(PharmaNewsWire.Com, September 11, 2024 ) Biocides Market will reach over USD 16.83 Bn by the year 2031 - Exclusive Report by InsightAce Analytics.
Biocides Market in terms of revenue was estimated to be worth $11.57 billion in 2023 and is poised to reach $16.83 billion by 2031, growing at a CAGR of 4.91% from 2024 to 2031, according to a new report by InsightAce Analytic.
Latest Drivers Restraint and Opportunities Market Snapshot:
Key factors influencing the global Biocides Market are: Growing Awareness of Hygiene and Health Expansion in Emerging Markets Expanding Water Treatment Industry
The following are the primary obstacles to the Biocides Market's expansion: Stringent Regulations and Environmental Concerns High Cost of Research and Development Volatility in Raw Material Prices
Future expansion opportunities for the global Biocides Market include: Growing Demand for Antimicrobial Products Focus on Antifouling Coatings Rising Concerns about Food Safety
The growing number of healthcare facilities, the necessity for sterile surroundings, and the emphasis on infection control all contribute to the increased demand for biocides in the healthcare industry. Biocides are chemicals added to disinfectants and cleaners used in hospitals and clinics to ensure hygiene and sterilization. They are used to cleanse surgical equipment, tools, surfaces, and fixtures. The product's effectiveness in preventing microbial development has contributed to its increased demand. The substance is also used as a preservative in the food and beverage, leather, and wood sectors. Rising demand for these items is fueling the market's growth.
List of Prominent Players in the Biocides Market: Lanxess AG Nouryon General Electric Company Evonik Industries AG Veolia Group Araxda AG Ecolab Inc. Solvay S.A. Clariant AG Solenis & Sigura Water Kemira Oyj Italmatch Chemicals S.P.A. Stepan Company Danaher Corporation Albemarle corporation M.C. Corporation C.L. Group Chevron Corporation E.S. Energy Solution CORP Arkema SA The Lubrizol Corporation Thor Group Limited Chemicrea Inc Merck KGAA Accepta Water Treatment
Recent Developments: In October 2023, Sun Chemical, a wholly-owned subsidiary of D.I.C. Corporation, introduced a line of biocide-free Xfastฎ dry stir-in colorants. Xfast products, known for their high purity and exceptional quality, have already established a standard for eco-label-compliant paints. The new biocide-free Xfast product range, designed for waterborne systems in eco-label proof coatings, takes the dry stir-in colorant class to the next level. In September 2023, F.M.C. launched its latest product, ENTAZIA, in India. This biocide contains Bacillus subtilis, which helps crops resist illness without harming the environment. This biological product employs natural Bacillus subtilis to form a strong line of defense that improves the plant's beneficial microbiota, its ability to withstand stress, and its general growth and vitality. ENTAZIA can be used alongside biostimulants and chemical fungicides for integrated pest management, providing additional advantages to crops. In August 2022, Veolia Water Technologies and Bridgnorth Aluminium formed a long-term relationship in which Veolia Water provided water treatment procedures and compliance services at the specialist's Shropshire production location. Veolia Water Technologies manages the chemical supply and Legionella compliance for its cooling towers and process water treatment systems.
Biocides Market Dynamics: Market Drivers: Expansion in Emerging Markets The growth of the paints and coatings sector is a major driver driving the market. In this industry, the product is utilized to protect the painted surface from microbiological contamination caused by air pollution and external exposure. Surfaces include architectural and infrastructural walls, automotive exteriors, and consumer items. Furthermore, the growing popularity of water-based paints over oil-based paints has boosted demand for these goods. After the paint has dried, this product is applied to the set using a formulator over the painted surface. Furthermore, increasing applications in the automotive industry to protect the external and interior parts of automobiles, such as the body, handles, brakes, and auto parts, are boosting the market.
Challenges: Volatility in Raw Material Prices Biocides are composed of many substances, including ammonium compounds, halogens, iodine, and phenols. The escalating prices of these compounds pose barriers to market growth. Furthermore, limits on the import and export of certain chemicals by governments in numerous countries are projected to curb production, limiting market development. These laws are in place to reduce the detrimental effects of these chemicals on the human body and health, as well as to protect and prevent the rise of water pollution when these chemicals are released into bodies of water. For example, the Labelling and Packaging Regulation, REACH, Classification, and Biocidal Product Regulation were enacted to ensure the environmental and human health protection.
Asia Pacific Is Expected To Grow With The Highest CAGR During The Forecast Period Asia Pacific Biocides Market is likely to register a significant revenue share and develop at a rapid CAGR in the near future. This expansion can be ascribed to increased construction activity in response to demand from the region's ever-growing population. Developing economies such as China, Japan, and India are increasingly adopting new technology to improve product development in the paint and coatings business. Furthermore, water treatment and cleaning solutions are likely to see growing demand due to industrial and consumer uses. China is the leading consumer of all items since it has a vast population to feed and house while also keeping the environment clean for people.
Segmentation of Biocides Market- By Product- Oxidizing Biocide Non-Oxidizing Biocide Others By Application- Water Treatment o Municipal Water Treatment o Oil & Gas o Power Plants o Pulp & Paper o Swimming pools o Mining o Other Water Treatment Household, Industrial & Institutional Cleaning and Home Care Paints & Coatings Wood Preservatives Others By Region- North America- The US Canada Mexico Europe- Germany The UK France Italy Spain Rest of Europe Asia-Pacific- China Japan India South Korea Southeast Asia Rest of Asia Pacific Latin America- Brazil Argentina Rest of Latin America Middle East & Africa- G.C.C. Countries South Africa Rest of Middle East and Africa
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