The rapid expansion of the pharmaceutical industry is massively augmenting the demand for benzalkonium chloride across the world. This is because this compound is heavily used in the pharmaceutical industry, because of its ability to be used as a disinfectant, antiseptic, solubilizing agent, wetting agent, and antimicrobial preservative. Moreover, with the rising income of people and the surge in healthcare expenditure in several countries, the affordability of various healthcare services is growing rapidly.
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This is subsequently fueling the sales of benzalkonium chloride all over the world. Apart from the expansion of the pharmaceutical industry, the surge in the oil & gas industry in several countries is also propelling the demand for the compound around the world. According to the International Association of Oil & Gas Producers (IOGP), the requirement for oil and gas has increased massively all over the world over the last decade.
As per the U.S. Energy Information Administration (EIA), 101.2 million barrels of petroleum and various other associated liquids were used per day in 2019, which was higher than the 100.4 million barrels of petroleum used per day in 2018. The mushrooming requirement for these products is augmenting oil and gas exploration and production activities, which is, in turn, propelling the sales of benzalkonium chloride across the globe. This is consequently causing the boom of the global benzalkonium chloride market.
As a result, the revenue generated by the benzalkonium chloride market size is predicted to surge from $525.0 million in 2019 to $1,301.1 million by 2030. Furthermore, the market is predicted to grow at a CAGR of 9.6% from 2020 to 2030. Depending on application, the market is divided into hand sanitizers; eye, ear, and nasal drops; shampoos, spermicidal creams, disinfectants, water treatment chemicals, timber protection chemicals, aquaculture chemicals, and coatings.
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This is because the compound is highly suitable for use in various personal care and pharmaceutical applications, on account of its less-toxic nature than the other variant. Globally, the benzalkonium chloride market will exhibit the fastest growth in the Asia-Pacific region in the forthcoming years, as per the estimates of the market research firm, P&S Intelligence. This will be due to the growing requirement for various disinfectant products in the region, because of the outbreak of the COVID-19 pandemic.
Hence, it can be said with full surety that the demand for benzalkonium chloride will rise sharply across the world in the coming years, mainly because of the growing usage of the compound in the pharmaceutical, personal care, and oil & gas industries.
Market Size Breakdown by Segments
- Benzalkonium Chloride 50%
- Benzalkonium Chloride 80%
- Eye, Ear, &Nasal Drops
- Hand Sanitizers
- Spermicidal Creams
- Water Treatment Chemicals
- Aquaculture Chemicals
- Timber Protection Chemicals
- Oil & Gas
- Pharmaceuticals & Cosmetics
- Pulp & Paper
- Horticulture & Household
- North America
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
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