Global termite control market was valued at US$ 3,276.91 Million in 2016, according to Global Termite Control Market by Species Type (Drywood Termites, Dampwood 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 5.7% over the forecast period (2017–2025) to reach US$ 5368.78 Million by 2025. Major factors propelling growth of the termite control market include growing demand for these services from tourism and hospitality sectors. Furthermore, biological control method segment is expected to exhibit fastest growth over the forecast period, due to increasing environmental concerns regarding use of toxic chemicals in pesticides such as methyl iodide, chlorpyrifos and sulfoxaflor. Biotermiticides such as BioBlast, have low environmental impact as, they are derived from bacteria or fungi and contain no chemical compound. In addition to this, rising demand for hygienic stays in the hospitality sector among tourists is also propelling growth of residential application of termite control.
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Key Trends and Analysis of Termite Control Market:
Among control method segments, chemical control method held dominant position in the global termite control market in 2016, owing to its convenient and easy application. Chemical termiticides are synthetic substances that are mixed with water to apply on the affected area. However, increasing environmental concerns regarding use of toxic and harmful chemicals is a major factor contributing to growth of 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 segments, subterranean termites segment accounted for the largest share in the market in 2016, owing to the species ability to significantly affect wooden structures. According to United States Department of Agriculture (USAD), subterranean termites are the most destructive pest for wood and other cellulose products.
Key Takeaways of the Market:
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.