Market Outlook:
The global Cuprous Oxide (CAS 1317-39-1) Market was valued at USD 702.8 Million in 2020 and is projected to reach USD 910.3 Million by 2028, expanding at a CAGR of 3.8% during the forecast period. Cuprous oxide (chemical formula - Cu2O) refers to an inorganic compound and is one of the oxides of copper. It appears as a powder of red, brown, or yellow color, is widely recognized as a semiconductor material since the 1980s, and has gathered attention as a feasible photocatalyst for degradation of chemicals for disinfecting pathogens such as bacteria or fungi. A key share of the demand for cuprous oxide stems from its use as an antifouling agent, especially in coatings and paints that are applied on marine vessels for prevention of barnacles and other organisms on the bottom of the vessel. Cuprous oxide is manufactured on an extensive scale by reducing mixed copper oxides ores with copper (metal) or via the electrolysis of an aqueous solution of sodium chloride by using copper electrodes.
Market Dynamics
The marine industry is expected to grow considerably during the forecast period, due to increasing e-commerce, digitalization of maritime transport, and growing demand for vessels. Coatings formulated with cuprous oxide have been used for over a century and are applied to around 90% of the world’s vessels, whose hulls are protected with bio-fouling control coatings, according to the American Coatings Association (ACA). This growth of the marine industry coupled with heavy usage of cuprous oxide in the industry is expected to boost the market during the forecast period.
Growing global population, rising farmer income in countries such as the US, increasing globalization, and technological advances in the industry, that are empowering the speed, scale, and productivity of farm equipment, are anticipated to propel the agriculture industry. According to Indian Council for Agricultural Research (ICAR), the demand for food grain is anticipated to increase to 345 million tons by 2030 from 291 million tons in the span of 2019-2020. Cuprous oxide is used in fungicides, a substance used frequently in the agriculture industry. High demand for cuprous oxides from the growing agriculture industry is expected to drive the global cuprous oxide market.
Cuprous oxide is a highly reactive compound and produces highly reactive oxygen species. These molecules are unstable and have the capacity to damage cell structures. This tendency of the compound makes it an effective biocide, which is a substance that is intended to destroy harmful organisms. A surface infused with cuprous oxide is an extremely toxic area for a bacterium. This positive factor associated with cuprous oxide is expected to increase its demand for anti-bacterial purposes and drive the market during the forecast period.
Cuprous oxide (Cu2O) has high utility; however, its usage has harmful effects on the environment. Cuprous oxide is applied on the bottom of marine vessels. This is harmful to organisms and the overall marine life, as copper in large concentration is fatal. Currently, governments across the globe are emphasizing on the protection of the environment and implementing polices that support eco-friendly practices. Usage and sale of copper-based antifouling paints is under scrutiny by regulatory authorities in the US such as the U.S. EPA (U.S. Environmental Protection Agency) and restrictions are rising on the usage of cuprous oxide in paints. This rising prominence of environmental protection is expected to restrain the market during the forecast period.
In recent years, cuprous oxides in the form of nanoparticles are attracting a lot of attention, due to its multiple applications in optical sensors, electronics, and therapeutic applications. Cuprous oxide nanoparticles have low toxicity and anti-superbug & anti-bacterial properties through the release of copper ions and generation of reactive oxygen species. These benefits associated with cuprous oxide nanoparticles are expected to act as an opportunity for the growth of the global cuprous oxide market during the forecast period.
Segmental Outlook
By Purity Segment
Based on purity, the global cuprous oxide (CAS 1317-39-1) market is segmented into up to 98% and above 98%. The above 99% segment is anticipated to hold a significant share of the market and is expected to grow at a substantial CAGR during the forecast period. The up to 98% segment is expected to record high growth opportunities in the near future, as it is used in many applications such as pigments for glass & ceramics and seed dressing.
By Applications Segment
Based on applications, the global cuprous oxide (CAS 1317-39-1) market is segmented into catalyst, antifouling agent, agricultural fungicide and seed dressing, pigment, and others.
The antifouling agent segment is expected to hold a significant share of the market and is anticipated to expand at a considerable CAGR during the forecast period.
The catalyst segment is estimated to grow, as cuprous oxide is highly efficient, low-priced, and easily avaiable. the agricultural fungicide and seed dressing segment is expected to register significant growth opportunities in the near future, as cuprous oxide based fungicides and seed dressings are widely used for their effectiveness.
By Sales Channel Segment
In terms of sales channels, the global cuprous oxide (CAS 1317-39-1) market is categorized as online and offline. The offline segment accounts for a major share of the market and is anticipated to expand at a considerable CAGR during the forecast period.
Online and offline channels offer a wide range of forms of cuprous oxide. In the online channel, consumers purchase products through the company’s website or e-commerce website. In offline channels, buyers buy cuprous oxide from retailers, wholesalers, and directly from manufacturers. The offline segment is expected to hold a significant share of the global cuprous oxide (CAS 1317-39-1) market, owing to the increasing number of purchases from offline channels.
Regional Outlook
Based on regions, the global Cuprous Oxide (CAS 1317-39-1) market is fragmented into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. Asia Pacific accounted for a significant share of the market in 2020 and the market in Asia Pacific is anticipated to expand at high CAGR in the forecast period of 2021 to 2028. The market in Asia Pacific is expected to hold a sizeable share of the market during the forecast period and expand at a considerable CAGR during the forecast period due to the growing chemical and paints & coatings industry.
The market in Europe is projected to account for a significant share of the market during the forecast period due to a growing marine industry and increasing demand for anti-corrosive paintings.
The market in Middle East & Africa is anticipated to hold a considerable share of the market during the forecast period owing to rising prominence of hydrogen in the region.
Key Benefits for Industry Participants & Stakeholders
- In-depth Analysis of the Cuprous Oxide (CAS 1317-39-1) Market.
- Historical, Current and Projected Market Size in terms of Value.
- Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
- Industry Drivers, Restraints and Opportunities Covered in the Study
- Recent Industry Trends and Developments
- Competitive Landscape & Strategies of Key Players
- Neutral Perspective on Global Cuprous Oxide (CAS 1317-39-1) Market Performance
Segments
Key Segments Covered
By Capacities
By Applications
- Catalyst
- Antifouling Agent
- Agricultural Fungicide and Seed Dressing
- Pigment
- Others
By Sales Channels
By Regions
- North America
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- France
- Italy
- U.K.
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- South East Asia (SEA)
- Rest of Asia Pacific (APAC)
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- UAE
- Rest of Middle East & Africa (MEA)
Key Market Players Profiled in the Report
- Haihang Industry
- PERRYCHEM
- American Elements
- Alfa Aesar, Thermo Fisher Scientific
- Jiangsu TEHO Metal Industrial Co., LTD
- American Chemet Corporation
- XI'AN FUNCTION MATERIAL GROUP CO.,LTD
- Loba Chemie PVT LTD.
- Suchem Industries
- Shanghai Xinbao Fine Chemical Factory
Competitive Landscape
Haihang Industry, PERRYCHEM, American Elements, Alfa Aesar, Thermo Fisher Scientific, Jiangsu TEHO Metal Industrial Co., LTD, American Chemet Corporation, XI'AN FUNCTION MATERIAL GROUP CO.,LTD, Loba Chemie PVT LTD., Suchem Industries, Shanghai Xinbao Fine Chemical Factory. These players are considered as key manufacturers of the market based on their different varieties of product availability, regional presence, better supply chain management system, and the increasing demand for the products.
The players are adopting key strategies such as product development, geographical expansion, mergers and acquisition and many other strategies to increase their demand for cuprous oxide (CAS 1317-39-1).
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