Future Market Insights (FMI) latest report provides detailed analysis of trends and opportunities prevailing in the biocides market. The report offers exhaustive overview of growth drivers and market restraints affecting the demand across leading segments in terms of grade, type, end use, and region.
ESOMAR-certified market research firm Future Market Insights (FMI) in its latest market analysis forecasts the biocides market size to surpass US$ 8.3 Bn in 2021. With the rising demand for halogen compounds across various applications, the overall market is poised to expand at over 3.3% CAGR between 2021 and 2031, reaching a valuation of US$ 11.74 Bn by the end of 2031.
The growth of the biocides market can be attributed to the rising demand for biocides for application across various sectors such as water treatment, household & personal care, and others.
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Biocides are increasingly used to control the breeding of unwanted organisms such as bacteria, fungi, insects, and viruses. They represent various products ranging from disinfectants and wood preservatives to rodenticides.
They are commonly used across industries as disinfectants for rapid response against threat of germ and bacteria. Growing demand for preservatives and disinfectants across various industries such as food and beverages, healthcare, wood and paints, will therefore continue to expand the biocides market during the forecast period.
Growing awareness among people regarding the self-hygiene is playing a vital part in accelerating the demand for biocide products. During the COVID-19 pandemic, sales of disinfectants witnessed skyrocketed, creating conducive environment for sales in the market.
Application of biocides is expected to increase in industrial and public water treatment. Various initiatives launched by governments and other organizations across the globe to provide clean water are creating lucrative growth opportunities for the market.
Increasing adoption of paints & coatings, adhesives and sealants in the construction sector also will fuel demand in the market. As these products are more prone to microbial attack, in-can preservatives and dry film fungicides are often used.
Biocides are widely used for the maintenance of the required levels of hygiene at farms, slaughterhouses and food processing premises. Adoption of biocides for reducing the biofilms formation in cooling towers also is gaining traction.
As per FMI, the paints and coatings segment is estimated to grow by 3.3% year-on-year rate in 2021. Paint and coating companies are increasingly adopting biocides to tackle microbial growth.
North America is anticipated to emerge as a lucrative market for biocide products. Owing to the growing demand from various industries, sales of biocides are set to rise at 3% CAGR across North America.
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“Rising demand for wastewater treatment coupled with government support will accelerate the sales of biocides during the forecast period. The market is likely to gain from the development of green biocide products. Focus on sustainability is emerging as crucial strategy for market players to strengthen their position,” says the FMI analyst.
Key Takeaways from Biocides Market Survey
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Key players operating in the biocides market are focusing on developing ecofriendly biocides. They have adopted various organic and inorganic growth strategies such as mergers and acquisitions, new product launches, partnerships and collaborations to strengthen their global footprint.
Some of the prominent players operating in the biocides market profiled by FMI are:
More Insights on the Global Biocides Sales Outlook
FMI provides an unbiased analysis of biocides market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global demand for biocides with a detailed segmentation on the basis of:
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Key Questions Covered in the Biocides Sales Outlook Report
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