According to Future Market Insights (FMI), the biocides market will increase at a 3.5% CAGR between 2021 and 2031. Growing demand for biocides from industries such as water treatment, paints and coatings, wood preservatives, oil and gas, cleaning chemicals, agrochemicals, paper and pulp, and others is likely to boost sales throughout the assessment period.
The increased use of preservatives in many industries is also predicted to increase the use of biocides. According to the report, biocide use as a preservative is predicted to grow in a variety of industries, including food and drinks, paper and pulp, cosmetics and personal care, wood, and others.
Aside from that, the usage of biocides in surface cleaning of various industries such as food and drinks, pharmaceuticals, and paints and coatings is expected to increase in the approaching years. Unlike in other markets, the exceptional outbreak of COVID-19 had little influence on biocide sales. While production activity had a minor setback, demand for disinfectants increased significantly throughout the FQ-20, boosting market expansion.
According to FMI, biocide demand increased by 3.50% between 2020 and 2021, with sales estimated to reach US$ 8.3 billion 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.
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.
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 Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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