Biocides Market size worth over $15.94 billion by 2026
Published Date: July 21, 2020 Authors: Kunal Ahuja, Kritika Mamtani
According to a new research report by Global Market Insights, Inc., the Biocides Market size is set to surpass USD 15.94 billion by 2026. Increasing adoption of biocides in cosmetics and rising demand for personal care products with cleaning properties will boost product demand
Biocides are chemical agents with cleansing, synthesizing, and preservation qualities. They are widely utilized in food & beverage industry, cosmetics, oil & gas, and general manufacturing. Industry players are rapidly investing in research, development and marketing initiatives in a bid to manufacture high quality products, reduce toxicity, and broaden consumer base in competitive industry sphere.
Paints & coatings application is likely to grow with CAGR of 6% through 2026 owing to rising construction & renovation activities. Biocides are widely in manufacturing antimicrobial paints owing to its high resistance to viruses, bacteria, pathogens, mold, and fungi. Industry players are rapidly including these solutions in paints in an attempt to market their production with antifungal and antimicrobial properties, thereby boosting biocides market share.
Stringent regulations in North America & Europe towards the use of biocides, concentration and residual toxicity levels is making industry players to invest in research & development initiatives. Manufacturers are developing targeting solutions & developing indigenous technology under strict safety compliances which is increasing competition in market and improving quality trends, thereby boosting regional biocides market growth.
COVID -19 epidemic is likely to restrain market growth owing to strict trade and lockdown conditions along with rapid closure of fast food joints and restaurants to reduce community spread. Furthermore, biocide manufactures are rapidly stocking raw material in an attempt to continue production and also investing in new product development to compete in post COVID economy.
Browse key industry insights spread across 175 pages with 114 market data tables and 36 figures & charts from the report, “Biocides Market By Application (Food & beverage, Water treatment, Wood Preservation, Paints & Coatings, Personal Care, Boilers, HVAC, Fuels, Oil & Gas), By Product (Metallic Compounds, Halogen Compounds, Organic acids, Organosulfur, Nitrogen, Phenolic), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Increasing demand for antique wood furniture and rapid adoption of wood preservation solutions should foster market share
Wood preservation is likely to surpass USD 1.6 billion by the end of 2026 owing to increasing demand for high performance preservation solutions. These products are widely used in protecting wood in antique furniture from termites and heavy wear. Industry players are rapidly adopting high performance solutions to gain competitive advantage in this niche industry, thereby boosting biocides market share.
Quick adoption of biocide enhanced wood preservation solutions in consumer industry and rapid penetration in market is likely to propel product demand. These products aid in protection various types of wood from mold, fungi, termites, ants, and wood beetles. Additionally, these solutions also protect furniture from environmental aggressors such as moisture, rain, and sun providing all round protection thus boosting the biocides market share.
“As per industry forecasts, wood preservation is likely to grow with CAGR of over 4.5% through 2026 owing to increasing demand for non-toxic and advanced wood protection solutions”
Increasing demand for antimicrobial cosmetics and personal care products in Europe to foster market share
Europe should surpass USD 3.3 billion by the end of 2026 owing to changing perceptions towards hygiene and shift towards antimicrobial agents. Its properties such as high sanitization and purifying characteristics along with effective preservative properties is likely to boost product demand. Industry players are rapidly using these solutions in manufacturing quick acting & high performance cosmetic solutions, thereby boosting biocides market share.
Increasing demand for high quality ingredients, rising geriatric population, shift towards quick acting and high performance cosmetics are likely to boost product demand. Rapid shift of Gen Y and baby boomer demographic towards antimicrobial and quick acting solutions is likely to boost consumption trends. Furthermore, increasing demand for high quality cosmetic preparations and inclination towards economical products should foster the biocides market trends.
“As per industry forecasts, Europe biocide market is likely to grow with CAGR of over 4.5% through 2026 owing to rapid shift towards quick acting, cleansing, and over the counter economical solutions”
Major players in biocide industry are rapidly engaged in new product development and acquisitions in attempt to strengthen their market position and improve brand equity. Primary players include AkzoNobel, Lonza, BASF, Solvay, Sigma – Aldrich, Dow Chemical Company, DuPont, Lanxess, GE Water and Process Technologies, Lubrizol, Baker Hughes Incorporated, Thor Group Limited, Troy Corporation, Clariant AG, and Buckman Laboratories International.