Copper Sulfate Market Size Expected to Reach $1.3 Billion by 2030

According to a new report published by Allied Market Research, titled, "Copper Sulfate Market By Form And Application: Global Opportunity Analysis And Industry Forecast, 2020-2030," the global copper sulfate market size was valued at $0.8 billion in 2020, and is projected to reach $1.3 billion by 2030, with global copper sulfate market forecast expected at a CAGR of 5.4% from 2021 to 2030.

Increase in population has increased demand for various resources, which include food, textiles, material resources, and medical facilities. U.S is one of the most developed countries in the world using copper sulfate across diverse industries, which include mining, agriculture, textile, petroleum, and pharmaceutical. Presence of technological giants such as Apple, Tesla, Google, and Microsoft in the U.S. drive growth of the copper sulfate market during the forecast period. China is global hub for electronic and chemical manufacturer of various raw materials required by industries, including copper sulphate, which provide remunerative opportunities for growth of the copper sulfate market.

Increase in investments by developing countries for developments of various infrastructures that require copper sulfate in variety of activities propels the market growth. In addition, it is used in the manufacturing of pigments such as copper chromate, copper ferrocyanide, and copper phthalocyanine, which are used in the paint industry. The above-mentioned factors are the key factors expected to provide ample opportunities for the growth of the copper sulfate market during the forecast period.

Copper sulfate has mild toxins as they are made from heating copper and sulphuric acid and leaching low-level copper ore with air in the presence of bacteria. Long-time intake or exposition to this product has health effects. Hence, demand for copper sulfate is declining in most consumer nations. Increase in awareness among people regarding organic foods and pollution caused by tanning in textile and leather industries are some of the restrains  for growth of the copper sulfate market.

On the basis of form, the global copper sulfate market is segmented into anhydrous, pentahydrate and others. The applications covered in the study include agriculture, chemicals, construction, mining & metallurgy and others. 

Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Asia-Pacific accounts for the largest share of the market, followed by North America and Europe. 

The major companies profiled in this report include Beneut Enterprise Co. Ltd., Blue Line Corp., Changsha Haolin Chemicals Co. Ltd., Highnic Group, JX Nippon Mining & Metals Corp., MEEK Industrial Group, Noah Technologies Corp., Old Bridge Chemicals Inc., Sumitomo Metal Mining Co. Ltd., and Univertical LL. 

Rapid increase in demand for copper sulfate has led key manufacturers to expand production to meet market demand across the globe. Moroever, growth strategies such as new product developments, partnership, and acquisition are also adopted by key players to attain firm position in the copper sulfate market trends. 

Impact Of Covid-19 On The Global Epoxy Curing Agents Market

• Emergence of COVID-19 had a negative impact on growth of the global copper sulfate market for a more than 18 months in industrial sector.
• Copper sulfate has high cost during this pandemic period due to the price of copper oxide and sulphuric acid cost due to various restrictions on regional supply due to lockdown which lead to transportation shutdown. 
• Decline in demand for copper sulfate in the electronic and other industries have negative impact on the market during this period in these sectors. Outbreak of pandemic created a substantial shift of increase .in demand of copper sulfate from the health care industry.
• Growth in awareness among the people towards the eco-friendly products during this pandemic time as copper sulfate is an unnecessary danger and water can be contaminated in the ponds and lakes which can be harmful to animals and people. 
• Outbreak of COVID-19 halted the many infrastructure projects in the developing countries which also lead to decline of demand of this product in this sector.
• Thus, the abovementioned factors are expected to have positive impact of the global Copper Sulfate market growth in current times in the infrastructure development of developed countries.

Key findings of the study

• By region, the Asia-Pacific copper sulfate market is projected to witness growth at the highest CAGR in terms of revenue, during the forecast period.
• As per Copper Sulfate market analysis, by form, the pentahydrate segment accounted for the largest copper sulfate market share in 2020.
• On the basis of application, the agricultural segment accounted for the largest market share in 2020.