Biocides Market Value To Cross $20.7 billion By 2031 | Top Companies and Industry Growth Insights

The biocides market is anticipated to witness considerable growth.This is attributed to factors such as rise in demand of clean water for domestic or industrial purposes. In addition, growth of end users is further rising the growth of the biocides market during the forecast period. Moreover, growing usage silver based biocides in the healthcare industry and development of total organic biocides systems are anticipated to provide numerous growth opportunities in upcoming years.

According to a new report published by Allied Market Research titled, "Biocide Market by Type and End-Use Industry: Opportunity Analysis and Industry Forecast, 2020-2027," the biocide market was valued at $12.7 billion in 2019, and is projected to reach $20.7 billion by 2027, growing at a CAGR of 6.8% from 2020 to 2027.

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Biocides are chemicals that combat pests or microorganisms such as molds, bacteria, algae, insects, and rodents. Biocides include various products such as disinfectants, wood preservatives, rodenticides, antifouling agents (on boats), and in-can preservatives, which are used in homes, hospitals, industries, and others. Biocide preservation applications that encompass preservation of water-based paints, adhesives, polymer dispersions, and metal working fluids (implied during the shaping of metals) have high market demand, accounting for the highest consumption of specialty biocides both in terms of volume and value. Despite regulatory pressures reducing the number of biocides depending on their concentrations in end products, blends of carefully selected biocidal active substances in optimal ratios coupled with new advancements provide improved preservation solutions without the need for cautionary labeling.

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The global biocides market is primarily driven by increase in demand for clean water for domestic/industrial processes and growth of the end users across the globe. However, environmental regulations on the toxic biocides and variation in cost of raw material are expected to hinder the market growth. Moreover, market opportunity for silver-based biocides and development of the organic biocide systems in the biocide market are anticipated to create lucrative opportunities for the key players during the forecast period.

Biocide is used in a wide variety of materials to protect against biological infestation and growth. Biocidal metallic compounds such as copper and tin have found effective usage in preservation of metalworking fluids or hydraulic fluids to deter bacterial growth. Metallic compounds have proved to be effective in removal of various corrosion levels in boilers. Furthermore, increase in export and import of biocides across the countries, owing to their major applications in agricultural pesticides & insecticides and water treatment setups are some of the key factors that are projected to fuel the demand for biocides in the coming years.

Key Market Players:
BASF, Solvay, Kemira OJY, LANXESS, Lonza AG, Solenis, Nouryon, Veolia, Ecolab, DuPont

On the basis of type, halogen-based biocides segment was the major revenue contributor in 2019, and is expected to continue its dominance during the forecast period, owing to increase in demand from the from oil & gas sector, chemical, pulp & paper, and other industries.

On the basis of end-use industry, the agriculture segment dominated the global biocides market by accounting for the highest revenue in 2019. This is attributed to increase in demand from increase in demand for crop protection and crop enhancement applications. In addition, rise in awareness among farmers toward the biocidal products is driving the growth of the biocide market globally.

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Key Findings Of The Study:
• By type, the halogen-based biocides segment emerged as the global leader by acquiring around 43.4% of total biocides market share in 2019 in terms of revenue, and is anticipated to be the largest market during the forecast period.
• By end-use industry, the agriculture segment emerged as the global leader, registering 15.04% market share in 2019 in terms of revenue, and is anticipated to continue its dominance during the forecast period.
• Asia-Pacific is the major consumer of biocides among other regions. It accounted for around 35.1% of the global biocide market share in 2019 as a result of rapid growth in the construction and agriculture industries across the region.
• The phenol-based biocide segment is expected to grow at a CAGR of 6.7% in terms of revenue during the forecast period, and is accounted for $1,049.4 million in the year 2019.

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