Biocides Market by Type (Metallic Compounds, Halogen-Based Derivatives, Organic Acid, Sulfones, Phenol Based, and Others), and End Use Industry (Food & Beverages, Construction, Agriculture, Pharmaceuticals, Personal Care, Water Treatment, Paints & Coatings, and Others)
Portland, OR -- (SBWIRE) -- 06/23/2017 -- Biocides Market Report, published by Allied Market Research, forecasts that the global market was valued at $6,479 million in 2015, and is expected to reach $9,912 million by 2022, supported by a CAGR of 6.3% during the forecast period 2014 to 2022. The metallic compounds segment held nearly two-fifths of the total market share in 2015.
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Biocides are chemicals that combat pests or microorganisms such as molds, bacteria, algae, insects, and rodents. Biocides include various products such as disinfectants, wood preservatives, rodenticides, antifouling agents (on boats), and in-can preservatives, which are used in homes, hospitals, industries, and others. Biocide preservation applications that encompass preservation of water-based paints, adhesives, polymer dispersions, and metal working fluids (implied during the shaping of metals) have high market demand, accounting for the highest consumption of speciality biocides both in terms of volume and value. Despite regulatory pressures reducing the number of biocides depending on their concentrations in end products, blends of carefully selected biocidal active substances in optimal ratios coupled with new advancements provide improved preservation solutions without the need for cautionary labelling.
Presently, the global biocides market is witnessing vivid opportunities due to increased focus of governments of various economies on the consumption of clean water. Biocides also find wide array of applications in a broad range of products such as antimicrobial coatings and food & pulp industry. Moreover, they control sulfate reducing bacteria and slime forming bacteria in oil well drilling, oil field processing, and gas storage equipment. Thus, emerging applications of biocides is another major factor anticipated to propel the growth of the global biocides market over the forecast period. In addition, growth in need for agrochemicals due to rise in demand for high-quality pest-free crops is another key aspect that drives the growth of global biocides market.
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Key Players of Market:
The major companies profiled in the report include The Dow Chemical Company, Troy Corporation, BASF SE, Thor Group, AkzoNobel N.V., Clariant Corporation, Lanxess AG, Solvay SA, Kemira OYJ, and Lonza Chemicals.
Biocides are used in a wide variety of materials to protect against biological infestation and growth. Biocidal metallic compounds such as copper and tin have found effective usage in preservation of metalworking fluids or hydraulic fluids to deter bacterial growth. Metallic compounds have proved to be effective in removal of various corrosion levels in boilers. Furthermore, increase in export and import of biocides across countries owing to their major applications in agricultural pesticides & insecticides and water treatment setups are some of the key factors that are projected to fuel the demand for biocides in the coming years.
KEY FINDINGS OF BIOCIDES MARKET:
- In terms of volume, the water treatment segment is projected to show highest growth rate during the analysis period.
- Asia-Pacific is projected to maintain its lead position throughout 2022, and is projected to grow at a CAGR of 6.0%, in terms of volume.
- Agriculture application segment occupied for approximately one-fourth of the total market in 2015.
- China occupied for around one-third of the total Asia-Pacific biocides market in 2015.
- In terms of value, Korea is expected to grow at a high CAGR of 7.6% in Asia-Pacific market from 2016 to 2022.
In 2015, Asia-Pacific and LAMEA collectively accounted for more than half of the total biocides market, and are expected to continue this trend due to increase in investments in the modernization of agricultural techniques and rising infrastructural development, specifically in China, India, Brazil, and other developing economies. Moreover, rise in urban population demanding efficient water treatment facilities is the major reason that drives the growth of biocides market.