Global Biocides Market to Reach Nearly USD 12,980 Million by 2024

Health awareness and the need for clean water will boost Biocides Industrial growth in the coming years

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.

 

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.