Biocides Market Size, Analysis, Growth, Trends and Forecasts to 2024 | Hexa ResearchA Chapter by Markets InsightsExpanding at a CAGR over 5% during the forecast period (2016-2024), the global biocides market is projected to reach nearly USD 12980.8 million by 2024.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. Regulatory policies that implement
‘water treatment’ 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. Organosulfurs are 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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Added on January 3, 2017 Last Updated on January 3, 2017 Tags: biocides market, biocides market size, biocides market trends, biocides market share, biocides market growth, biocides market analysis, biocides market forecasts AuthorMarkets InsightsFelton, CAAboutAbout Us: Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer c.. more..Writing
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