Increasing Focus on Aesthetic Appeal and Increasing Expenditure on Personal Care Products to Augment Growth of Copper Sulfate Market

 


Copper sulfate is found in personal care products. It is also used as a fungicide and herbicide for the treatment of orchards and vineyards and in industrial production of Rayon.

Market Dynamics

Increasing focus on aesthetic appeal is expected to propel growth of the copper sulfate market. For instance, according to a 2018 survey by GlobalData, around three quarters of South Korean men undertake a beauty or grooming treatment at least once a week. Moreover, increasing expenditure on personal care products is also expected to aid in growth of the market. For instance, according to the U.S. Bureau    of Labor Statistics, average annual expenditure on personal care products in the U.S. increased from US$ 707 in 2016 to US$ 768 in 2018.  

Increasing demand for food is expected to boost demand for fungicide and herbicide, thereby offering lucrative growth opportunities for players in the copper sulfate market. For instance, according to Food and Agriculture Organization, worldwide food demand is expected to increase by 70% by 2050. Moreover, increasing demand for Rayon fabrics and growth in the textile sector is also expected to aid in growth of the market. For instance, according to National Council of Textile Organizations (NCTO), 2018 state of the U.S. Textile Industry Address, in 2017, the value of U.S. man-made fiber and filament, textile, and apparel shipments totaled an estimated US$ 77.9 billion, an increase from US$ 74.4 billion in output in 2016 and an increase of 16% since 2009.

However, significant drop in wine production worldwide is expected to limit demand for copper sulfate in orchards and vineyards. This in turn is expected to hinder growth of the copper sulfate market. For instance, according to the International Organization of Vine and Wine, the world’s total wine production in 2019 was estimated to be 263 million hectoliters, a drop of 10% compared to 2018.   

Competitive Analysis

Major players operating in the copper sulfate market include, Atotech, Allan Chemical Corporation, WEGO Chemical & Mineral Corp., and NOAH Technologies Corporation.

Major players operating in the copper sulfate market are focused on adopting various marketing strategies to enhance their market share. For instance, in 2020, Wego Chemical Group announced to present at the American Coatings Show 2020. Similarly, in 2019, Atotech announced to present at the 2019 International Electronics Circuit Exhibition in Shenzhen, China.


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