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%.
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Its primary application is in the preparation of copper oxide which is used as a catalyst in the synthesis of many organic compounds. Copper oxide is also used as a pigment in ceramics to produce various colors. The product can also be used in synthesizing nitric acid when decomposed by heating and passing the fumes directly into water. Combining the product with acetic anhydride gives an active reagent that is used in nitration of aromatic compounds. It is also used as a dye and in fireworks displays. It is used to polish metals and as a wood preservative. The product is also used to show voltaic cell reactions in laboratories. It is also used as an insecticide and a fungicide. Hydrous copper nitrate is used in electroplating copper on iron.
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 industry 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. It is used in fireworks industry and in laboratories. It is used in agrochemicals industry as an insecticide and in wood pulp industry as a fungicide to preserve wood. It is also used as a component in rocket fuel and with the space exploration industry flourishing in many regions including Asia and America, it has a high potential of growth in this sector. Metal works industry also employs the product as a polishing agent.
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Copper nitrate market in the world is segmented into five main regions – North America, Europe, Asia pacific, Middle east and Africa and Latin America. Among these Asia pacific region is the largest copper nitrate industry. It is due to the vast uses of its successor copper oxide in this region to produce chemicals and textiles.
China and India are the leading copper nitrate markets in this region in terms of production and consumption. This trend is supposed to continue during the forecast period because of the high number of manufacturers in both these countries. Europe is the second leading copper nitrate market followed by North America. Africa has a high potential for growth of this market due to its large mineral reserves but the absence of manufacturers in that region is a hindrance.
At Global Market Insights, our researchers and domain experts use a unique blend of primary and secondary research, with validation and iterations at every stage, in order to minimize deviation and present the most accurate analysis of the copper nitrate market. The research process begins with extensive data mining, using authentic sources such as trade magazines, technical publications, independent studies along with paid avenues such as ICIS, Hoovers, etc. Primary objectives of data mining include:
- Definition and scope of research
- Market dynamics, growth drivers and industry pitfalls
- Regulatory and political guidelines for the industry
- Demographics and statistical data
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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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