Copper sulphate, also known as cupric sulphate or CuSO4, is an inorganic compound which combines copper with sulphur. It occurs in different amounts of hydration due to which it is also called bluestone, roman vitriol, vitriol of copper and blue vitriol. The toxicity level of copper sulphate depends on the copper content in the compound. It can be used for several applications and for the production of various products ranging from paints to fungicides. A new research report by IMARC Group, titled “Copper Sulphate Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the market reached a volume of 362,000 Tons in 2017. The report further anticipates the market to reach a volume of 453,000 Tons by 2023, at a projected CAGR of nearly 4% over the forecast period.
Global Copper Sulphate Market Drivers/Constraints:
- One of the major factors which is driving the growth of the market is the increasing use of copper sulphate in the chemical industry for the purification of glass as well as in the form of a catalyst and as a source of copper.
- Copper sulphate is a preferred electrolyte for the purpose of various applications such as electro-plating, refining and development of batteries. This is further contributing towards the augmented demand for copper sulphate across the globe.
- There has been an increase in the usage of copper sulphate in agricultural manufacturing. It is utilised in the several forms which include herbicide, insecticide and fungicide. This is another factor which is positively influencing the growth of the market.
- Owing to the presence of dioxin in copper sulphate, it becomes toxic if exposed for a longer period of time. This is one of the primary obstacles which is hindering the growth of the global copper sulphate market.
On the basis of end-use, farming and animal husbandry account for the majority of the total market share, representing the leading end-use segment.
On a geographical front, Asia currently dominates the global copper sulphate market, holding the majority of the share. This is due to a continuous rise in the demand for copper sulphate across developing nations such as India and China. Asia is followed by North America, Europe, Latin America, and Middle East and Africa.
The report has also analysed the market on the basis of imports and exports. The United States represents the largest importer, whereas, the Russian Federation is the biggest exporter of copper sulphate worldwide.
The market is highly fragmented with the presence of numerous small and large manufacturers who compete in terms of prices and quality. Some of the leading players operating in the market are:
- Lustros Inc
- NEKK Europe Ltd
- Xintai Copper Industrial Co. Ltd.
- Yunnan Copper Company Ltd.
- Old Bridge Chemicals Inc.
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