The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Biocides Market.
It was estimated prior to this unanticipated outbreak that the Biocides Market was expected to grow at a CAGR of 5.2% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
The use of biocides in manufacturing soaps, cleansing conditioners, and face wash as preservatives and antimicrobial agents, is one of the factors, likely to accelerate the product demand in the market as consumers’ preferences are rapidly shifting towards high-quality ingredients with sanitizing and cleansing features for protecting themselves from any kind of skin infection. Further, other factors such as adoption of high-quality biocide solution by cosmetic industry players in manufacturing cosmetic products attributes to the growing competition in the industry, and rapid growth in the numbers of engaged manufacturers in the development of new products is expected to fuel the growth of the market during the forecast period.
Biocide is a microorganism or an active substance which is intended to destroy, inactivate or exert the controlling effect on harmful microorganisms which can cause damage to natural or manufactured materials, by chemical or biological synthesis, and exhibit excellent features such as high cleansing action, nontoxic nature, and high resonance with solvents making it compatible for various end-use industries.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the product type, the market is segmented as halogen compounds, metallic compounds, organosulfurs, organic acids, phenolics, nitrogen, and others. Halogen compounds are estimated to be the major product type; their growth is attributed to their extensive usage in water treatment industry owing to the growing awareness on water quality standards, as it helps in eliminating organic and synthetic impurities, fueling the product demand in the market.
Based on the application type, the market is segmented as water treatment, food & beverage, personal care, wood preservation, paints & coatings, HVAC, boilers, oil & gas, fuels, and others. Food & Beverage application is estimated to witness significant growth rate over the forecast period. The growth of the segment is bolstered by the strict sanitary rules in the food & beverage sector. Factors such as rapid adoption of high-quality ingredients by the fast food industry players in an attempt to boost their brand image and enhance hygiene conditions for getting better rating, growing concerns on bacterial & viral infections, and rise in demand for quick acting and high-performance solutions, which are used in cleaning utensils made from iron, Teflon, stainless steel, and also helps in minimizing the contamination of food, are expected to fuel the growth of the market during the forecast period.
In terms of regions, North America is estimated to witness high growth rate in the market, during the forecast period. This growth is attributed to rapid shifting towards natural gas solutions. Natural gas is the cleanest fossil fuel which is utilized in upstream & downstream operations, and also used in various stages of production, whether in extraction, transmission, or storage. Factors such as the growing applications of natural gas in automobile, electrical, manufacturing, general, and water heating applications, attempt of industry players to capitalize on emerging trends in the market by fueling the eco-friendly and sustainability methods for strengthening brand image, and growing adoption of cleaner alternatives by customers, are expected to accelerate the natural gas demand, thereby fueling the growth of the biocides market during the forecast period. Europe and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.
Some of the key players in the biocides market are-