Future Market Insights (FMI) latest report provides detailed analysis of trends and opportunities prevailing in the biocides market. The report offers exhaustive overview of growth drivers and market restraints affecting the demand across leading segments in terms of grade, type, end use, and region.
DUBAI, UAE, Oct. 8, 2021 /PRNewswire/ -- ESOMAR-certified market research firm Future Market Insights (FMI) in its latest market analysis forecasts the biocides market size to surpass US$ 8.3 Bnin 2021. With the rising demand for halogen compounds across various applications, the overall market is poised to expand at over 3.3% CAGRbetween 2021 and 2031, reaching a valuation of US$ 11.74 Bn by the end of 2031.
The growth of the biocides market can be attributed to the rising demand for biocides for application across various sectors such as water treatment, household & personal care, and others.
Biocides are increasingly used to control the breeding of unwanted organisms such as bacteria, fungi, insects, and viruses. They represent various products ranging from disinfectants and wood preservatives to rodenticides.
They are commonly used across industries as disinfectants for rapid response against threat of germ and bacteria. Growing demand for preservatives and disinfectants across various industries such as food and beverages, healthcare, wood and paints, will therefore continue to expand the biocides market during the forecast period.
Growing awareness among people regarding the self-hygiene is playing a vital part in accelerating the demand for biocide products. During the COVID-19 pandemic, sales of disinfectants witnessed skyrocketed, creating conducive environment for sales in the market.
Application of biocides is expected to increase in industrial and public water treatment. Various initiatives launched by governments and other organizations across the globe to provide clean water are creating lucrative growth opportunities for the market.
Increasing adoption of paints & coatings, adhesives and sealants in the construction sector also will fuel demand in the market. As these products are more prone to microbial attack, in-can preservatives and dry film fungicides are often used.
Biocides are widely used for the maintenance of the required levels of hygiene at farms, slaughterhouses and food processing premises. Adoption of biocides for reducing the biofilms formation in cooling towers also is gaining traction.
As per FMI, the paints and coatings segment is estimated to grow by 3.3% year-on-year rate in 2021. Paint and coating companies are increasingly adopting biocides to tackle microbial growth.
North America is anticipated to emerge as a lucrative market for biocide products. Owing to the growing demand from various industries, sales of biocides are set to rise at 3% CAGR across North America.
"Rising demand for wastewater treatment coupled with government support will accelerate the sales of biocides during the forecast period. The market is likely to gain from the development of green biocide products. Focus on sustainability is emerging as crucial strategy for market players to strengthen their position," says the FMI analyst.
Key Takeaways from Biocides Market Survey
The U.S. biocides market is expected to reach a valuation of US$ 2.3 Bn through 2031 owing to the increasing adoption of halogen compounds across various industries such as paints and coatings.
China will continue to remain one of the key markets in East Asia, accounting for 72% of the sales of biocides.
With increasing utilization of biocides in water treatment activities, GCC countries are expected to account for 30.7% of market share in the Middle East and Africa.
By product type, halogen compounds segment is anticipated to dominate the biocides market, registering a year-on-year (YoY) growth of 3.6% in 2021.
Biocides demand in the water treatment segment is expected to surpass US$ 3.8 Bn by 2031.
Increasing use of antimicrobial protection across various end-use industries is fueling the demand for biocides.
Development of ecofriendly biocide products will continue to support the market growth.
Rise in the number of wastewater treatment plants fosters the demand for cleaning agents like biocides. Moreover, various efforts of governments to provide safe water to their people will bode well for the market
Growing adoption of disinfectants, preservatives and pesticides in industries such as healthcare, agriculture and food and beverages will create lucrative growth opportunities for the biocides market growth.
Harmful impact of various biocides on environment and living organisms is hampering the growth of the market.
Various regulations imposed by governments and other organizations to curb the harmful effect of biocides also limits the market growth.
Key players operating in the biocides market are focusing on developing ecofriendly biocides. They have adopted various organic and inorganic growth strategies such as mergers and acquisitions, new product launches, partnerships and collaborations to strengthen their global footprint.
In August 2021, Lanxess signed contract to acquire biocide business of International Flavors and Fragrance Inc. (IFF) with a purchase amount of US$ 1.3 Billion. THe purchase is expected to be completed by mid-2020 and will help LANXESS to expand its biocides product portfolio.
In January 2021 BASF Canadian Agriculture Solutions received health Canada PMRA label expansion for Serifel. New for the 2021 growing season, Serifel is an innovative biocide with multiple modes of action.
Some of the prominent players operating in the biocides market profiled by FMI are:
More Insights on the Global Biocides Sales Outlook
FMI provides an unbiased analysis of biocides market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global demand for biocides with a detailed segmentation on the basis of:
Key Questions Covered in the Biocides Sales Outlook Report
The report offers insight into biocides demand outlook for 2021-2031
The market study also highlights projected sales growth for biocides market between 2021 and 2031
Biocides market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
Biocides market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.