New York, Sept. 25, 2023 (GLOBE NEWSWIRE) --
In a comprehensive research analysis conducted by ChemView Consulting, the global biocides market is poised to attain a valuation of $13,481.5 million and is projected to register CAGR of 4.9% during the period from 2023 to 2033.
Key Findings on the Biocides Market:
- Europe is the largest market for biocides, accounting for approximately 27% of the market share.
- Water treatment emerges as the leading end-use segment in the biocides market, contributing nearly 35.7% of total revenues.
- The biocides market is expected to grow at a steady CAGR of 4.9% during the period from 2023 to 2033.
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Major Trends Shaping the Biocides Market:
- Biocides play a pivotal role in preserving the quality and safety of food products by preventing microbial infection and decomposition. Increasing consumer demand for extended shelf life and safer food products is driving research into biocide-based food preservation methods.
- The rise of industries and urban areas is fueling the demand for biocides to curb microbial growth in production processes, buildings, and infrastructure. This trend is particularly prominent in emerging economies.
Key Players in the Biocides Market:
Leading companies in the biocides market include:
- Chetrit, Inc.
- ECHA
- Troy Corp.
- BASF SE
- Veolia Water Technologies
- Solvay SA
- Albemarle Corporation
- Lubrizol Corporation
- Finoric LLC.
- Iro Group Inc.
Recent Developments:
- In August 2022, Veolia Water Technologies, a water treatment solutions expert, partnered with Bridgnorth Aluminium to provide water treatment and compliance services for the manufacturing facility in Shropshire, UK. Veolia Water Technologies offers maintenance chemical supplies and Legionella compliance for cooling towers and process water treatment systems.
- In April 2022, the European Chemicals Agency (ECHA) initiated a second enforcement initiative (BEF-2) to investigate biocidal products on the EU market. The initiative applies to products containing both approved and non-approved active ingredients as defined by the Biocidal Products Regulation (BPR).
- In November 2021, Troy Corp. and Arxada, a manufacturer of biocides and lubricants, announced a merger to enhance their manufacturing and product portfolios.
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Growing Focus on Hygiene and Health will Continue to Support Demand
Heightened awareness of health and hygiene, especially in the wake of global health crises, has led to increased demand for effective disinfection and microbial control solutions. Biocides find extensive use in industries such as healthcare, food & beverage, and pharmaceuticals to ensure safe environments and products.
For instance, a common biocide used in the oil and gas industry is glutaraldehyde. It is effective in killing bacteria and preventing the formation of biofilms in pipelines and storage tanks. By using biocides, companies can ensure the quality of their oil and gas products and maintain the integrity of their equipment, ultimately leading to improved operational efficiency and product quality.
Concerns about Environmental Impact Impeding Adoption
Growing public awareness of the environmental impact of biocides, including their ability to harm non-target organisms and accumulate in ecosystems, could hinder market growth. The emphasis on sustainability and eco-friendly alternatives may lead to a shift in consumer preferences towards more environmentally conscious options, impacting the demand for traditional biocides.
Europe is the Largest Market for Biocides with 27% Industry Share
Stringent regulations promoting the use of eco-friendly and effective biocides in the European market are expected to boost sales. Europe is projected to account for 27% of the total market share. Ongoing research and development projects aimed at developing modern biocide formulations further contribute to the market's growth potential.
The US market is expected to witness substantial growth due to increasing awareness of the importance of cleanliness and microbiological control across various industries. The focus on product quality, extended shelf life, and demand for improved disinfection methods all support a positive outlook for the biocides market.
Rapid urbanization, industrialization, and population growth in the Chinese and Indian markets are fueling demand. Regulatory changes and shifting consumer preferences have increased awareness of the need for hygiene and sanitation, driving demand for biocides across various applications. For example, Both China and India have implemented stricter regulations related to environmental protection and public health. For example, China has introduced the "Water Pollution Prevention and Control Action Plan," which includes measures to improve water quality and sanitation. India's "Swachh Bharat Abhiyan" (Clean India Campaign) focuses on sanitation and cleanliness, emphasizing the need for hygiene products and practices.
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Biocides Market Outlook & Forecast by Segmentation:
By Product Type: The halogen compounds segment is expected to maintain its leading position in the biocides market share due to its effectiveness against a wide range of pathogens, including bacteria, viruses, fungi, and algae. Halogen compounds possess strong antibacterial properties and are renowned for their ability to disrupt cellular activities and inhibit organism growth. Their chemical stability and resistance to temperature and pH changes ensure long-term microbial control.
By End-Use: The water treatment segment is poised to capture 35.7% of the biocides market share. The increasing need for clean water due to population growth and heightened awareness of the importance of safe drinking water drives demand for effective water treatment methods, including biocides. Stringent water quality and safety regulations worldwide have led to the adoption of modern water treatment processes like biocides to ensure compliance.
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ChemView Consulting is a leading market research firm, with expertise in Chemicals & Materials, Food & Beverages, Packaging, Oil & Gas, Clean Energy & Power, Life Sciences, Industrial Equipment, Mobility, and Consumer Product. We are one of the top market intelligence firms specializing in business analytics with an expertise in the ever-growing chemicals industry. We track high-growth markets with innovative ideas and opportunities insights through B2B research.
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