Cupric Chloride Market - Size, Share, Trends, and Forecast 2019 - 2027
Cupric chloride, also known as copper (II) chloride, is a chemical compound with chemical formula CuCl2. It is a copper salt, which is light brown in color in anhydrous state. Anhydrous cupric chloride absorbs moisture due to its hygroscopic nature and forms hydrous cupric chloride, which is greenish blue crystals. It has wide range of applications and are produced commercially by chlorination of copper in the presence of water.
Wide array of applications of cupric chloride in various end-use industries such as textiles, glass & ceramics, and pesticides, and its use as a catalyst in organic and inorganic reactions are major factors driving growth of the cupric chloride market. Also, it is used as a purifying agent in the petroleum industry for manufacturing of indelible, invisible, and laundry marking inks. Significant growth of the aforementioned industries is further driving growth of the cupric chloride market. For instance, according to Federation of Indian Chambers of Commerce and Industry, major share of Indian crop protection market is of insecticides (60%), followed by fungicides, herbicides, and bio-pesticides.
Moreover, there is increasing demand for cupric chloride as laboratory agents due to catalytic and oxidizing properties of copper. Synthesis of various chemical intermediates such as diols and vinyl sulfones uses cupric chloride as a catalyst. This is expected to drive growth of the global cupric chloride market.
However, cupric chloride is toxic and in the process of etching, it attacks most of the plated metallic resists. These factors are expected to restrain growth of the global cupric chloride market.
Asia Pacific holds dominant position in the global cupric chloride market. Robust growth of industries such as textile and dyestuff in this region is increasing the demand for cupric chloride in Asia Pacific region. Moreover, due to low production cost and cheap labor, various key major manufacturers shifted their production facilities to Asia Pacific.
In Latin America, textile and handloom industry in emerging economies such as Brazil, Chile, Peru, and Argentina is well established, which is increasing the demand for cupric chloride. The market in Europe and North America is witnessing significant growth despite the sluggish economic growth in these regions due to growing manufacturing and chemical industries in these regions.
Some of the key players operating in the global cupric chloride market include BASF SE, The Dow Chemical Company, Brenntag North America, Inc., Tinco Group of Companies, and SQM.
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