The global copper ammonium carbonate market is expected to grow steadily owing to its use as fungicides in the agricultural industry. In addition, it is used as a fungicide for the preservation of wood in the wood industry. Rising food demand coupled with a booming population is key market drivers for the copper ammonium carbonate market. Focus on increasing crop yield quality owing to a reduction in arable land is another factor contributing to the growth of this market. Copper ammonium carbonate is widely used as a fungicide in the agricultural industry particularly in crops containing high copper content such as wheat, barley, and oats. In addition, it is also used to separate copper out of copper-bearing scrap metal.
Copper ammonium carbonates’ use as a fungicide has the majority market share and the trend is expected to remain the same during the forecast period. The use of copper ammonium carbonate in copper separation from scrap is increasing owing to a rise in the copper mining costs over the years. Toxicity owing to the presence of arsenic in copper ammonium carbonate is a major threat to the growth of the market. In addition, the presence of eco-friendly substitutes is anticipated to hamper copper ammonium carbonate market growth over the forecast period. In addition, stringent regulations particularly in North America and Europe contribute to the declining market share.
Asia Pacific held the majority of market share for copper ammonium carbonate owing to the large population and rising demand for food crops, particularly in China and India. In addition, Indonesia and Malaysia are expected to witness significant market growth owing to an increase in agricultural activities. North America held the second-largest market share followed by Europe. Demand from Brazil, South Africa and Central Africa is expected to grow gradually owing to increasing focus on the agricultural sector. However, Europe is expected to witness sluggish growth due to stringent regulations opposing the use of toxic agrochemicals. Moreover, rising consumer awareness regarding the harmful effects of chemical fungicides is forcing farmers to move towards organic farming.
Copper ammonium carbonate producers are primarily located in Asia Pacific owing to low labor and land cost, and lenient regulations against the use of chemical fertilizers and fungicides. Key players in the copper ammonium carbonate include Bayer CropScience, Shanghai Mingdou Agrochemical Co. Ltd., Monsanto, Syngenta AG, Shanghai Tenglong Agrochemical Co. Ltd., and SinoHarvest Corporation.
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The current pandemic situation has created disruption in the manufacturing of agrochemicals by virtue of raw material availability. Furthermore, this continual trend shall have a cascading effect on food productivity and crop yields on economies that are predominantly agrarian, during a time when demand for Agri produce shall register a spike over the medium term. Governments across the developing world are vying to incrementally ease restrictions on the manufacturing of fertilizers and maintain seasonal agricultural activities in order to reduce concerns regarding food security, which is a critical indicator for determining the course of a supply gap in the industry. The report will account for Covid19 as a key market contributor.