oxychloride to expand at a steady CAGR of 4.20% over the period
between 2016 and 2024. The market that was valued at US$231.8 mn in
2015 is projected to rise to a value of US$333.5 mn in 2024. In terms
of geography, the market for copper oxychloride in Asia Pacific
accounted for 30% of the total market share in 2015.
The
usage of cuprous oxide or copper during the micronutrient process of
manufacturing copper oxychloride makes it useful for a number of
agricultural processes. Fungicides are important for the growth and
development of several fruits and vegetables, and copper oxychloride
can act as a fungicide in this regard. Hence, the demand within the
global market for copper oxychloride is expected to touch new heights
over the coming years. Copper is an essential mineral and is vital
for the growth of animals and humans during the formative years of
life. Hence, copper oxychloride is used in feed supplements in order
to pack a balanced diet for the consumers. Furthermore, pyrotechnics
is also amongst the key processes wherein copper oxychloride is
extensively used; the reason behind its usage for pyrotechnics is the
low cost of copper oxychloride relative to other copper compounds.
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Asia
Pacific to Emerge as Leading Regional Segment
The
global market for copper oxychloride is expected to be led by the
Asia Pacific region over the coming years. The prominence of the
agricultural sector in Asia Pacific is the key reason behind the
growth of the regional market. Furthermore, in India and China, the
governments are making prolific efforts to fortify the agricultural
sector by offering grants and subsidies to the agriculturists.
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Moreover,
the need to store and distribute grains at regular intervals of time
has also propelled demand for copper oxychloride in Asia Pacific.
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