February 24, 2024

Accelerated Adoption of Water Treatment Technologies to Bolster Growth in the Cupric Chloride Market

Cupric chloride is an inorganic compound used in various industrial applications. It finds usage as an oxidizing agent, biocide, fungicide, and algicide. Cupric chloride acts as a disinfecting agent in swimming pools and helps remove microbial pathogens. It also prevents the formation of algae in water treatment plants. Cupric chloride is used as a wood preservative and protects structural timbers from fungal decay and insect damage.

The global 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 key trends:
One of the major trends witnessed in the cupric chloride market is the increasing adoption of cupric chloride in water treatment plants. Stringent regulations regarding the quality of drinking water and increased freshwater scarcity are compelling water utilities to effectively treat industrial and municipal wastewater before discharge or reuse. Cupric chloride effectively removes algal blooms, pathogens, and other microorganisms in water treatment processes. It is a cost-effective alternative to other disinfecting agents. The accelerating pace of urbanization and growing water stress levels across developing regions are propelling the installation of new water treatment facilities that increasingly use cupric chloride.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low due to high capital requirements and economies of scale in production and distribution. Brand loyalty and stringent regulations also pose a challenge for new companies.

Bargaining power of buyers: The bargaining power of buyers is moderate. Buyers can choose from a few available alternatives. However, switching costs are high which reduces their power.

Bargaining power of suppliers: The bargaining power of suppliers is moderate. Although few suppliers control the majority of resources, reliance on outsourcing balances supplier power.

Threat of new substitutes: Threat of new substitutes is moderate as substitute products also require high capital and switching costs may apply. However, technological developments can disrupt the industry.

Competitive rivalry: Intense as key players compete for market share.

Key Takeaways

The global Cupric Chloride market is expected to witness high growth, exhibiting a CAGR of 3.8% over the forecast period, due to increasing applications in chemical production processes.

Regional analysis: Asia Pacific accounts for the largest share of the global Cupric Chloride market forecast and is expected to maintain dominance over the forecast period. This is attributed to growth of end-use industries in countries such as China and India. North America is projected to exhibit lucrative growth due to rising demand from chemical sector in the US and Canada.

Key players
: Key players operating in the Cupric Chloride market are Ward Chemical, Inc. Key players are focusing on capacity expansion and new product launches to strengthen their foothold. Strategic partnerships are also followed to gain competitive advantage

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it