The global biocides market size is expected to reach USD 14.81 billion by 2028 according to a new study by Polaris Market Research. The report “Biocides Market Share, Size, Trends, Industry Analysis Report, By Product (Halogen Compounds, Metallic Compounds, Organosulfur, Organic Acids, Quaternary Ammonium Compound, Phenolic, Nitrogen, Glutaraldehyde); By Application; By Region; Segment Forecast, 2021 - 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The global market is mainly driven by the factors such as the increased adoption of biocides in areas such as water treatment, food & beverages industry, paints and coating industry, oil and gas industry, wood preservation, and personal care. The need to comply with environmental norms in developed nations leads to new product development, which will hugely influence the growth of the global market in the coming years.
Biocides are used in the marine coating industry as the chances of microbial growth increase in shipping vessels, and new anti-fouling paint under the trademark Armanda has been developed for marine coating. This anti-fouling contains Ultima crust-remover silicon marine coating, and it also controls the release rate of the product. Increased application of the product in various industries is expected to fuel the growth of the industry.
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COVID-19 pandemic is having both positive and negative effects on the market depending on its applications. The increasing demand for proper sanitization of surfaces and hands has increased in the product in the personal care segment.
However, there is a considerable reduction in the production of oil & gas, which will limit the use of the product in the fuel industry during the pandemic period. Restaurants across the globe have been shut during pandemic times, and hence the use of biocides in the food and beverages industry will be decreased during the pandemic time.
Industry participants such as Chemtreat, Inc., Neogen Corporation, Troy Corporation, Yuxiang Chemicals Co. Ltd., Iro Group Inc., Finoric LLC, Shine Chemical Co. Ltd., Albemarle Corporation, Jinghong Chemicals Co. Ltd., BASF SE, Solvay SA, Lubrizol, Lonza, and Lanxess AG. are some of the key players operating in the global industry.
New developments are taking place in the industry owing to its increased demand. In March 2021, INTAKE SAS, based in France, was acquired by LANXESS. INTAKE SAS specializes in antifungal biocides used in paper, paperboard, labels, banknotes, and soap packaging.
Polaris Market Research has segmented the biocides market report on the basis of product, application, and region:
Biocides, Product Outlook (Revenue - USD Million, 2016 – 2028)
Biocides, Application Outlook (Revenue - USD Million, 2016 – 2028)
Biocides, Regional Outlook (Revenue - USD Million, 2016 – 2028)