Flourishing Pharmaceutical and Industrial Sector are Driving the Cupferron Market
The Cupferron Market size is forecasted to reach US$110 million by 2027, growing at a CAGR of 6.5% during 2022-2027. Cupferron is jargon for the ammonium salt of N-nitroso-N-phenylhydroxylamine. It is a light-yellow crystal or a brown crystalline substance, widely used as a reagent in the separation of copper and iron. The market is mainly driven by growing end-use industries such as biotechnology, pharmaceutical, beauty & personal care and industrial among others. As per trading economics, the United States industrial production grew by 3.9% year-on-year in July of 2022, of which manufacturing production grew by 3.2%, mining by 7.9% and utilities by 2.2% as compared to June 2022. Also, the growing demand for cosmetics products would raise the Cupferron market growth during the forecast period.
Cupferron Market: Leading Segments
Based on grade, the Cupferron Market can be segmented into regent grade, pharma grade and industrial grade. Regent Grade is the leading cupferron market segment and is expected to grow with a CAGR of 6% during the forecast period. Also, based on application, the cupferron market can be segmented into research & academic intuitions, forensic laboratories, cosmetic products, industrial processes, laboratory chemicals, substance manufacturing and others. Substance manufacturing holds the significant Cupferron Market segment and is expected to grow with a CAGR of 5.7% during the forecast period. Moreover, based on the end-use industry, the market can be segmented into biotechnology, bioscience, pharmaceutical, beauty & personal care, industrial and others. The pharmaceutical sector is the leading segment and is expected to grow at a CAGR of 7.2% during the forecast period.
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Cupferron Market: By Region
The Asia-Pacific region dominated the Cupferron Market in terms of revenue with a share of 38% in 2021. It is projected to dominate the market at a CAGR of 7.5% by revenue during the forecast period (2022-2027). The growth is mainly driven by the growing developments in biotechnology, bioscience, pharmaceutical, beauty & personal care, industrial and others in the region that are driving the cupferron market. According to Invest India, the pharmaceuticals industry of India plays a prominent role globally and is growing at an estimated CAGR of 10-12% till 2030. The pharmaceutical industry is expected to reach US$65 billion by 2024 and around US$120-130 billion by 2030. Thus, such surging development in end-use sectors in the region would fuel the demand for cosmetic products, industrial processes, laboratory chemicals and others, further driving the demand for the Cupferron market.
The Major Players in the Market
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Cupferron Market. The top 10 players in the global Cupferron market are Richman Chemical Inc., Sigma-Aldrich Co. LLC., Simagchem Corporation, Hangzhou Meite Chemical Co. Ltd., Shanghai Yongzeng Chemical Company Limited, J&K Scientific Ltd, Meryer Chemical Technology Co Ltd., Alfa Aesar, TCI Development Co Ltd. and Beijing Ouhe Technology Co Ltd.
Mr. Venkat Reddy
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