Pune, India, March 01, 2023 (GLOBE NEWSWIRE) -- The biocides market size was valued at USD 7195.1 million in 2020. It is projected to reach USD 9914.2 million by 2028 at a CAGR of 4.2 % during the forecast period. The market is anticipated to be fueled by increased Research and Development activities and rising consumer awareness regarding self-hygiene. Fortune Business Insights™ stated this in a report titled, "Biocides Market Size, Share, Growth and Regional Forecast, 2021-2028."
The biocides market refers to the industry that produces and supplies chemicals that are used to control or eliminate harmful microorganisms such as bacteria, fungi, viruses, and algae. Biocides are used in a wide range of applications, including water treatment, food preservation, healthcare, personal care, and industrial processes. The growth is attributed to the increasing demand for biocides in various end-use industries, including healthcare, water treatment, and food and beverage processing.
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List of the Companies Profiled in the Biocides Market-
- Shandong IRO Biocide Chemicals Co., Ltd. (China)
- Albemarle Corporation (U.S.)
- Lonza Group Ltd (Switzerland)
- Wuxi Honor Shine Chemical Co. Ltd. (China)
- Lanxess AG (Germany)
- Solvay SA (Belgium)
- Neogen Corporation (U.K.)
- Finoric LLC (U.S.)
- Shanghai Zhongxin Yuxiang Chemical Co., Ltd (China)
Report Coverage-
The report provides insights into the regional analysis covering different regions, contributing to the market's growth. The report includes qualitative and quantitative analysis of several factors, such as the key drivers and restraints that will impact the market. Adopting strategies by major players to introduce partnerships, collaboration, and new products will contribute to the market's growth.
Report Scope & Segmentation-
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast CAGR | 4.2 % |
| 2028 Value Projection | USD 9914.2 Million |
| Base Year | 2021 |
| Biocides Market Size in 2020 | USD 7195.1 Billion |
| Historical Data | 2017-2019 |
| No. of Pages | 200 |
| Segments Covered | By Type, End-user and Regional Insights |
| Biocides Industry Growth Drivers | The Excellent Characteristics of Biocides To Deter The Growth Of Microbes Stimulates Product Demand |
| Rising Applications in Automotive Industries to Stimulate Product Demand |
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Segmentation-
Excellent Characteristics of Quaternary Ammonium Compounds Will Favour Product Demand
On the basis of type, the market is classified into quaternary ammonium compounds, metallic compounds, phenolic, organic acids, organosulfur, halogen compounds, and others. The quaternary ammonium compounds segment will rule due to its excellent characteristics to deter the growth of microbes without harming the human body.
Rising Incidence of Air Borne Diseases Surges Demand for Paints and Coatings Segment
In terms of application, the market is divided into cleaning products, furniture and furnishings, clothing and textiles, leather and suede, paints and coatings, fuel preservatives, water treatment, food and personal care products, and others. The paints and coatings segment will gain popularity due to its heavy usage in manufacturing firms to stop fungal or microbial growth either through the air or by touch.
Drivers and Restraints-
Rising Applications in Automotive Industries to Stimulate Product Demand
The growing popularity of water-based paints compared to oil based has escalated the demand for the product. Following Points biocides market drivers and restraints:
Drivers:
- Increasing demand from various end-use industries: The biocides market is driven by the increasing demand from various end-use industries such as water treatment, food and beverage processing, healthcare, and personal care. Biocides are used to control and eliminate harmful microorganisms in these industries, thus ensuring product safety and hygiene.
- Growing population and urbanization: The increasing population and urbanization are driving the demand for biocides as they are essential for maintaining hygiene and preventing the spread of diseases in densely populated areas.
- Stringent regulations: The biocides market is also driven by stringent regulations by government bodies, which mandate the use of biocides in various industries for ensuring public safety and environmental protection.
- Increasing awareness regarding health and hygiene: The COVID-19 pandemic has led to an increased awareness regarding health and hygiene, driving the demand for biocides in various industries to prevent the spread of the virus.
Restraints:
- Health and environmental concerns: The use of biocides has raised concerns regarding their impact on human health and the environment, leading to stringent regulations and restrictions on their use.
- High cost of biocides: The high cost of biocides is a major restraint for the market, particularly in developing economies where the cost can be a significant barrier to adoption.
- Development of alternative products: The development of alternative products such as natural and eco-friendly biocides is a potential threat to the biocides market.
- Regulatory hurdles: The biocides market is heavily regulated, and obtaining regulatory approval for new products can be a time-consuming and expensive process, which can hinder the growth of the market.
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Regional Insights-
Rising Adoption of Advanced Technologies Nurtures Growth in Asia Pacific
The biocides market is segmented by region into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Here are some regional insights:
- North America: The North American region dominated the biocides market in 2020, accounting for the largest market share. This can be attributed to the presence of major end-use industries such as water treatment, healthcare, and personal care, along with the stringent regulations for the use of biocides in these industries. North America will likely grow exponentially during the forecast period due to the shifting trend towards natural and bio-based biocides.
- Europe: The European biocides market is driven by the increasing demand from various end-use industries, such as water treatment and food and beverage processing. The presence of major market players in the region and the stringent regulations regarding the use of biocides have also contributed to the growth of the market. Europe is expected to showcase impressive growth due to the rise of textile industries and HVAC systems in commercial, residential, and institutional buildings. The high consumption of automobiles across the region is further expected to grow the product demand.
- Asia Pacific: The Asia Pacific region is expected to witness the highest growth in the biocides market during the forecast period, owing to the increasing demand from various end-use industries and the presence of a large manufacturing base in the region. Asia Pacific is expected to generate a significant biocides market share in regions such as Japan, India, and China due to the high consumption of cleaning products and rising adoption of advanced technologies in the paints and coatings sector.
- Middle East and Africa: The Middle East and Africa's biocides market is driven by the increasing demand from the oil and gas industry, along with the growing population and urbanization in the region.
- Latin America: The Latin American biocides market is driven by the increasing demand from various end-use industries such as water treatment, healthcare, and food and beverage processing. The growing awareness regarding health and hygiene and the presence of major market players in the region have also contributed to the growth of the market.
Competitive Landscape-
Soaring investments In Advanced designs Exclate Product Demand
Leading companies will likely invest in R&D activities, technological advancements, and product rollouts to expand their geographical presence. With soaring investments in innovation and advanced design, stakeholders could inject funds into mergers and acquisitions.
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights – Impact of COVID-19 on the Global Biocides Market
- Supply Chain Challenges
- Steps were taken by Government/Companies to overcome this impact
- Potential opportunities due to the COVID-19 outbreak
- Global Biocides Market Analysis, Insights, and Forecast, By Type, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type (Volume/Value)
- Halogen Compounds
- Quaternary Ammonium Compounds
- Metallic Compounds
- Phenolic
- Organic Acids
- Organosulfur
- Others
- By Type (Volume/Value)
- Global Biocides Market Analysis, Insights, and Forecast, By Application, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Application (Volume/Value)
- Water Treatment
- Food and Personal Care Products
- Cleaning Products
- Furniture and Furnishings
- Clothing and Textiles
- Leather and Suede
- Paints and Coatings
- Fuel Preservatives
- Others
- By Application (Volume/Value)
- Global Biocides Market Analysis, Insights, and Forecast, By Region, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Region (Volume/Value)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- By Region (Volume/Value)
Toc Continued…!
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