Biocides Market Projected to Reach Nearly USD 12,980 Million by 2024by Susan Hill Business Consultant
The global Biocides Market will witness rising demands from industrial applications such as water treatment, personal care, paints & coatings etc. Dynamic growth of these industries is expected to spur overall market growth during the estimated period. The growing paints & coatings market in emerging economies is expected to boost the market growth.
The halogen biocides sector was the leading product sector of the global biocides market. It accounted for over 25% of the overall revenue in 2015. It is expected to continue being the top product sector during the next few years owing to the easy availability of inexpensive raw materials like chlorine.
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This product sector has a number of applications in cooling water towers and water treatment. Organosulfur biocides held about 11% market share in 2015. This product possesses antifungal & antibacterial properties due to which it is widely utilized in healthcare applications.
The water treatment application sector held over 23% of the overall revenue in 2015. The rising need for disposal in water treatment, corrosion, microbial activity, and scaling is projected to positively affect the market demand. The food & beverages application sector was estimated at USD 1.4 billion in 2015. The rising demands for microbial growth control in food items and drinks and the rising preservative usage levels in ready-to-eat (RTE) foods are expected to be key factors driving market growth.
The need for biocides in the personal care application sector will see it growing at a healthy CAGR above 5%. The increasing scope for this application in cosmetics such as liquid soaps, shampoos, etc. is also anticipated to drive market demand.
The North America region accounted for almost 40% revenue share in 2015. Infrastructural developments in the region have resulted in an increased requirement for paints & coatings. Need for paints in residential and commercial applications are expected to spur market demand.
The Asia-Pacific region is expected to witness a significant growth with a CAGR exceeding 6% over the estimated period. India and China biocides markets are also anticipated to experience a considerable growth. The increasing healthcare investments in this region due to technological improvements and inexpensive medical facilities are projected to boost the phenolic product demand in this region.
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Created on Nov 15th 2017 04:31. Viewed 348 times.