Biocides Market is Expected to Grow at a CAGR of 5% till 2024 by sarajames · September 27 Jevon Carter Jersey , 2018
27 September 2018 –
Growing at a CAGR over 5% during 2016 to 2024, the global Biocides Market is anticipated to reach nearly USD 12980.8 million by 2024. Stringent environmental regulations and growing awareness are likely to drive the market till 2024. Health awareness and the need for clean water will boost industrial growth in the coming years. Moreover, industrialization in emerging economies and demand for potable water could augment the segment of water treatment.
Biocides are compounds used as antimicrobial, antifouling & disinfecting agents, and as pesticides. Halogens such as bromine & chlorine, organosulfur, copper salts, acrolein, iodine, amines, metals, and quaternary ammonium salts are used to make biocides.
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Rigid regulations by regulatory bodies such as the Federal Insecticide, Fungicide, and Rodenticide Act (FIFRA), the Environmental Protection Agency (EPA), and Registration, Evaluation, Authorization, and Restriction of Chemicals (REACH) may hinder market progress.
The global biocides market is divided into applications, products, and geographies. Applications include painting & coatings, water treatment, personal care, food & beverages, and wood preservation, among others. Water treatment dominated the market with over 23% shares in 2014.聽 Regulatory policies that implement 鈥榳ater treatment鈥?standards can positively affect the market. Water treatment aims at offsetting the ill-effects of microbial activity, corrosion, and disposal of waste water.
Food & beverages held a market share exceeding 16%, in 2014. The growing need to control microbial activity in foods & drinks and the use of preservatives can stimulate the market. Rapidly changing lifestyles and demand from emerging economies are the other factors fueling this segment.
The personal care segment will expand significantly at nearly 5.5% CAGR till 2024. Biocides are used in shampoos, shower gels, and moisturizing creams. They reduce bacterial and fungal activities and increase the shelf-life of these products. This in turn propels the demand for biocides.
Based on products, the global biocides market is divided into organic acids, phenolic, nitrogen, halogen compound, metallic compound, organosulfurs, and others. Halogen compound dominated the market with over 25% shares in 2014. Halogens are vastly used to treat waste water in municipal & industrial projects.
Metallic compounds are used in paints & coatings, food & beverage, and wood preservation. They are also used as substitutes for halogens in water treatment. This segment held over 18% revenue shares in 2014. Organosulfursare used to control microbial activities in oil refinery industries as they contain antifungal and antibacterial properties. In 2014, this product held a share over 11%.
Regions in the global biocides market are North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa (MEA). North America held over 40% of the global revenue in 2014. The U.S. led the region in 2014 with 75% of the overall incomes. U.S. funding for infrastructural development is projected to add to the demand for paints & coatings. This will further support the global market till 2024.
Asia Pacific may expand at a CAGR of more than 6% from 2016 to 2024. Rising healthcare expenditures owing to technological advancements and cheaper medical facilities will boost the phenolic biocides industry in the region. Ongoing industry trends suggest that China will continue to dominate the region in the forthcoming years. It will grow at a significant rate till 2024.
Dow Microbial Control, Troy Corporation, Arch Chemicals, and ISP are the prominent companies in the global biocides market that account for nearly 56% of the total demand. Arch Chemicals dominated the industry in 2014. It captured over 15% of the worldwide shares that year.
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