Biocides Market is projected to be around $11.87 billion by 2022
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A research study titled, “Biocides Market by Product and Application - Global Industry Analysis and Forecast to 2022” published by Crystal Market Research, states that the Biocides Market is projected to be around $11.87 billion by 2022.
The global Biocides market was worth USD 7.31 billion in the year of 2012 and is expected to reach approximately USD 11.87 billion by 2022, while registering itself at a compound annual growth rate (CAGR) of 4.46% during the forecast period. A biocide is characterized as a compound substance or microorganism planned to deter, destroy, render harmless, or apply a controlling impact on any hurtful life form by concoction or natural means. The US Environmental Protection Agency (EPA) utilizes a rather unique definition for biocides as "a diverse group of poisonous substances including preservatives, insecticides, disinfectants, and pesticides used for the control of organisms that are harmful to human or animal health or that cause damage to natural or manufactured products". When looked at, the two definitions generally suggest the same, despite the fact that the US EPA definition incorporates plant security items and some veterinary medications. The expressions "biocides" and "pesticides" are regularly exchanged, and frequently mistaken for "plant protection products". To clear this up, pesticides incorporate both biocides and plant assurance products, where the previous respects substances for non-food and feed purposes and the last respects substances for food and feed purposes.
Increasing demand from mechanical applications, majorly in personal care, paints and coatings and water treatment coupled with the dynamic extension of these end user industries is foreseen to boost the biocides market in the following years. Expanding adoption of water treatment methods in countries including China, Japan and India are anticipated to boost the growth of the market. Additionally, increasing awareness of health is projected to bolster the demand for clean water and is anticipated to boost the development of the market throughout the upcoming years. Furthermore, growing need for consumable water in domestic and industrial applications due to surging population is expected to fuel the requirement in water treatment application.
On the basis of product the Biocides market is segmented into Halogen compounds, Phenolic, Metallic compounds, Nitrogen, Organic acids and Organosulfur. On the basis of application the market is segmented into Paints & coatings, Boilers, Wood preservation, Food & beverage, Oil & gas, HVAC, Personal care and Water treatment. The major players in the market are Arch Chemicals, Thor Specialties, Troy Corporation, Dow Microbial Control, Lubrizol and Clariant Power System Limited. Geographically, the market is segmented into Asia Pacific, North America, Europe and Rest of the world.
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Key findings of the Biocides market
- North America is anticipated to proceed with its strength in the worldwide market and is relied upon to reflect significant development in the upcoming years.
- Asia Pacific is relied upon to be the quickest developing local market and projected to grow significantly during the forecast period.
- Water treatment applications are relied upon to keep on dominating biocide request, and are evaluated to reflect considerable growth in the upcoming years. Administrative system for upholding modern water treatment guidelines is relied upon to positively affect the market.
- Water treatment is additionally anticipated that would be the quickest developing application market for biocides in the following years.