Biocides Market to Hit Nearly USD 12,980 Million by 2024

14/mag/2018 11:30:40 susan hill Contatta l'autore

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Growing at a CAGR over 5% during 2016 to 2024, the global Biocides Market is anticipated to reach nearly USD 12980.8 million by 2024. Strict environmental and growth awareness are likely to drive the market until 2024. Health awareness and the need for clean water will boost industrial growth in the coming years. Moreover, industrialization in emerging economies and demand for potable water

Biocides are compounds used as antimicrobial, antifouling & disinfecting agents, and as pesticides. Halogens such as bromine & chlorine, organosulfur, copper salts, acrolein, iodine, amines, metals, and quaternary ammonium salts are used to make biocides.

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The Federal Insecticide, Fungicide, and Rodenticide Act (FIFRA), the Environmental Protection Agency (EPA), and Registration, Evaluation, Authorization, and Restriction of Chemicals (REACH) may hinder market progress.

The global biocides market is divided into applications, products, and geographies. Applications includes painting and coatings, water treatment, personal care, food & beverages, and wood preservation, among others. 23% shares in 2014. Regulatory policies that implement 'water treatment' standards can positively affect the market. Water treatment aims at offsetting the ill-effects of microbial activity, corrosion, and disposal of waste water.

Food & beverages held at market share exceeding 16%, in 2014. The growing need to control microbial activity in foods and drinks and the use of preservatives can stimulate the market. Fueling this segment. Rapidly changing lifestyles and demand from emerging economies.

The personal care segment will expand significantly at almost 5.5% CAGR till 2024. Biocides are used in shampoos, shower gels, and moisturizing creams. They reduce bacterial and fungal activities and increase the shelf-life of these products. This in turn proposes the demand for biocides.

Based on products, the global biocides market is divided into organic acids, phenolic, nitrogen, halogen compounds, metallic compounds, organosulfurs, and others. Halogen compound dominated the market with over 25% shares in 2014. Halogens are vastly used to treat waste water in municipal & industrial projects.

Metallic compounds are used in paints and coatings, food & beverage, and wood preservation. They are also used as substitutes for halogens in water treatment. This segment held over 18% revenue shares in 2014. Organosulfurs are used to control microbial activities in oil refinery industries as they contain antifungal and antibacterial properties. In 2014, this product held a share over 11%.

Regions in the global biocides market are North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa (MEA). North America held over 40% of the global revenue in 2014. The US led the region in 2014 with 75% of the overall incomes. US funding for infrastructural development is projected to the demand for paints and coatings. This will further support the global market till 2024.

Asia Pacific may expand at a CAGR of more than 6% from 2016 to 2024. Rising healthcare expenditures China will continue to dominate the region in the forthcoming years. It will grow at a significant rate till 2024.

Dow Microbial Control, Troy Corporation, Arch Chemicals, and ISP are prominent companies in the global biocides market that account for nearly 56% of the total demand. Arch Chemicals dominated the industry in 2014. It captured over 15% of the worldwide shares that year.

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