Biocides Market 2019 | Driving Factors, Industry Analysis, Investment Feasibility and Trends, Outlook -2023
Biocides such as wood preservatives, insecticides, rodenticides, disinfectants belong to a category of products which are intended for the destruction or inhibition of unwanted organisms such as viruses, bacteria, fungi, and insects. They are used in a variety of industrial purposes. The Global Biocides Market is growing at an incremental pace and is likely to scale to a significant valuation in the forthcoming years, asserts Market research Future (MRFR) in an in-depth study.
Expansion of the construction industry is a key factor influencing the growth of the Global Biocides Market. Rigorous constructional activities induce demand for wood preservation and paint & coatings. New constructions and buildings demand paints and coatings which contain biocides for maintenance applications also augur well for the growth of the market. In addition, a strong rebound in constructional activities in various parts of the world is likely to impact market growth positively.
Consolidation of the manufacturing industry is also anticipated to support the growth of the biocides market. Production of various manufactured goods generates high demand for Biocides since there is a greater focus on sanitation in production processes. Besides, biocides are applied to hydraulic machines at manufacturing facilities to prevent corrosion and reduce production issues. The energy sector is also adding to the demand for biocides where they have used as well as stimulation fluids.
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Biocides are witnessing high demand from industries such as food & beverage, cosmetics, and pulp and paper where they are utilized to curb microbial activities. Other factors substantiating the market growth include the application of biocides in water treatment and continued demand from the paints & coatings industry. In the backdrop of the outbreak of various water-borne diseases, there is a pressing need for portable water which is estimated to bode well for the Global Biocides Market. Increasing awareness regarding sanitation and improving economic conditions across the globe are expected to reflect positively on the market growth.
On the other hand, the growth of the Global Biocides Market might be deterred by relatively high toxicity and health hazards associated with long-term exposure to these products. Also, the biocides market is governed by a complex legal framework where every product has to go through long, tedious approval process which remains a challenge for market growth.
The Global Biocides Market has been segmented based on Product and Application.
By Product, the Global Biocides Market has been segmented into halogen compounds, organosulfur, metallic compounds, phenolics, nitrogen, and others.
By Application, the Global Biocides Market has been segmented into water treatment, food & beverages, paints & coatings, HVAC, personal care, wood preservation, boilers, oil & gas, fuels, and others.
North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW) are the key markets for Biocides.
North America is a significant market for Biocides driven by the rebound of constructional activities in the region and heightened demand from the food & beverage industry.
APAC market for biocides is anticipated to showcase strong growth trend over the forecast period. Expansion of the manufacturing industry in the region. Increase in awareness level regarding health and hygiene has contributed to the growth of the market to a great extent.
Europe market is spurred by persistent demand for biocides from the food & beverage and packaging industry. However, in Europe, biocides are subject to tight regulations by the EU which might restrain the growth of the market in the region.
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The noteworthy players in the Global Biocides Market include Ashland Inc., Thor Group Limited, Arch Chemicals Inc., Solvary SA, BASF, Buckman Laboratories International Inc., Akcros Chemicals, Albemarle Corporation, Champion Technologies, Troy Corporation, GE Water and Process Technologies, AkzoNobel N.V., BWA Water Additives, Cortec Corporation, Baker Hughes Incorporated, Sigma-Aldrich, The Dow Chemical Company, Lanxess AG, Lubrizol, Clariant AG, and Anpath Group Incorporated.
In January 2019, the South Korea government released K-BPR implementation plans to acquire information on minimum toxicity level of existing biocidal substances currently in circulation.
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