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.
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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
As per FMI, demand for biocides increased by 3.50% between 2020 and 2021, with sales expected to reach US$ 8.3 Bn in 2021.
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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.
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Biocides Market: Participant Insights
Key participants in the global biocides market elaborated in the report includes Clariant AG, Lonza Group, ICL Group, BASF SE, DOW, Veolia, Troy Corporation, Nouryon, Kemira Oyj, Ecolab USA Inc., Albemarle Corporation, Solvay SA, Lanxess AG, Buckman Laboratories International, Melzer Chemicals Private Limited, Dalian Xingyuan Chemistry Co., Ltd., Aegis Chemical Solutions, B&V Chemicals, Helvemed SA, Thor Group, SIDDHARTH CHEMICALS, Solenis, Zaozhuang Kerui Chemicals Co., Ltd. and Shandong IRO Biocide Chemicals Co., Ltd.