Biocides Market is Expected to Surpass US$ 14,087 Mn by 2028

Definition of Market/Industry:

Biocides are a chemical product that is used to kill or destroy the microorganisms. Biocides are basically used to kill harmful bacteria such as insects, mold, bacteria present on the surface, and water. They are classified into wood preservatives, disinfectants, rodenticides, and in-can preservatives. Biocides are widely used across various industries such as cosmetics, personal care, wood preservation, food & beverage, water treatment, and paints & coatings.

Market Statistics:

The global biocides market is expected to surpass US$ 14,087 Mn in terms of value by the end of 2028.

Drivers:

Robust growth in the paints and coatings industry is augmenting the market growth of biocides. According to the American Coatings Association, the APAC region consists of 50+ countries, the production of the combined coating of which represents 53% of the volume and 47% of the value, of the global coatings industry. China, with roughly 60% of the volume of the entire coating of APAC, is the most important coatings producer and user in the region. During 2018–2023, China’s paint and coatings production is expected to grow with a CAGR of 4.0% (volume) and 5.3% (value).

Market Opportunities

The increasing development of silver-based, inorganic biocides is projected to provide potential market opportunities in the near future. Inorganic biocides such as silver-based biocides are claims to offer immense potential which is expected to have a positive impact on the market. Inorganic, silver-based biocides are gaining strong demand from medical and healthcare industries and also in hygienic surface applications. For example, there have been developments in using antimicrobial plastics as part of the solution to healthcare-acquired infections. Moreover, antimicrobials are already used in medical devices and hospital beds.

Global Biocides Market: Recent Developments

In February 2020, Lanxess completed acquisition of Brazil based biocide manufacturer Itibanyl Produtos Especiais Ltda. (IPEL), IPEL was one of the leading biocide manufacturer in Brazil and generates majority of its sales with biocides and specialty chemicals for paints & coating industry.

In July 2021, Lonza has completed its divestment of specialty ingredients to Bain Capital and Cinven for USD 4.5 billion. Lonza specialty ingredients (LSI) includes two businesses, microbial control solutions (MCS) and specialty chemicals services (SCS). Lonza had a wide portfolio of active biocidal ingredients and was market leader in wood preservation, antidandruff agents, biocides for soft foulants in marine coatings etc.

In August 2021, Lanxess has announced to acquire International Flavors & Fragrance’s (IIF) microbial control business for about USD 1.3 billion. The purchase is expected to complete by mid-2020. Lanxess will add producer of glutaraldehyde and isothiazolinone-based antimicrobials by this acquisition.

Market Restraints

Strict environmental regulations associated with the biocides as these products have carcinogenic, or endocrine-disrupting properties are hindering the market growth. High exposure to biocides can lead to poisoning and polluting of the environment. All these factors have led to a strict regulatory framework for biocidal products.

Global Biocides Market - Impact of Coronavirus (Covid-19) Pandemic

The Covid-19 outbreak has had an adverse impact on various industries around the globe. Due to the strict rules and regulations undertaken by government to curb the spread of the infection, companies are looking to function remotely. Moreover, various companies are looking to implement strict measures to operate at minimum risks. Additionally, various companies had shutdowns their manufacturing units which had an adverse impact on biocides market.

To know the latest trends and insights prevalent in the Global Biocides Market, click the link below:

https://www.coherentmarketinsights.com/market-insight/biocides-market-2143

Key Takeaways:

The global biocides market was valued at US$ 10,195 Mn in 2020 and is forecast to reach a value of US$ 14,087 Mn by 2028 at a CAGR of 4.1% between 2021 and 2028.
The Halogen Compounds segment was valued US$ 2,652 Mn in 2020 and is expected to witness a CAGR of 3.9% over the forecast period.

Market Trends

Increasing development of innovative product in the field of biocides by key manufacturers is a growing trend in the industry. For instance, in July 2017, Evonik launched HYPROX® AS approved under Biocidal Products Regulation 528/2012. Hydrogen peroxide is used as an active substance in the formulation of biocidal products and for the production of the active substance peracetic acid. Biocidal products containing hydrogen peroxide are applied in a variety of applications, e.g. as a disinfectant in water treatment, in the food and beverage industry, animal hygiene, and also in the area of healthcare.

The growing personal care market due to evolving fashion trends around the globe is propelling the market growth of biocides. They are used in cosmetic products as a preservative to inhibit the growth of the microorganism. The use of biocides protects the products from contamination and also offers multifunctional properties. The increasing number of female working population coupled with the growing demand for personal care and cosmetic products from middle age group is again projected to propel the market growth.

Competitive Section:

Company Names