Technavio analysts forecast the global copper sulfate market to grow at a CAGR of over 5% during the forecast period, according to their latest market research report.
The fluctuations in copper prices is one of the major trends being witnessed in the global copper sulfate market 2018-2022. In 2017, factors such as economic growth, the availability, and suitability of substitute goods, and political considerations led to price fluctuations. Copper is the worlds third most consumed metal after iron and aluminum, and fluctuation in prices affect its demand and supply. Some other factors affecting the global prices are fluctuations in US dollar, volatile oil prices, and the supply-demand gap in China.
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According to Technavio analysts, one of the key factors contributing to the growth of the global copper sulfate market is the growth in the copper market:
Global copper sulfate market: Growth in the copper market
Copper ores extracted from mines are converted into copper concentrates that are purified and converted into copper. Copper is a reddish-brown commodity metal and is mainly consumed in APAC. Developing countries in the region, including India, China, Malaysia, Taiwan, and Vietnam, use copper in major end-user industries such as electrical and electronics, construction, automotive, and consumer goods. Copper is the major raw material when treated with diluted sulfuric acid for manufacturing copper sulfate. The increasing demand for copper in APAC and other developing countries will fuel the demand for copper sulfate during the forecast period.
According to a senior analyst at Technavio for research on metals and minerals, At present, countries such as China, Japan, South Korea, Taiwan, and India are the major copper sulfate consuming countries and account for a 61% share of the global copper market in terms of consumption. In 2017, Chile, Australia, and Peru consisted of rich copper reserves and accounted for 21.52%, 11.14%, and 10.25% of the total copper reserves, respectively. The increasing consumption of copper will drive the market during the forecast period.
Global copper sulfate market: Segmentation analysis
The global copper sulfate market research report provides market segmentation by applications (agriculture and chemical) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The agriculture segment held the largest market share in 2017, accounting for nearly 78% of the market. This application segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2017 with a market share of nearly 40%. This region is expected to dominate the market through 2022, with an increase in its market share by over 1%.
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Five Forces Analysis
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