Newark, March 06, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the biocides market will grow to USD 10.17 billion in 2022 and reach USD 15.53 billion by 2032. In just eight years, the rapid growth of key industries such as medicine, paints and coatings, and textiles are helping to stimulate market growth. Further, the rising demand for resorcinol, triacetin, resorcinol, and other food & personal care products for producing their final goods like toothpaste, deodorants, mouthwashes, and shaving gels, among others are also anticipated to drive market growth during the forecast period.
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Key Insight of the Biocides Market
Asia Pacific to account for the largest market size during the forecast period.
Asia Pacific is expected to have the largest market share in the biocides market. Key factors favoring the growth of the biocides market in the Asia Pacific include the growing number of customer goods companies in Singapore, India, and China. Further, a rise in the production of automobiles, the surge in demand for medical apparatuses, and the increasing water therapy and demand from the healthcare industry are expected to drive market growth in this region. Additionally, the expanding use of halogen compounds in paints and coatings and the pulp and paper sectors are expected to propel the market growth in this region.
The paints & coatings segment is expected to augment the biocides market during the forecast period.
The paints & coatings segment held the largest market share in 2022 and is expected to continue during the forecast period owing to the increasing demand for personal transportation and the surge in disposable income. Additionally, the technological advancements in powder coating technology, along with the rapid urbanization and industrialization in emerging countries, are also helping to boost the segment's market growth. Further, by 2032, the water treatment segment will likely dominate the market due to the ever-increasing need to reduce contamination coupled with the growing demand for virus-free products. Additionally, the ever-increasing water scarcity, depleting groundwater levels, global supply chain disruptions, and various government initiatives are also helping to boost the segment's market growth.
The halogen compounds segment market size of 2.15 billion in 2022
The halogen compounds segment is anticipated to dominate the market over the forecast period owing to its high efficacy against a wide range of microorganisms and easy availability. Moreover, stringent regulatory measures by EPA regarding disinfectant use are also helping to boost the market growth. Additionally, halogen compounds are used in the formulation of biocides. Further, by 2032, the organosulfur segment will likely dominate the market due to the growing demand from the pharmaceutical and food industries. Also, organosulfur compounds are used as plasticizers in different types of plastics, such as polyurethanes & PVC.
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Advancement in Market
For example, in July 2022, LANXESS AG Company acquired a US-based company's microbial control business unit, International Flavors & Fragrances. This acquisition will aid LANXESS in strengthening its biocidal active substances portfolio.
Market Dynamics
Driver: The increasing adoption of powder coatings:
The increasing adoption of powder coatings due to the rapid pace of industrialization and urbanization leads to air pollution, which is a driving factor of market growth. Further, powder coating is used for automobile parts such as roof racks, door handles, and interior & exterior trim to protect from rain and heat. Additionally, powder coatings have multiple advantages over other coatings, such as immediate availability, lower operating costs, excellent appearance, negligible VOC emission, and uniform thickness. Moreover, the environment-friendly characteristics of powder coatings are expected to drive market growth. Additionally, high product adoption in the furniture sector due to its excellent performance, color availability, low operational costs, and custom properties, such as anti-corrosion & anti-bacterial functions, are expected to drive market growth.
Restraint: The lack of stringent regulation on toxic biocides:
The environmental regulations on toxic biocides are also hampering market growth. Additionally, the high manufacturing cost due to its energy-intensive manufacturing method and complicated process of forming thin films with powder coatings are expected to hinder the market growth.
Opportunity: The increasing attention of the government on the consumption of clean water:
The government's growing attention to the consumption of clean water is one of the opportunity factors for market growth. Also, stringent government laws set to reduce the usage of toxic coatings in residential & commercial buildings are one of the driving factors of the market growth. Moreover, the presence of key market participants and rising demand for metal biocides in medical, food, and beverage enterprises are also helping to drive market growth during the forecast period. Additionally, the increasing demand for the product as a smoothening agent in the cosmetics industry is a driving factor of the market growth.
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Some of the major players operating in the biocides market are:
• Neogen Corp.
• Troy Corp.
• Finoric LLC
• Shanghai Zhongxin Yuxiang Chemicals Co. Ltd
• Albemarle Corp.
• Iro Group Inc.
• Hubei Jinghong Chemicals Co. Ltd
• Lubrizol
• Solvay SA
• Lonza
• Wuxi Honor Shine Chemical Co. Ltd
• Lanxess AG
• BASF SE
• Chemtreat, Inc
Key Segments cover in the market:
By Application:
• Personal Care
• Water Treatment
• Wood Preservation
• Plastics
• Boilers
• Food & Beverages
• Paints & Coatings
• Oil & Gas
• HVAC
• Pulp & Paper
• Fuels
• Cleaning Products
• Others
By Product:
• Metallic Compounds
• Halogen Compounds
• Organosulfur
• Quaternary Ammonium Compound
• Nitrogen
• Phenolic
• Glutaraldehyde
• Organic Acids
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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