The market for copper ammonium carbonate is expected to grow at a CAGR of less than 5% globally. Major factor driving the market studied is the increasing use of copper ammonium carbonate in agricultural applications, along with demand for inorganic fungicide primarily in wood treatment. On the flip side, stringent government regulations pertaining to use of toxic agrochemicals and unfavorable conditions arising due to the COVID-19 outbreak is hindering the growth of the market.
- Agriculture is expected to dominate the application segment of the global copper ammonium carbonate market as it is used in broad spectrum of fungicides in crops like wheat, barley, and oats among others.
- Asia-Pacific region represents the largest market and is also expected to be the fastest-growing market over the forecast period owing to the consumption from countries such as China, South Korea, India, and Japan.
Key Market Trends
Increasing Use of Copper Ammonium Carbonate in Agricultural Applications
- Copper ammonium carbonate is extensively used as a fungicide in the agricultural industry especially in crops containing high copper content such as wheat, barley, durum wheat and oats. Emphasis on increasing crop yield quality mainly because of reduction in arable land is analyzed as another factor contributing to the growth of the market.
- Ever increasing food demand to meet the needs of increasing population coupled with growing demand from agricultural and pesticide manufacturing players as a funging agent are other factors boosting the product demand.
- Copper ammonium carbonate is deployed in combination with several other fungicides, such as fluoxastrobin, spiroxamine, tebuconazole, trifloxystrobin, bifaxen, and floupyram among others.
- The current pandemic situation has caused disruption in the manufacturing of agrochemicals by means of raw material availability. Furthermore, it is expected to have a cascading effect on food productivity and crop yields especially on economies that are predominantly agrarian, in a time when demand for agriculture produce is anticipated to register a spike in medium term.
Asia Pacific Region to Dominate the Market
- Asia-Pacific is anticipated to witness the highest CAGR during the period on account of rapid expansion and consumption of agricultural and industrial applications from countries like China, South Korea, Japan, and India.
- Asia Pacific held the majority of market share for copper ammonium carbonate owing to rising demand for food crops particularly from two of the most populated countries, China, and India. Also, countries like Indonesia and Malaysia is projected to witness significant market growth attributable to increased agricultural activities.
- Major market players have established their production facilities in the region owing to availability of cheap labor, land and comparatively lenient norms and regulations pertaining to chemicals.
- In addition, it is used as a fungicide for wood treatment, it is also employed to separate copper out of copper-bearing scrap metal.
- Due to the aforementioned factors, the demand for copper ammonium carbonate is expected to increase in the region during the forecast period.
The Copper Ammonium Carbonate Market is partially consolidated in nature with a few major players dominating a significant portion of the market. Some of the major companies are Bayer AG, Shanghai Mingdou Agrochemical Co. Ltd., Monsanto Company, Syngenta Group and SinoHarvest and among others.
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