Benzalkonium Chloride Market Emerging Trends, Advancement, Growth and Business Opportunities 2020 to 2030

The U.S. Energy Information Administration (EIA) estimates that approximately 101.2 million barrels of petroleum and liquid fuels will be consumed daily in 2022. Furthermore, the EIA forecasts that the Organization of the Petroleum Exporting Countries (OPEC) crude oil production will surge from 25.6 million barrels per day in 2020 to around 28.7 million barrels per day in 2022. The burgeoning consumption and production of oil will create a huge requirement for benzalkonium chloride due to its usage as a biocorrosion inhibitor in the oil and gas sector.

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Moreover, the flourishing pharmaceutical sector, owing to the mounting investments being made by governments in it and surging disposable income of people, will fuel the benzalkonium chloride market advance at a CAGR of 9.6% during 2020–2030. The market was valued at $525.0 million in 2019, and it is projected to generate $1,301.1 million revenue in 2030. A large quantity of this compound is used by pharmaceutical companies due to its ability to serve as an antiseptic, antimicrobial preservative, wetting agent, solubilizing agent, and disinfectant.

In recent years, benzalkonium chloride manufacturers, such as Neogen Corporation, Merck KGaA, KLK OLEO, Dishman Carbogen Amcis Ltd., Ava Chemicals Private Ltd., Novo Nordisk Pharmatech A/S, Shanghai Bichain Industrial Chemical Co. Ltd., Haihang Industry Co. Ltd., Tokyo Chemical Industry Co. Ltd., and Kao Corporation, have been focusing on geographical expansion to reach out to a greater number of customers. Currently, they are offering the compound for usage as an active pharmaceutical ingredient and preservative in creams, ointments, contraceptive formulations, antiseptic agents, veterinary products, and nasal, topical, and oral drugs.

According to P&S Intelligence, North America consumed the highest volume of the compound in the preceding years due to the surging opportunities for manufacturers based in Canada and the U.S. Moreover, the increasing exploration and production activities owing to the mounting investments being made in the oil and gas sector will fuel the consumption of this chemical in the region. Owing to these reasons, the consumption of this compound will continue being the highest in the world here.

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Whereas, the Asia-Pacific (APAC) benzalkonium chloride market is expected to progress at the highest rate in the foreseeable years owing to the rapid developments in the chemical industry and expansion of the pharmaceutical sector in the region. Essentially, the soaring investments being made in the chemical industry of India, Malaysia, and Vietnam will boost the consumption of benzalkonium chloride in the region. For example, in April 2020, Reckitt Benckiser, the manufacturer of Dettol disinfectant, announced its plans to set up a manufacturing facility for the product in Taicang, Jiangsu province, China.

Therefore, the burgeoning petroleum demand and expanding pharmaceutical industry will accelerate the consumption of benzalkonium chloride.

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This release was published on openPR.