Global Biocides Market is Projected to Exceed $15.94 Billion by 2026, Says Global Market Insights Inc.
The growth of the biocides market is driven by the growing demand for clean fuels and changing perspectives towards environmental sustainability, says this report.
23 Jul, 2020, 04:10 ET
SELBYVILLE, Del., July 23, 2020 /PRNewswire/ -- As per Global Market Insights Inc., the biocides market valuation is expected to hit a valuation of nearly $15.94 billion by 2026, registering a CAGR of 5.4% from 2020 to 2026. The report provides a full analysis of the market estimations as well as size, wavering industry trends, key avenues of investment, top winning strategies, opportunities and drivers, and the competitive scenario.
The demand for biocide is growing across the globe due to the fast shift towards sustainability measures, along with the growing demand for nontoxic chemical solutions. Development in upstream and downstream operations and natural gas exploration will also boost the biocides market share. Additionally, market players are increasingly signing acquisition agreements to strengthen their regional presence and are engaging in new product development for consolidating their brand equity. Manufacturers are also entering into long-term contracts with raw material suppliers to effectively protect their respective production lines to stay competitive within the post-coronavirus economy.
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In terms of product, the organic acids segment will exceed a valuation of approximately $1.7 billion by the end of the analysis timeframe. The growth is ascribed to the rapid penetration in toiletries, cosmetic, and personal care products, thereby driving the biocides market demand.
Key reasons for biocides market growth:
- Increasing demand for high-performance coating and paint solutions in metallic compounds.
- Rising penetration of halogens in the water treatment industry.
- Growing product consumption across Asia-Pacific.
2026 forecasts anticipate the 'fuels' application segment showing appreciative growth:
In terms of application, the fuels segment will grow with a CAGR of over 5.5% over the forecast timeframe due to the increasing trends towards increasing sustainability measures and the global shift towards clean fuels. The product is extensively utilized in storing, upstream, and downstream applications. It plays a key role in natural gas production, which is likely to drive product demand. Moreover, market players in oil & gas, as well as the fuel industry, are rapidly shifting towards safe, economical, non-toxic, and sustainable solutions to consolidate their brand value, thereby escalating the biocides market revenue.
Asia-Pacific and Europe's biocide industry to witness appreciative growth:
Based on the regional perspective, the Asia-Pacific is likely to exceed a valuation of $5.6 billion by the end of the analysis time period due to the growing HVAC and automobile industry. Biocide solutions are extensively utilized in manufacturing paints and coatings for automobiles. It not only helps in enhancing protection against acid rain, moisture, water, oxidation, and chemicals but also enhances aesthetic appeal. Moreover, consumers in this region are moving towards economical, as well as high-performance solutions, due to rising inclination towards low-maintenance and high-performance vehicles, thereby stimulating the biocides market.
The European biocides market will grow with a CAGR of over 4.5% over the forecast timeframe. The growth is ascribed to the rapid shift towards fast cleansing, acting as well as over-the-counter economical solutions.
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Leading market players:
The key market players analyzed in the biocides industry report include Troy Corporation, Baker Hughes Incorporated, Lanxess, Solvay, Lubrizol, Sigma - Aldrich, Clariant AG, AkzoNobel, DuPont, BASF, GE Water & Process Technologies, Dow Chemical Company, Lonza, and Thor Group Limited among many others. They have incorporated several strategies including partnerships, expansions, collaborations, joint ventures, and others to heighten their stand in the industry.
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About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision-making.
GMIPulse, our business analytics platform, offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top-level categories and hundreds of industry segments within them, covering regional, company-level, and cross-sectional statistics that make our offering a stand-out for decision-makers.
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SOURCE Global Market Insights, Inc.
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