Pune, India, July 07, 2021 (GLOBE NEWSWIRE) -- The global biocides market size is expected to reach USD 9,914.2 million by 2028, exhibiting a CAGR of 4.2% during the forecast period. The growing consumer awareness regarding self-hygiene and cleanliness will have an outstanding impact on the market growth in the forthcoming years, states Fortune Business Insights, in a report, titled “Biocides Market, 2021-2028” The market size stood at USD 7,195.1 million in 2020.
COVID-19 Impact:
The worldwide coronavirus crisis has disrupted a variety of end-users in the sector, including adhesives, food and beverages, clothing, and wood. The substance is widely used in paints and coatings, as well as the building and automotive sectors. The aforementioned industries' manufacturing sectors have been shut down as a result of the global lockdown. This has resulted in a drop in customer demands and a disturbance in the supply chain, and a halt in paint exportation and automotive sales, significantly limiting the expansion of the biocides industry.
However, the desire for processed, high-quality food with a longer shelf life pushes the use of this product in food and beverage preservation. Furthermore, the proliferation of viruses drives up demand for medical and hospital cleaning and disinfection, which is driving this market.
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Competitive Landscape:
Vink Chemicals GmbH & Co. KG to Hold the Largest Share
Vink Chemicals GmbH & Co. KG and Thor Group Limited are the leading participants in the global market. Vink Chemicals GmbH & Co. KG is a prominent manufacturer of cost-effective biocides with a diverse product line that includes chemical compounds for the paint and coatings sector. Thor Group Limited, on the other hand, produces products for a wide range of industrial and consumer applications.
Key Development:
January 2021: LANXESS, a specialty chemical company, announced the acquisition of INTACE, a Paris-based biocide company. The company specializes in the manufacturing of specialty fungicides for the packaging industry. This will help the company strengthen its biocide technology platform for packaging and labels in the consumer goods industry.
List of Top 15 Companies Proifled in the Biocides Market are:
- Vink Chemicals GmbH & Co. KG (Germany)
- Clariant (Switzerland)
- Kemira Oyj (Finland)
- Troy Corporation (U.S.)
- Thor Group Limited (UK)
- Lanxess AG (Germany)
- Solvay SA (Belgium)
- Neogen Corporation (UK)
- Finoric LLC (U.S.)
- Shanghai Zhongxin Yuxiang Chemical Co., Ltd (China)
- Shandong IRO Biocide Chemicals Co., Ltd. (China)
- Albemarle Corporation (U.S.)
- Lonza Group Ltd (Switzerland)
- Wuxi Honor Shine Chemical Co. Ltd. (China)
- Other Key Players
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Market Segments:
Based on type, the market is segmented into halogen compounds, quaternary ammonium compounds, metallic compounds, phenolic, organic acids, organosulfur, and others.
Based on applications, the market is categorized into water treatment, food and personal care products, cleaning products, furniture and furnishings, clothing and textiles, leather and suede, paints and coatings, fuel preservatives, and others. Paints & coatings are expected to account for the largest share during the forecast period. The growth is attributed to the high demand from the construction industry.
Geographically, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Driving Factor:
Booming Paints and Coatings to Intensify Market
The growth of the paints and coatings sector is a major propeller of the biocides market. The product is used in this business to protect the painted surface from microbiological contamination, such as fungal or bacterial growth, caused by air pollution and exposure to the outside environment. Engineering and construction walls, automotive exteriors, and consumer items are among the surfaces. Once the paint has dry, this substance is applied to set using a formulator over the painted surface. Furthermore, the growing use in the automotive sector to preserve external and interior sections of vehicles such as the body, handles, brakes, and auto components is boosting the biocides market forward.
Regional Insights:
Ever-increasing Population to Influence Growth in Asia Pacific
In 2020, the Asia Pacific size was estimated at USD 2,283.2 million. During the projected period, Asia Pacific is predicted to create the most revenue in the worldwide market. This expansion can be ascribed to increased building activity in response to demand from the region's ever-increasing population. Developing economies such as China, Japan, and India are increasingly embracing innovative technology in the paints and coatings sector to improve product development.
Furthermore, demand for industrial and consumer applications is likely to support the use of water treatment and cleaning goods because of China’s vast population. North America is predicted to increase gradually. The market is dominated by rapid technical improvement and innovation due to the region's economic development. The United States is the most important market for this commodity, with significant demand for paints and coatings and wood protection.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights – Impact of COVID-19 on Global Biocides Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Global Biocides Market Analysis, Insights and Forecast, By Type, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type (Volume/Value)
- Halogen Compounds
- Quertnary Ammonium Compounds
- Metallic Compounds
- Phenolic
- Organic Acids
- Organosulfur
- Others
- By Type (Volume/Value)
TOC Continued…!
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