Copper Abietate Market Size Forecast to Grow at a CAGR of 3.5% During 2021-2026
Growing Demand for Fungicides in the Agriculture Sector, Is Likely to Aid in the Growth of Copper Abietate Market
Hyderabad, India – July 23, 2021 /MarketersMedia/ —
Copper Abietate Market size is forecast to grow at a CAGR of 3.5% during 2021-2026. Copper abietate is used as a preservative and fungicide in metal paints due to which the copper abietate market is witnessing an increase in demand. They have broad-spectrum and are thin, green platelets obtained from heating copper hydroxide with abietic acid. In addition, it has good control effect on citrus canker, rice bacterial streak, white leaf blight and vegetable and fruit bacterial diseases. Furthermore, it is safe for crops and can be used in the period of flowering, young fruit and tender shoot at the recommended concentration. Hence, growing agricultural sector will further enhance the overall market demand for copper abietate during the forecast period.
Copper Abietate Market Segment Analysis – By Application
Grains has been the primary segment for copper abietate in the year 2020 and is growing at a CAGR of 3.3% in the forecast period. Rice is the most economically important staple food crop produced in Asia. Fungicides are applied at recommended timing and helps to maximize their benefit. It is mixed in adequate volume of water provide better coverage, particularly to fungicides applied on foliage. Fungicides are a vital solution to the effective control of plant diseases which are estimated to cause yield reductions worldwide. Whereas disease management is a key component of high-yielding wheat production and fungicides becomes very helpful in it. According to FAO (Food & Agriculture Organization of the United Nations), in the year 2019, almost 756 million unit rice and paddy was produced. So, with the rise in production of these grains the market demand for copper abietate will grow.
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Copper Abietate Market Segment Analysis – By Geography
APAC has dominated the copper abietate market in the year 2020 and is growing at a CAGR of 4.1% in the forecast period, as APAC holds the largest area for agriculture. Countries such as India and China are major players in this region. Major crops produced in Asia include rice, sugar beet, fruits & vegetables, cereals, and other grains. This region consumes a very large amount of the global rice produced. There is a huge demand for copper abietate in Asia Pacific due to the direct use of fungicides to treat plant diseases or to protect them from fungus. According to the Indian brand equity foundation (IBEF), during 2019-2020 crop year, food grain production was estimated to reach a record 295.67 million tons (MT) and in 2020-21, the Government of India is targeting food grain production of 298 MT. So, with the increase in crop production the copper abietate market will grow.
Copper Abietate Market Drivers
Prevention from Diseases
Copper based plant protection fungicides products are used in all major plant crops such as tomato, potato, vine grapes and others. It is important from nutritional, economic and social aspects. The major plant crops in which copper fungicides are used to control fungal diseases. Control in plant diseases will led to the increase in agricultural growth. And with the increase in agriculture growth the demand for copper abietate will also grow.
Governments Initiatives Towards Agriculture Sector
Governments globally are focusing on boosting their agriculture sector. Whereas governments initiatives such as Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) by Indian government will help to grow the agriculture sector. Under the Scheme an income support of Rs.6000/- per year is provided to all farmer families across the country in three equal installments of Rs.2000/- each every four months, which will financially help the farmers and encourage their focus more towards farming. And with the growth of the agricultural sector, the copper abietate market will grow.
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Copper Abietate Market Challenges
Hazardous Effects of Fungicides
Many contact and systemic fungicides are used to control plant pathogens to get disease-free crop. Farmers use these chemicals to protect their crops like plantation crop, fiber crop, vegetable and fruit crops. But these fungicides also affect soil microorganisms like decomposers and mycorrhizal fungi. Fungicides also show hazardous effect on human health. Soil and water pollution also occur due to use of fungicides. These qualities of fungicides will restrain the demand for copper abietate market.
Copper Abietate Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the copper abietate market. Major players in the copper abietate Market are Adama Agricultural Solution Ltd, Albaugh Llc., Bayer Ag, Certis Usa, Iqv Agro, Isagro, Luqsa, Nordox A, Nufarm, Upl Ltd among others.
Acquisitions/Technology Launches
In December 2020, Albaugh LLC, a global leader in manufacturing and supply of crop protection and specialty products has completed its acquisition of the assets of prime source from excelsior equity, bringing together state of the art manufacturing with elite customer service in the turf and ornamental business.
In October 2020, ADAMA Ltd. has acquired a majority stake in its key crop protection distributor in Paraguay, FNV S.A., strengthening the company’s commercial presence in the large Latin-America market.
Key Takeaways
Asia-Pacific dominates the copper abietate market owing to increasing demand from applications such as rice, wheat, cucumber watermelon and others.
The growing demand for fungicides in the agriculture sector, is likely to aid in the market growth of copper abietate.
Stringent government regulation or policies or schemes towards agriculture, tends to increase in growth for copper abietate market.
Whereas hazardous effects of fungicides such as soil pollution, will create hurdles for the copper abietate market.
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