Market Size in 2022 | Market Forecast in 2030 | CAGR (in %) | Base Year |
---|---|---|---|
USD 7 Billion | USD 15 Billion | 7.5% | 2022 |
The global copper nitrate market size was evaluated at $7 billion in 2022 and is slated to hit $15 billion by the end of 2030 with a CAGR of nearly 7.5% between 2023 and 2030.
Copper nitrate is an inorganic compound which exists in blue crystalline solid form. It is a soluble in ethanol, ammonia, and water. Copper nitrate is a insoluble in ethyl acetate and can be synthesized by making copper and nitric acid react directly. Another method of copper nitrate synthesizing is the dissolution of copper carbonate in nitric acid. Reportedly, copper nitrate comprises five distinct hydrates and the most common among them are hexahydrate and trihydrate.
Massive application of products in the apparel and clothing sector to boost the global market expansion over coming years
Large-scale use of copper nitrate in copper oxide synthesis along with their use as a catalyst in various other synthesis processes will steer the global copper nitrate market surge over the coming seven years. An increase in demand for copper nitrate as a dye in the textile sector is one of the key factors supporting the growth of the market across the globe in the forecast timeline. Moreover, the humungous demand for high-quality clothes along with the rise in the purchasing capacity of customers in the emerging economies will extend the scope of the market globally in the coming seven years.
A surge in the product demand from building & construction and agrochemicals sectors will steer the global market expansion. Growing demand for products in the farming sector will embellish the expansion of the market across the globe. Swift industrialization witnessed in emerging economies will proliferate the growth of the market globally.
An increase in raw material costs to halt the growth of the global industry by 2030
A rise in the costs of raw components is predicted to halt the growth of the copper nitrate industry across the globe. Furthermore, the toxic nature of copper nitrate will put brakes on the global industry. Strict government laws regarding product usage will hinder the growth of the industry expansion over the upcoming years.
Supportive government policies aiding agrochemical products to open new growth opportunities for the global market
Favorable government schemes supporting the production of agrochemicals will open new growth avenues for the global copper nitrate market. Apart from this, the product is a reagent for synthesizing copper oxide and is utilized in the ceramic sector, thereby steering the expansion of the market globally in the years ahead. A prominent increment in the export of apparel will translate into a huge demand for products in the coming years. Large-scale use of products in glazes, glasses, and enamels will propel the global market space.
Harmful effect of the product on the environment can prove to be a huge challenge for global industry expansion
The hazardous effect of the product along with the growing need for reducing volatile organic compound emissions in the atmosphere will pose a huge challenge for the global copper nitrate industry in the coming years.
The global copper nitrate market is sectored into composition, application, and region.
In composition terms, the copper nitrate market across the globe is segregated into trihydrate, monohydrate, hemipentahydrate, sesquihydrate, and hexahydrate segments. Furthermore, the trihydrate segment, which acquired nearly 64% of the global market earnings in 2022, is anticipated to record the highest gains over the forecast timeline. The expansion of the segment during 2023-2030 can be due to a rise in the use of trihydrate in aromatic compounds.
Based on the application, the global copper nitrate industry is divided into textile dyes, organic synthesis processes, polishing agents, laboratory experiments, and other segments. Moreover, the textile dyes segment, which led the application landscape in 2022, is expected to dominate the segmental surge even during the forecast timeline. The growth of the segment over the assessment period can be subject to the large-scale use of copper nitrate in dyes to impart various colors such as blue, pink, red, black, grey, and green to fabrics.
Report Attributes | Report Details |
---|---|
Report Name | Copper Nitrate Market |
Market Size in 2022 | USD 7 Billion |
Market Forecast in 2030 | USD 15 Billion |
Growth Rate | CAGR of 7.5% |
Number of Pages | 221 |
Key Companies Covered | Biological Laboratories, American Elements, Alpha Chemika, Chemical Point UG, Combined Chemicals, Sigma-Aldrich, MINS group, Beijing Science and Technology, ALS Environmental, Evans Chem India, Zibo Hangzheng Chemical Trading, Wuhan Pharmchem Company, Shanghai Hanhong Scientific., and others. |
Segments Covered | By Composition, By Application, and By Region |
Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA) |
Base Year | 2022 |
Historical Year | 2017 to 2021 |
Forecast Year | 2023 - 2030 |
Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
Asia-Pacific region is predicted to lead the global copper nitrate market space over the forecast timeline
Asia-Pacific, which contributed about half of the global copper nitrate market revenue in 2022, is likely to be a dominating region over the forecast timeframe. Moreover, the regional market expansion over the ensuing years can be attributed to the use of the product in various end-use industries manufacturing chemicals and textiles. Furthermore, countries such as China and India are one of the leading manufacturers of copper nitrate in terms of production and usage.
The North American copper nitrate industry is set to record the fastest CAGR in the next seven years. The growth of the industry in the sub-continent over the forecast timeline can be subject to the presence of key manufacturers in the sub-continent. Apart from this, the easy availability of raw materials in countries such as the U.S. will proliferate the growth of the industry in the region. Furthermore, an increase in the export of products to countries in Latin America and APAC leading to an increase in the GDP of the countries in North America will contribute significantly towards the regional industry earnings.
The global copper nitrate market profiles key players such as:
By Composition
By Application
FrequentlyAsked Questions
Copper nitrate is an inorganic compound which exists in blue crystalline solid form. It is a soluble in ethanol, ammonia, and water.
The global copper nitrate market growth over forecast period can be owing to an increase in demand for copper nitrate as dye in the textile sector
According to a study, the global copper nitrate industry size was $7 billion in 2022 and is projected to reach $15 billion by the end of 2030.
The global Copper Nitrate market is anticipated to record a CAGR of nearly 7.5% from 2023 to 2030.
The North American copper nitrate industry is set to register the fastest CAGR over the forecasting timeline can be owing to a presence of key manufacturers in the sub-continent. Apart from this, easy availability of raw materials in the countries such as the U.S. will proliferate the growth of the industry in the region. Furthermore, an increase in the export of products to countries in the Latin America and APAC leading to increase in the GDP of the countries in North America will contribute sizably towards the regional industry earnings.
The global copper nitrate market is led by players such as Biological Laboratories, American Elements, Alpha Chemika, Chemical Point UG, Combined Chemicals, Sigma-Aldrich, MINS group, Beijing Science and Technology, ALS Environmental, Evans Chem India, Zibo Hangzheng Chemical Trading, Wuhan Pharmchem Company, and Shanghai Hanhong Scientific.
The global copper nitrate market report covers the geographical market along with a comprehensive competitive landscape analysis. It also includes cash flow analysis, profit ratio analysis, market basket analysis, market attractiveness analysis, sentiment analysis, PESTEL analysis, trend analysis, SWOT analysis, trade area analysis, demand & supply analysis, Porter’s five force analysis, and value chain analysis.
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