PORTLAND, Oregon, July 9, 2020
- Rise in demand for clean water for domestic or industrial purposes and surge in the number of end-users propel the growth of the global biocides market.
PORTLAND, Oregon, July 9, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, Allied Market Research published a report, titled, "Biocides Market by Type (Metallic Compounds, Halogen-Based Biocides, Organic Acids, Sulphones, Phenol-Based Biocides, and Others) and End-Use Industry (Food & Beverage, Construction, Agriculture, Pharmaceutical, Personal Care, Water Treatment, Paints & Coatings, Home Care, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global biocides industry was estimated at $12.7 billion in 2019, and is expected to hit $20.7 billion by 2027, registering a CAGR of 6.8% from 2020 to 2027.
Prime determinants of the market-
Increase in demand for clean water for domestic or industrial purposes and rise in end users drive the growth of the global biocides market. Whereas, environmental regulations on toxic biocides and variation in the prices of raw materials restrain the market growth. On the other hand, prospect for silver-based biocides and development of total organic biocide system create new opportunities in the coming years.
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Covid-19 scenario- The global market is witnessing increase in demand for biocides.
The halogen based derivatives segment to lead the trial throughout the forecast period-
Based on type, the halogen based derivatives segment contributed to more than two-fifths of the market in 2019, and is estimated to maintain its dominant position during the forecast period. This is owing to the increase in demand for clean water across the globe. In addition, increase in demand for halogen-based biocides from oil & gas sector, chemical, pulp & paper, and other industries fuels the growth of the segment. On the other hand, the organic acid segment is expected to register the highest CAGR of 7.2% from 2020 to 2027. Increase in demand for biocides in preservatives, home care, drilling fluids, waste gas treatment, textile processing, and others drive the growth of the segment.
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The agriculture segment accounted for maximum market share in 2019-
Based on end user, the agriculture segment accounted for more than one-fifth of the total market in 2019, and is expected to maintain the dominant position throughout the forecast period. Increase in demand for crop protection and advancement in products such as biocides from the agriculture sector boost the growth of the segment. However, the personal care, home care and pharmaceutical segments are expected to register the highest CAGR of 7.4% from 2020 to 2027. This is owing to the increase in demand for biocides from the personal care applications such as hair care, skin care, oral care, toiletries, and others drives the growth of the segment.
Asia-Pacific, followed by North America, dominated the market in 2019-
Based on region, Asia-Pacific, followed by North America, contributed to around two-fifths of the total market share in 2019, and will maintain its dominance throughout the forecast period. In addition, the region is also anticipated to manifest the fastest CAGR of 7.4% from 2020 to 2027. This is attributed to the large number of key players and availability of the manufacturing facilities in this region. Furthermore, increase in use of biocides in the preservatives in food & beverage applications fuels the growth of the biocide market in this region.
Leading market players:
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