Growing use of biocides in medicine, forestry, and agriculture is predicted to drive the Biocides Market growth over the coming years. Surging demand for waste water treatment in residential and industrial sectors is expected to benefit the industry growth in near future. Biocidal products also find various applications as disinfectants or anti-fouling agents. For instance, chlorine is used as a disinfectant in swimming pools. As per Global Market Insights Inc.
Biocides finds myriad applications in paints & coatings, food & beverages, HVAC, water treatment, waste water treatment, personal care, oil & gas, boilers, wood preservation, and fuels industries. Biocides application in coatings industry worth USD 114 million in 2014, is anticipated to surpass USD 142 million by 2022. Enhanced application scope of biocides in paints & coatings industry due to its antibacterial, antimicrobial, and antifungal properties is expected to drive the market growth over the coming six years. High demand for biocides in the oil & gas industry is due to its ability to maximize the production, remove corrosion, and prevent the spoiling of functional fluids.
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Biocides market share in the wood preservation industry is predicted to grow at a CAGR of 4.5% over the period of 2015-2022. Biocide will also witness significant growth in the water treatment industry due to the ability to annihilate pathogens and bacteria from water. Its applications in personal care industry is expected to grow at a CAGR of 5.2% over the period of 2015-2022 on account of its large-scale use in cosmetics like shampoo, shower gel, moisturizing, and liquid soap. Furthermore, it helps in enhancing the shelf life of these products and hinders the bacterial growth.
Amongst the various kinds of biocides, the halogen compound based biocides is anticipated to contribute substantially towards the overall market share over the coming timeframe. Halogen compounds based biocides market worth USD 2 billion in 2014, is anticipated to grow at a CAGR of 4.7% over the period of 2015-2022. High growth of these compounds can be attributed to their large-scale applications in municipal as well as industrial projects for waste water treatment. In addition to this, easy availability of halogen compounds accompanied by low costs has contributed to its heavy use in various industries. The Nitrogen based biocides market is predicted to record a CAGR of 5.8% over the period of 2015-2022 owing to its wide set of applications (as food preservatives) in healthcare, food processing, and pharmaceutical industries. The copper biocides market share is likely to exceed USD 1.75 billion by 2022, growing at a CAGR of 4.5% over the period of 2015-2022.
The Asia Pacific biocides market is expected to witness a significant surge over the period of 2015-2022 due to heavy growth of food & beverages, construction, pharmaceuticals, and healthcare industries. China and India are expected to be the major revenue pockets.
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Key industry players include Lanxess, Ashland, Champion Technologies, Troy, AkzoNobel, Arch Chemicals Inc., and Thor Specialties Inc., and Albemarle Corporation. The market players will try to increase their regional presence through R & D activities, product innovations, and mergers & acquisitions.
Browse key industry insights spread across 87 pages with 57 market data tables & 15 figures & charts from the report, “Biocides Market Size By Application (Food & beverage, Water treatment, Wood Preservation, Paints & Coatings, Personal care, Boilers, HVAC, Fuels, Oil & Gas), By Product (Metallic Compounds, Halogen Compounds, Organic acids, Organosulfurs, Nitrogen, Phenolic), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2015 – 2022” in detail along with the table of contents:
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