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. 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.
Agricultural Industry Subsists Market Growth
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.
Moreover, the need to store and distribute grains at regular intervals of time has also propelled demand for copper oxychloride in Asia Pacific.