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Biocides market growing at 5%; Anticipated to cross $13 billion by ’24

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Global Biocides market share is anticipated to surpass USD 13 billion by 2024, at a CAGR of around 5% over the period of 2018-2024

— Global Biocides market share is anticipated to surpass USD 13 billion by 2024, at a CAGR of around 5% over the period of 2018-2024. Rising environmental concerns and growing demand for wastewater treatment are the factors likely to drive biocides industry growth over the next eight years. Moreover, growing demand for biocides across various industries such as paints & coatings, oil & gas, personal care, food & beverages, etc. owing to its antifungal, antibacterial, and antimicrobial properties will boost the industry growth over the coming years.

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There is a large amount of wastewater accumulated as a result of commercial and industrial wastes. The demand for wastewater treatment for domestic and industrial use is favorably impacting biocides market growth. Regions like Latin America and Asia Pacific where scarcity of clean water is a major issue, will present huge growth opportunities for biocides market players. Moreover, the replacement of traditional disinfectants such as chlorine by biocides owing to the rising health & environmental concerns is another vital growth factor contributing towards the industry share.

However, strict regulations pertaining to the use of halogen based biocides may hamper the industry growth over the forecast timeframe.

The industry is segmented in terms of products, applications, and regions.

Biocides product market comprises Metallic Compounds, Organic acids, Halogen Compounds, Organosulfurs, Phenolic, and Nitrogen.

Halogen compounds biocides market is expected to grow at a CAGR of around 4.5% over 2018-2024. This segment will dominate the product landscape, owing to its huge demand in the treatment of municipal and industrial waste water. Metallic compounds accounted for over 19% of the overall market share in 2017, and is estimated to grow noticeably over the coming years owing to its use in waste water treatment and its preference over halogen compounds which are regarded as a cause of environmental hazards.

Nitrogen biocides market is forecast to grow at a CAGR of around 6% over the forecast timeframe, owing to its heavy demand as preservatives in pharmaceutical, food, and healthcare industries.

Phenolic biocides are forecast to grow at a rate around 7% over 2018-2024.

Biocides application segment includes Food & beverage, Wood Preservation, Water treatment, Personal care, Paints & Coatings, HVAC, Boilers, Fuels, and Oil & Gas.

Water treatment segment is estimated to dominate the application landscape over 2018-2024.

Biocides application in industrial water treatment will also increase significantly over the coming years, owing to its increasing demand to address issues like microbe growth, corrosion, waste water disposal, etc.

Biocides application in personal care industry is anticipated to register a CAGR of around 5.5% over 2018-2024. The segment growth is attributed to the wide usage of biocides in cosmetics to prevent bacterial growth and to improve shelf life of the products. Wood preservation application segment is predicted to record a CAGR of around 4.5% over the forecast timeline.

The regional segment covers North America, Asia Pacific, Europe, Latin America, and MEA.

North America is estimated to dominate the global biocides market primarily driven by demand in U.S. The growth can mainly be attributed to the growing paint & coating industry across this region.

Asia Pacific, led by China, is projected to record highest growth rates over the forecast timeline owing to expansion of end use industries such as pharmaceuticals, food & beverages, construction, healthcare, etc. in this region.

Biocides industry is concentrated with top players accounting for over 58% of the overall market share. Key industry participants are are Troy, Dow, Thor Specialities, Ashland, Arch Chemicals, BASF, Akzo Nobel, Champion Technology Services, Inc., Lanxess, and Albemarle Corporation.

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Segments Covered in this Report:

Biocides Market, By Product

Metallic Compounds
Halogen Compounds
Organic Acids

Biocides Market, By Application

Food & Beverage
Wood Preservation
Personal Care
Water Treatment
Paints & Coatings
Oil & Gas

Related Reports:

India Glyphosate Market :

Non Halogenated Flame Retardants Market :

About Graphical Research:
Graphical Research is a business research firm that provides industry insights, market forecast and strategic inputs through granular research reports and advisory services. We publish targeted research reports with an aim to address varied customer needs, from market penetration and entry strategies to portfolio management and strategic outlook. We understand that business requirements are unique: our syndicate reports are designed to ensure relevance for industry participants across the value chain. We also provide custom reports that are tailored to the exact needs of the customer, with dedicated analyst support across the purchase lifecycle.

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Parikhit B.
Corporate sales,
Graphical Research

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Name: Parikhit B.
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Organization: Graphical Research

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Source: MarketersMedia

Release ID: 88934142

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