Copper Fungicides Market Strengthened by Thriving Chemical and Materials Industry
Pune, Maharashtra, November 14, 2019 (Wired Release) Prudour Pvt. Ltd. The global copper fungicides market is projected to be US$ 975.3 Mn in 2018 to reach US$ 1573.7 Mn by 2028 at a CAGR of 4.9%.
Fungicides are biological organisms or biocidal chemical compounds used to kill parasitic fungi or their spores. A fungicide inhibits the growth of fungi. Fungi can cause severe damage in agriculture, resulting in critical losses of yield, quality, and profit. Copper(Cu) is used for plant protection in agriculture for more than 150 years. Copper Fungicides are used in all major plant crop, important for nutritional, economic and social aspect globally. Copper fungicides have a low risk of developing resistant fungal strain due to the multilateral mode of action. This property is the reason they have great value in ant-resistant strategy in the suppression of important fungal diseases. Copper product has a great role as plant protection products in organic farming hence they are included in all manuals for Technological supports for organic farming, which are published by the Ministry of agriculture, forestry and food.
Today’s copper fungicides are more active, which reduces the amount of copper applied to crops and soil. Soluble solutions, like copper sulfate pentahydrate, which have copper ions are significantly effective at fractional rates. Solutions insoluble, such as oxychlorides and hydroxides, release copper ions over some time, and hence not immediately available.
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The demand for copper fungicide has increased in recent years. The major factor that affects the consumption of copper fungicide is the increased demand for food cultivation. The growing number of fungal diseases affecting the crop is another factor which helps the growth of the copper fungicide market.
The growing demand for food and shrinking land is one of the most driving factors of copper fungicide growth. According to a report by the UN, the estimated world population will reach around 8.5 billion by 2030 thus increasing the demand for food supply.
Increasing awareness of potential crop production loss due to non-usage of crop protection chemicals will help the market of copper fungicide to grow in future.
However, high research cost associated with the development of a new chemical molecule will restrain the market growth. It takes around nine years to develop a new molecule. Nonetheless, the majority of copper fungicide product going off-patent would unleash a great opportunity. It is estimated that around USD 3 billion worth of crop protection chemicals to go off-patent by 2020.
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Global copper fungicides market is segmented on the basis on the farming type, application and region. On the basis of farming type, the market is segmented into conventional farming and organic farming. The organic farming segment accounts for the majority share in the global copper fungicides market, while conventional farming is expected to register the steady growth rate over the forecast period. On the basis of application, the market is segmented into grains, fruits, vegetables and other application. Fruits account for a majority share in the global copper fungicides market.
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On the basis of region, the market is segmented into North America, Europe, Asia-Pacific, South America, Middle East, Africa and the rest of the world. Europe region accounts for the majority share in the global copper fungicides market due to an increasing trend towards horticulture will help in the growth of copper fungicide industry, followed by North America. Emerging economies such as APAC is expected to register the highest growth rate over the forecast period.
The research report on the global copper fungicides market includes profiles of some of the major companies such as MAT Holdings S.L., Nufarm Limited, Adama Agricultural Solutions Limited, UPL Limited, Nordox AS, Albaugh LLC, Bayer Aktiengesellschaft, Zhejiang Hisun Group Co. Ltd. And Mitsui and Co., Ltd.