Global Benzalkonium Chloride Market To Generate Over $1,000.0 Million Revenue by 2030

The global benzalkonium chloride market generated a revenue of $525.0 million in 2019, and it is predicted to progress at a CAGR of 9.6% between 2020 and 2030. Furthermore, the market will reach a value of $1,301.1 million by 2030, as per the estimates of P&S Intelligence, a market research company based in India. The market is being driven by the booming oil & gas and pharmaceutical sectors across the world.

The compound is heavily used in the pharmaceutical sector, due to its ability to serve as a disinfectant, antiseptic, antimicrobial preservative, wetting agent, and solubilizing agent. As a result, the surge in the pharmaceutical sector, because of the soaring disposable income of people, huge investments being made by the governments of several countries, and the increasing affordability of healthcare services, is boosting the demand for benzalkonium chloride across the world.

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Besides, the expansion of the oil & gas industry is also propelling the demand for the compound. According to the International Association of Oil & Gas Producers (IOGP), the demand for oil and gas has risen massively over the last ten years. Moreover, the worldwide consumption of petroleum and various other associated liquids increased from 100.4 million barrels per day in 2018 to 101.2 million barrels per day in 2019, as per the U.S. Energy Information Administration (EIA).

On the basis of application, the benzalkonium chloride market is categorized into hand sanitizers; eye, ear, and nasal drops; shampoos; spermicidal creams; aquaculture chemicals; water treatment chemicals; coatings; and timber protection chemicals. Out of these, the disinfectants category is predicted to dominate the market in the forthcoming years. This is credited to the fact that the compound has a broad biocidal activity and can easily remove unwanted fungi, bacteria, viruses, and algae from surfaces.

When type is taken into consideration, the market is also classified into benzalkonium chloride 80% and benzalkonium chloride 50% categories. Between these, the benzalkonium chloride 50% category is predicted to hold the larger share in the market in the upcoming years. This is ascribed to the fact that the compound is extensively used in numerous personal care and pharmaceutical applications, owing to its less toxic nature than benzalkonium chloride 80%.

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Globally, the benzalkonium chloride market is predicted to exhibit the highest growth rate in Asia-Pacific (APAC) in the forthcoming years. This will be because of the rapid expansion of the chemical industry in India and China. In addition to this, the soaring requirement for disinfectant products, because of the COVID-19 pandemic, and the increasing implementation of various strategic initiatives by several companies operating in the specialty chemicals industry are also driving the expansion of the market in this region.

About P&S Intelligence

P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.

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This release was published on openPR.