Copper Sulfate Market Share

Global Copper Sulfate Market Overview

Copper Sulfate Market Size was valued at USD 1.2 Billion in 2022. The Copper Sulfate market is projected to grow from USD 1.3 Billion in 2023 to USD 2.0 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.80% during the forecast period (2023 - 2032). The agricultural sector's rising need for copper sulfate and the expansion of the copper sulfate market, are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Copper Sulfate Market Trends

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  Growth in the copper market is driving the market growth

  
  

One of the factors propelling the growth of the copper sulfate market is the expansion of the copper market. For the production of copper sulfate, copper serves as the primary raw material and is processed with diluted sulfuric acid. At the moment, China, Japan, South Korea, Taiwan, and India are the top five consumers of copper sulfate, making up 61% of the world's copper market. As a result, the market will be driven by rising copper production and demand throughout the forecast period.

Throughout the anticipated period, a high growth rate is anticipated for the global Copper Sulphate market. The proper operation of their body is aided by factors like the rising demand for copper sulfate in the agricultural sector, particularly in the production of fungicides and as an ingredient in animal feed. Additionally, copper sulfate is the most preferred electrolyte in the metal and electrical industries for uses like refining, electroplating, and battery development. The copper sulfate market is also anticipated to grow throughout the anticipated period due to rising demand and widespread application. However, if consumed, the adverse effects seen in people could limit the future expansion of the copper sulfate market.

Numerous end-use industries, including agriculture, mining, metallurgy, and healthcare, use copper sulphate extensively. It also has uses in the adhesives, chemicals, building, and textile sectors, where it can be used to make things like paints, wood preservatives, and pesticides. The copper sulfate can be used as an electrolyte in the refinement of copper and is also utilized for electroplating, creating batteries, and refining.

The copper sulfate market is being driven by the agricultural sector, which uses copper sulfate in a variety of ways. Around 200,000 tons of copper sulfate are thought to be consumed globally each year, with the agricultural sector using the vast majority of it. The production of fungicides and insecticides used in farming to increase crop output uses copper sulfate as a basic ingredient. Global food consumption has increased due to the growing population, and as a result, farmers are utilizing more productive farming methods. The demand for copper sulfate is developing due to the growing requirement for fungicides to eradicate parasitic fungi or their spores in order to improve agricultural output. Copper sulfate works as a protective fungicide to safeguard plants during seed treatment before they mature when it is mixed in water with lime (Bordeaux Mixture). Chromated copper arsenate, a commonly used wood preservative, is made from Paris gas, an insecticide made from copper sulfate. It gives the wood properties that are insecticidal, fungicidal, and UV light reflecting. Thus, driving the Copper Sulfate market revenue.

Copper Sulfate Market Segment Insights

Copper Sulfate Type Insights

The Copper Sulfate Market segmentation, based on Type, includes anhydrous, pentahydrate, and others. In 2022, the pentahydrate sub-segment had the most share. More over half of the world's consumption of copper sulfate comes from the agriculture sector. Copper sulfate is largely utilized as a herbicide, fungicide, and pesticide in the agricultural sector. Fungicides include copper sulfate pentahydrate. Bordeaux and Burgundy combinations, which are more efficient fungicides, are made by combining it with lime.

Copper Sulfate Application Insights

The Copper Sulfate Market segmentation, based on Application, includes chemicals, agriculture, construction, healthcare, mining and metallurgy, and others. In 2022, the application segment's agriculture sub-segment had the majority of the market share. The agricultural industry, where it is mostly used in fungicides, herbicides, fertilizers, etc., is one of the greatest markets for copper sulphate, followed by the animal husbandry industry. It is a component of disinfectants and sterilizers used in the healthcare industry. Insecticides, wood preservatives, and paints are only a few examples of the goods that are produced using it in other industries, such as the adhesives, building, chemical, and textile ones.

Figure 1: Copper Sulfate Market, by Application, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Copper Sulfate Regional Insights

By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. Asia Pacific Copper Sulfate market dominated the global market in 2022 with the share of 45.80% and is expected to do so during the forecast period. According to estimates, the demand for copper sulfate in the region will rise as a result of the region's expanding agricultural operations and abundance of animal husbandry. Additionally, it is anticipated that ongoing demand from developing nations like China and India will support market expansion. Further, China’s Copper Sulfate market held the largest market share, and the Indian Copper Sulfate market was the fastest growing market in the Asia Pacific region.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: COPPER SULFATE MARKET SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

North America Copper Sulfate market is expected to experience healthy growth. The market for copper compounds used as anti-fouling agents in the paint industry is driven by copper sulfate, which is used as a flotation reagent in concentration ores and as a raw material for copper naphthenate and other copper compounds. The mining industry has grown as a result of the increased demand for material resources. In North America, the animal husbandry sector is likewise experiencing an increase in demand. Further, the U.S. Copper Sulfate market held the largest market share, and the Canada Copper Sulfate market was the fastest growing market in the North America region.

