Press release
Biocides Market share, Market trends, and forecasts from 2024 to 2031.
Market Drivers:
The growth of the global biocides market is driven by an increase in demand for clean water for domestic and industrial purposes, as well as a rise in end users. However, environmental regulations on toxic biocides and fluctuations in raw material prices hinder market growth. On the upside, the prospect for silver-based biocides and the development of total organic biocide systems create new opportunities in the market.
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Impact of COVID-19:
The global market has witnessed an increased demand for biocides due to the COVID-19 pandemic. Lockdowns and supply chain disruptions have led to shortages of raw materials for disinfectants, prompting suppliers to explore alternative biocidal ingredients for disinfectant production.
Market Segmentation:
Halogen-based derivatives segment: This segment accounted for more than two-fifths of the market in 2019 and is expected to maintain its dominance. Increased demand for clean water and halogen-based biocides from various industries such as oil & gas, chemical, pulp & paper, etc., drives segment growth.
Organic acid segment: Expected to register the highest CAGR of 7.2% from 2020 to 2027 due to increased demand in various applications such as preservatives, home care, drilling fluids, waste gas treatment, textile processing, etc.
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End-Use Industry Insights:
Agriculture segment: Accounted for more than one-fifth of the total market in 2019 and is expected to maintain its dominance. The demand for crop protection and advancements in biocide products in agriculture drive segment growth.
Personal care, home care, and pharmaceutical segments: Expected to register the highest CAGR of 7.4% from 2020 to 2027 due to increased demand for biocides in personal care applications such as hair care, skin care, oral care, toiletries, etc.
Regional Insights:
Asia-Pacific: Dominated the market in 2019 and is expected to maintain its dominance throughout the forecast period. The region is anticipated to manifest the fastest CAGR of 7.4% from 2020 to 2027 due to the presence of key players and manufacturing facilities, along with an increase in the use of biocides in food & beverage applications.
North America: Contributed significantly to the market share in 2019 and is expected to maintain its position.
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Leading Market Players:
Berkshire Hathaway
BASF SE
DuPont
Kerry
Solvay SA
Lonza Group AG
Lanxess AG
Thor Group Limited
Clariant AG
Corbion N.V.
Kemin Industries, Inc.
Nouryon
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