Biocides Market Trends, Size, Development, Analysis and Opportunity by 2028
The global biocides market size is expected to reach USD
9,914.2 million by 2028, exhibiting a CAGR of 4.2% between 2021 and 2028. The
growing adoption of innovative solutions in the medical industry will contribute positively to themarket growth
during the forecast period, states Fortune Business Insights, in a report,
titled “Biocides Market, 2021-2028” The market size stood at USD 7,195.1
million in 2020.
Production
in various sectors has been terminated due to the economic outage. This has
resulted in a drop in sales volume and supply chain disruptions and a halt in
paint & coatings shipments, considerably restricting thismarket. However,
companies are introducing strategies to cope with the current situation, which,
in turn, will incite the development of the global market in the forthcoming
years.
Acquisition of INTACE by LANXESS to Foster Growth
LANXESS, a
specialty chemicals firm, purchased INTACE SAS, a French firm, to expand its
market share as one of the world's top producers of biocides and
antimicrobials. The biocide firm, situated in Paris, makes specialist
fungicides for the packaging sector. On January 14, 2021, LANXESS and the
seller signed a memorandum of understanding to that effect. The parties have
agreed to keep the acquisition price a secret. The acquisition is expected to
close in the first quarter of 2021, according to LANXESS. The purchase will
increase the biocides market share
as INTACE anticipated revenue in half paid higher range by 2020. Paper,
paperboard, soap packaging, labels, and banknotes are just a few of the
applications for its goods. This business unit's products are utilized in a
wide range of applications all around the world. The business unit delivers
customer-specific solutions for diverse branches with its wide variety of
active antibacterial agents and preservatives.
Increasing
Product Demand in Medical Applications to Open Up New Possibilities
The medical
business is expanding as a result of increased consumer awareness of health and
cleanliness, which is creating market possibilities. This, together with
economic growth, is encouraging businesses to use new technology in developing
medical solutions. Biocides are chemicals that are added to disinfectants and
cleansers used in hospitals and clinics to keep them clean and sterilized.
Surgical equipment, tools, surfaces, and fittings are all cleaned with them.
The increase in demand can be ascribed to the product's ability to suppress
microbial development. Furthermore, the product is used in the food and
beverage industry and the leather industry. Thus, growing demand for these
products will enable the speedy expansion of the market.
Paints & Coatings to Hold the Lion’s Share
Based on type, the market is segmented into halogen compounds, quaternary
ammonium compounds, metallic compounds, phenolic, organic acids, organosulfur,
and others.
Based on applications, the market is
categorized into water treatment, food and personal care products, cleaning
products, furniture and furnishings, clothing and textiles, leather and suede,
paints and coatings, fuel preservatives, and others. Paints & coatings are
expected to account for the largest share during the forecast period. The
growth is attributed to its high utilization in the construction and automotive
industry.
Geographically, the market is divided into
North America, Europe, Asia Pacific, Latin America, and the Middle East and
Africa.
Increased
Consumption of Biocides to Boost Market in Asia Pacific
·
The rising demand
for industrial and consumer applications will stimulate the market in Asia
Pacific
·
North America is expected to expand radically during the forecast period
due to the growing application of biocides in wood
preservation.
·
The increasing production of cars
will elevate the market in Europe during the forecast period.
·
The high demand and
supply of products from the furniture, automotive, and construction industries
will spur opportunities in Latin America and the Middle East and Africa.
Thor Group Limited to Account for a High Share
Thor Group Limited manufactures products for a wide range of industrial
and consumer uses. To gain a competitive edge in the biocides market, leading
manufacturers are employing techniques such as boosting brand recognition,
growing regional presence, and launching new product offers. Companies are also
investing in technology advancements in order to broaden their product
offerings.
The Report Lists the Key Companies in
this Market:
·
Vink Chemicals GmbH & Co. KG (Germany)
·
Clariant (Switzerland)
·
KemiraOyj (Finland)
·
Troy Corporation (U.S.)
·
Thor Group Limited (UK)
·
Lanxess AG (Germany)
·
Solvay SA (Belgium)
·
Neogen Corporation (UK)
·
Finoric LLC (U.S.)
·
Shanghai ZhongxinYuxiang Chemical Co., Ltd (China)
·
Shandong IRO Biocide Chemicals Co., Ltd. (China)
·
Albemarle Corporation (U.S.)
·
Lonza Group Ltd (Switzerland)
·
Wuxi Honor Shine Chemical Co. Ltd. (China)
Browse Summary of
This Research:
https://www.fortunebusinessinsights.com/biocides-market-105452
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