Copper Sulfate Market Size Predicted to Generate Huge Revenues in the Future

Allied Market Research recently released a report titled "Copper Sulfate Market by Type (Anhydrous, Pentahydrate, and Others) and Application (Chemicals, Agriculture, Construction, Mining & Metallurgy, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030." According to this report, the global copper sulfate industry reached a value of $0.8 billion in 2020 and is projected to reach $1.3 billion by 2030, with a Compound Annual Growth Rate (CAGR) of 5.4% from 2021 to 2030.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐨𝐟 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰: https://www.alliedmarketresearch.com/request-sample/13499

Key Drivers of Market Growth:

The demand for electrical & electronic and textile products, coupled with the increasing global demand for food driving the need for agrochemicals, are major factors propelling the global copper sulfate market. However, concerns regarding health issues associated with copper sulfate consumption and the growth of eco-friendly agricultural products pose as restraints to market growth. Additionally, rapid advancements in electrical and construction technologies present new opportunities for the global copper sulfate market.

Covid-19 Impact:

During the Covid-19 pandemic, copper sulfate prices remained high due to elevated sulphuric acid costs and limited regional supply of raw materials. The pandemic led to a decline in demand as infrastructure projects in developing countries were halted. However, there was an increase in demand from the healthcare industry during this period.

Segment Analysis:

The Pentahydrate segment held the largest market share in 2020 and is expected to maintain its leading position throughout the forecast period. This growth is attributed to factors such as population growth, increased demand for food, and its extensive use in agriculture for manufacturing insecticides, fungicides, and addressing copper deficiency in soil and animals. Meanwhile, the anhydrous segment is projected to exhibit the highest CAGR of 5.4% from 2021 to 2030.

In terms of application, the agriculture segment dominated the market in 2020 and is forecasted to continue leading during the forecast period. This is driven by the rising need for high-quality food, prompting agrochemical companies to invest in developing high-quality chemicals to enhance crop yield. Conversely, the chemicals segment is expected to register the highest CAGR of 6.5% from 2021 to 2030.

Regional Outlook:

Asia-Pacific, followed by North America, held the highest market share in 2020 and is anticipated to maintain its dominance by 2030. Asia-Pacific is expected to exhibit the highest CAGR of 6.7% from 2021 to 2030, driven by the significant consumption of copper sulfate in countries like China and India, where the large population necessitates the use of copper sulfate-based agrochemicals to improve crop yields.

Key Market Players:

Prominent players in the global copper sulfate market include Blue Line Corp., Beneut Enterprise Co. Ltd., Sumitomo Metal Mining Co. Ltd., Changsha Haolin Chemicals Co. Ltd., Highnic Group, Noah Technologies Corp., MEEK Industrial Group, Old Bridge Chemicals Inc., Univertical LL, and JX Nippon Mining & Metals Corp.

𝐎𝐛𝐭𝐚𝐢𝐧 𝐑𝐞𝐩𝐨𝐫𝐭 𝐃𝐞𝐭𝐚𝐢𝐥𝐬: https://www.alliedmarketresearch.com/copper-sulfate-market-A13134

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