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Termite Control Market to Surpass US$ 6,778.6 Mn by 2030

Termite Control Market to Surpass US$ 6,778.6 Mn by 2030 - Coherent Market Insights

Publish In: Mar 16, 2023

Global Termite Control Market was valued at US$ 4,159.2 Million in 2022, according to Global Termite Control Market, Report published by Coherent Market Insights, by Species Type (Dry wood Termites, Damp wood Termites, Subterranean Termites, Formosan Termites, and Others), by Control Methods (Physical & Mechanical Control Methods, Chemical Control Methods, Biological Control Methods, and Others), by Application (Residential, Commercial & Industrial, Agriculture & Livestock Farms, and Others).

The termite control market is expected to register a CAGR of 6.30% over the forecast period (2023–2030) to reach US$ 6,778.6 Million by 2030. Rising demand for biological control methods using biotermiticides is expected to fuel market growth of termite control over the forecast period. In addition to this, increasing awareness regarding the adverse effects of termites is propelling the global demand for termite control services. due to increasing environmental concerns regarding the use of toxic chemicals in pesticides such as methyl iodide, chlorpyrifos, and sulfoxaflor. Biotermiticides such as Bio Blast, have a low environmental impact as they are derived from bacteria or fungi and contain no chemical compound. In addition to this, the rising demand for hygienic stays in the hospitality sector among tourists is also propelling the growth of residential application of termite control.

The novel coronavirus outbreak around the world had a negative effect on the covid-19 impact on the global termite control market. Additionally, governments everywhere in the world implemented strict lockdown regulations into effect. However, key players position in the international market were focusing on geographical growth and expansion and partnerships to raise their industry.

To know the latest trends and insights prevalent in this market, click the link below:

Browse 400 market data tables* and 90 figures* on “Termite Control Market” - Global forecast to 2030.

Key Trends and Analysis of Termite Control Market:

  • Among control method segments, the chemical control method held a dominant position in the global termite control market in 2022, owing to its convenient and easy application. Chemical termiticides are synthetic substances that are mixed with water to apply to the affected area. However, increasing environmental concerns regarding the use of toxic and harmful chemicals is a major factor contributing to the growth of the biological control method segment over the forecast period. Furthermore, extensive use of microbial extracts and products such as Bacillus thuringiensis, by termite control service providers proved effective on termites with less impact on the environment.
  • Among species type segment, subterranean termites segment accounted for the largest share of the market in 2022, owing to the species' ability to significantly affect wooden structures. According to the United States Department of Agriculture (USDA), subterranean termites are the most destructive pest for wood and other cellulose products.

Key Takeaways of the Market:

  • North America was the dominant region for the global termite control market in 2022. This is attributed to the high demand for these services in commercial and industrial applications including manufacturing units, restaurants, food processing, and pharmaceutical sectors. Most of the constructions in North America are based on wood and this is another key factor propelling demand for termite control services in the region. According to the American Wood Council —a trade association in North America — wood is extensively used in residential and non-residential buildings in North America as it is cost-effective, offers flexibility in designing, aids in faster construction and has seismic resistance properties.
  • Asia Pacific is projected to be the fastest-growing market over the forecast period witnessing the highest CAGR among all. This is majorly due to the rising tourism industry in the region. Growing tourism is fuelling the demand for hygienic stays in the hospitality sector, and this in turn, is expected to contribute to the growth of the termite control market in the Asia Pacific. According to the data provided by the Global Tourism Economy Research Centre (GTERC), Travel, tourism to contribute 5.9% annually to global economy between 2022-2032.

Major players operating in the global termite control market include BASF SE, Bayer AG, The DOW Chemical Company, Sumitomo Chemical Co., Ltd., FMC Corporation, United Phosphorus Ltd, Nufarm Limited, Nippon Soda Co. Ltd, Rentokil Initial PLC, Adama Agricultural Solutions Ltd., and Ensystex.

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