Demand for Biocides Expected to be Strong Through 2024
Growing demand for biocides across industries such as paints and coatings, oil and gas, personal care, and food and beverages will be driven by the need for their antifungal, antibacterial, and antimicrobial properties.
The global biocides market is anticipated to surpass $13 billion by 2024, growing at a CAGR of around 5% from 2018-2024, according to a report from Graphical Research. Rising environmental concerns and growing demand for wastewater treatment are factors likely to drive biocides industry growth over the next eight years. In addition, growing demand for biocides across industries such as paints and coatings, oil and gas, personal care, and food and beverages will be driven by the need for their antifungal, antibacterial, and antimicrobial properties.
Halogen-based biocides are expected to grow at a CAGR of around 4.5% over 2018-2024. This segment will dominate the product landscape due to its huge demand in the treatment of municipal and industrial wastewater. Metallic compounds accounted for over 19% of the overall market share in 2017 and are estimated to grow noticeably over the coming years due to their use in wastewater treatment and a preference over halogen compounds, which are regarded as a cause of environmental hazards.
Nitrogen-based biocides are forecast to grow at a CAGR of around 6% over the forecast timeframe, due to heavy demand as preservatives in pharmaceutical, food, and healthcare industries. Phenolic biocides are forecast to grow at a rate of around 7% from 2018-2024.
North America is expected to dominate the global biocides market, primarily driven by demand in the U.S. from the growing paint and coatings industry across the region. Asia-Pacific, led by China, is projected to record the highest growth rates over the forecast timeline.
Additional details are available at www.graphicalresearch.com.
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