The European Copper Sulfate market is expected to witness a decent growth rate during the forecast period. The demand for copper sulfate in Europe is anticipated to increase due to the increase in agricultural operations and the presence of numerous agricultural and animal husbandries. Additionally, it is predicted that the ongoing demand in developing nations like France and Spain will support the growth of the copper sulfate market. Further, the German Copper Sulfate market held the largest market share, and the U.K Copper Sulfate market was the fastest growing market in the European region.

Copper Sulfate Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their Product lines, which will help the Copper Sulfate market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Copper Sulfate Industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Copper Sulfate Industry to benefit clients and increase the market sector. In recent years, the Copper Sulfate Industry has offered some of the most significant advantages to medicine. Major players in the Copper Sulfate market, including Beneut Enterprise Co. Ltd., Blue Line Corp, Changsha Haolin Chemicals Co. Ltd., Highnic Group, JX Nippon Mining & Metals Corp., NEKK Industrial Group, Noah technologies Corp., Old Bridge Chemicals Inc., and Sumitomo Metal Mining Co. Ltd., are attempting to increase market demand by investing in research and development operations.

Exploration, development, and mining are activities carried out by Sumitomo Metal Mining Co Ltd (SMM). Mineral ores and metals are produced by processing. Rolled copper foil, copper and brass strips, battery components, communication devices, lead frames, construction components, paste and powder components, packaging components, board components, and printed circuit boards are among the products it produces and sells. Additionally, the business provides domestic marine and transportation, precious metals recycling, water treatment, environmental business and consulting services. It runs mining, smelting, and refining operations in Chile, Peru, the Philippines, Peru, and the US. The headquarters of SMM are located in Minato-ku, Tokyo, Japan. In order to increase its output capacity of nickel and cathode materials used in batteries, Sumitomo Metal Mining Co Ltd (SMM) stated in February 2022 that it will triple its capital investment over the following three years. This move is likely to strengthen the copper sulfate industry.

Metal products are available from JX Nippon Mining & Metals Corporation. The business develops, mines, refines, and markets non-ferrous metals like gold, silver, and copper. Additionally produced and offered for sale by JX Nippon Mining & Metals are copper foils, semiconductor materials, precision-rolled copper, copper alloy products, and special steel goods. A 51% share in SCM Minera Lumina Copper Chile, which runs the Caserones copper-molybdenum mine in Chile, will be purchased by Canadian company Lundin Mining for USD 950 million in March 2023. From JX Nippon Mining & Metals and a few of its subsidiaries, the stake will be purchased. According to the agreement, Lundin Mining will give JX an upfront cash payment of USD 800 Mn. Lundin Mining will additionally give JX USD 150 Mn in deferred cash consideration, which will be paid over the course of six years after the closing.

Key Companies in the Copper Sulfate market include

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  Beneut Enterprise Co. Ltd.

  
  


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  Blue Line Corp

  
  


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  Changsha Haolin Chemicals Co. Ltd.

  
  


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  Highnic Group

  
  


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  JX Nippon Mining & Metals Corp.

  
  


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  NEKK Industrial Group

  
  


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  Noah technologies Corp.

  
  


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  Old Bridge Chemicals Inc.

  
  


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  Sumitomo Metal Mining Co. Ltd.

  
  

Copper Sulfate Industry Developments

January 2023 Through its ownership of the Quebrada Blanca 2 copper project, SMM (Sumitomo Metal Mining Co Ltd) expects to increase its copper output from 230,000 tonnes in 2023 to 270,000 tonnes in the year ending in March 2025.

Copper Sulfate Market Segmentation

Copper Sulfate Type Outlook

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  Anhydrous

  
  


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  Pentahydrate

  
  


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  Others

  
  

Copper Sulfate Application Outlook

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  Chemicals

  
  


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  Agriculture

  
  


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  Construction

  
  


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  Healthcare

  
  


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  Mining and Metallurgy

  
  


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  Others

  
  

Copper Sulfate Regional Outlook

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  North America

  
  
  
  
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    US.

    
    
  
  
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    Canada

    
    
  
  
  
  


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  Europe

  
  
  
  
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    Germany

    
    
  
  
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    France

    
    
  
  
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    UK

    
    
  
  
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    Italy

    
    
  
  
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    Spain

    
    
  
  
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    Rest of Europe

    
    
  
  
  
  


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  Asia-Pacific

  
  
  
  
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    China

    
    
  
  
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    Japan

    
    
  
  
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    India

    
    
  
  
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    Australia

    
    
  
  
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    South Korea

    
    
  
  
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    Australia

    
    
  
  
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    Rest of Asia-Pacific

    
    
  
  
  
  


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  Rest of the World

  
  
  
  
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    Middle East

    
    
  
  
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    Africa

    
    
  
  
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    Latin America