Owing to rising demand from agriculture, mining, horticulture, paint and dye industry is driving the market growth. Rising demand from the agriculture sector owing to herbicide and fungicide is again fueling the market growth. Use of copper sulphate as an electrolyte in metal plating process is likely to upsurge the market demand. Additionally, use of copper sulphate as anti-fouling paint to suppress the growth of marine algae, weed and other floral bodies is again pushing its demand from marine and paints industry.
The latest report by Value Market Research expects the Global Copper Sulfate Market was valued USD 600 million in 2017 and is likely to reach at USD 875 million by 2024 with CAGR of 5%.
AGRICULTURE DOMINATED THE APPLICATION SEGMENT
In 2017, agriculture led the application segment by accounting major market share. Use of copper sulfate as a weed suppressor, fungicide and herbicide, it is driving its application in agricultural sector. Rising demand for food and increased R&D for effective fungicide and herbicides to protect farm yield is again fueling the segment growth. Apart from this, it also acts as micronutrient in copper deficient soil is further boosting the market demand in agricultural application.
ASIA PACIFIC LED THE REGIONAL MARKET
Geographically, Asia Pacific dominated the market and has accounted for over 2/3rd of the total market share in 2017. Rise in agricultural activities due to increased population leading to the growing demand of agricultural yield is driving the regional market growth.
KEY PLAYERS OF THE MARKET
Allan Chemical Corporation, ATOTECH, NOAH Technologies Corporation and WEGO Chemical & Mineral Corp. are the major players of the market. Some of the players are investing in plant to stream the production process to cater end-use industries. For instance, Camrova Signs Binding LOI for Investment in Small-scale Copper Plant in Chile.