According to Future Market Insights (FMI), biocides market is expected to witness growth at 3.5% CAGR between 2021 and 2031. Growing demand for biocides from various industries such as, water treatment, paints & coatings, wood preservatives, oil & gas, cleaning chemicals, agrochemicals, paper & pulp and others is expected to bolster the sales over the assessment period. the Global Biocides Market was valued at USD 10.15 Billion in 2020 and is projected to reach USD 14.81 Billion by 2031, growing at a CAGR of 4.9% from 2021 to 2031.
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Increasing consumption of preservatives across various industries also is expected to result in the growth of biocides consumption. As per the report, biocide application as preservatives is expected to increase in various industries including food & beverages, paper and pulp, cosmetics & personal care, wood, and others.
Besides this, the use of biocides in surface cleaning of various industries such as food and beverages, pharmaceuticals, and paints & coatings will rise in the coming years. Unlike other markets, the unprecedented outbreak of COVID-19 had a neutral effect on the sales of biocides. While the manufacturing activities witnessed a slight setback, demand for disinfectants surged exponentially during the FQ-20, aiding the market growth
Key Takeaways from Biocides Market Study
- Global market for biocides is projected to reach a value of US$ 11.74 Bn by the end of the forecast period.
- China is estimated to remain a key market for biocides, with East Asia accounting for 32% of the global volume share.
- Surging application of biocides in water treatment segment will boost the sales. Sales in this category will total US$ 3.8 Bn by 2031.
- By type, the halogen compounds segment is projected to grow at a steady rate in the coming years, especially in South Asia Pacific and East Asia markets.
- Industrial grade biocides are estimated to remain top-selling grade. The segment is expected to register year-on-year growth of 4.0% in East Asia.
“With stringent emission law regarding the use of biocides in emerging economies, key manufacturers are actively working with end-users to develop customized and eco-friendly products. This is expected to help the key players to enhance their brand image and generate lucrative revenues over the coming years,” said a lead analyst at FMI.
Biocides Market by Category
- Food Grade
- Pharmaceutical Grade
- Industrial/ Technical Grade
- Halogen Compounds
- Metallic Compounds
- Organic Acids
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By End Use:
- Food & Beverages
- Water Treatment
- Paints & Coatings
- Cosmetics & Personal Care
- Oil & Gas
- Pulp & Paper
- Wood Preservatives
- Cleaning Agents
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East & Africa
Biocides Market: Participant Insights
Key participants in the global biocides market elaborated in the report includes
- Clariant AG,
- Lonza Group,
- ICL Group,
- BASF SE,
- Troy Corporation,
- Kemira Oyj, and many
Key players are focusing on strategic expansions through collaborations, mergers and acquisitions with other market participants to increase their annual turnover. Market players are also investing a fair share of their revenue in product development and process intensification to sustain their position in the industry.
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About Chemicals & Materials division of FMI
The Chemicals & Materials division at FMI offers distinct and pin-point analysis about the chemicals & materials industry. Coverage of the chemicals and materials market extends from commodity, bulk, specialty and petrochemicals to advanced materials, composites, and nanotechnology. The team also puts special emphasis on ‘green alternatives’, recycling and renewable technology developments, and supply-demand trade assessment. Our research studies are widely referred by chemical manufacturers, research institutions, channel partners, and government bodies for developing – ‘The Way Forward’.