Cupric Chloride Market Is Estimated To Witness High Growth Owing To Increased Demand From Electronic Industry
Cupric chloride is red or brown crystalline solid that dissolves in water to form blue solution. It is used as an intermediate in electroplating process involving the deposition of copper metal. It is used to manufacture catalysts, electronics, ceramics and as wood preservatives. It finds applications in printed circuit boards manufacturing, ceramic glazes, nuclear industry and agriculture as fungicide.
The Cupric Chloride market is estimated to be valued at US$ 1,036.24 Mn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The Cupric Chloride market is driven by increased demand from electronic industry especially in manufacturing of printed circuit boards. Cupric chloride plays a vital role in electroplating copper circuits. Additionally, expanding nuclear power industry is also boosting the demand for cupric chloride. It is used as a biocide and fungicide in preserving wood and as catalyst in a variety of chemical reactions. These factors are expected to fuel the market growth over the forecast period. However, toxic nature of cupric chloride poses health risks that may hamper the market growth. Stringent regulations regarding its disposal may also affect the market adversely.
SWOT Analysis
Strength: Cupric Chloride has good electrical conductivity property which gives it wide industrial applications. It is cost effective as compared to other metal halides. Cupric Chloride production process is well established.
Weakness: Exposure to Cupric Chloride can cause skin and eye irritation in humans. Regulations regarding its safe handling and disposal are becoming stricter over time.
Opportunity: Growing demand for Cupric Chloride from printed circuit board manufacturing industry. Expanding application in agrochemicals sector as a fungicide and nematicide.
Threats: Availability of substitute products can hamper Cupric Chloride market growth. Stringent environmental regulations regarding heavy metal usage pose challenges.
Key Takeaways
The global Cupric Chloride market growh is expected to witness high, exhibiting CAGR of 3.8% over the forecast period, due to increasing demand from printed circuit board manufacturing industry. Cupric Chloride finds wide usage in production of printed circuit boards due to its good electrical conductivity.
Regional analysis dominated by Asia Pacific region. Asia Pacific accounts for around half of the total Cupric Chloride demand globally. This is primarily attributed to large electronics and agrochemicals industry in countries like China and India. Rapid industrialization and growth in end use industries will further drive the Cupric Chloride market growth in the region over coming years.
Key players operating in the Cupric Chloride market are Ward Chemical, Inc. Ward Chemical is one of the leading manufacturer of Cupric Chloride with presence across major countries. Other prominent players include Pan-Continental Chemical and Santa Cruz Biotechnology. These players are focusing on capacity expansion strategies to better cater to increasing global demand.
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