Copper Nitrate Market predicted to grow exponentially by 2024
Date: 2018-10-01   Author: Ronak Bora  Category: #industry

Copper Nitrate Market predicted to grow exponentially by 2024

By product the Copper Nitrate market is segmented mainly into two viz. hydrous and anhydrous form. Hydrous copper nitrate occurs in five forms viz. hexahydrate, trihydrate, hemi pentahydrate, sesquihydrate and monohydrate of which hexahydrate and trihydrate are the most common forms. By the level of purity, it is classified into four categories - (2N) 99%, (3N) 99.9%, (4N) 99.99% and (5N) 99.999%.

The copper nitrate market is likely to grow during the forecast period because it is used in many different industries. The end users of copper nitrate market are chemical industries, textile industries which uses it as a dye and in printing industry as a pigment. It is also used as a pigment in ceramics industry. Global ceramics market share was more than 150 billion USD in 2015 and is expected to grow by more than 6 % CAGR during forecast period which will also drive the copper nitrate market.

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Copper Nitrate Market size will witness favorable growth during forecast period due to extensive use of copper oxide in chemicals industry as well as textiles and ceramics industry. Copper nitrate is an inorganic compound which forms blue crystalline solids mainly used to convert into copper oxide.

 Global chemicals industry witnessed more than 5 billion dollar sales each year from 2013 to 2015 and this trend is expected to continue and drive the copper nitrate market during the forecast period. Owing to the increasing demand for high quality apparels and clothes and increasing purchasing power of consumers in developing countries, the textiles market is growing at a fast pace and recorded exports of more than 280 billion USD in 2015. At the same time apparels industry, recorded exports of more than 400 billion USD. This growth will also augment the copper nitrate market during the forecast timespan.

The product is a strong oxidizing agent and hence it may increase intensity of fire when kept in proximity to other combustible material. It also causes irritation when in contact with eyes, skin or inhaled. This makes handling and storing of the product difficult and unsafe. These factors can hinder the copper nitrate market causing industries to find other safer alternatives.

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Major companies in the copper nitrate market are – International 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.

 



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Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for AlgosOnline and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport.

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