Stratview Research has published a new report titled “Biocides Market” which is segmented by Product Type (Halogen Compounds, Metallic Compounds, Organosulfurs, Organic Acids, Phenolics, Nitrogen, and Others), by Application Type (Water Treatment, Food & Beverage, Personal Care, Wood Preservation, Paints & Coatings, HVAC, Boilers, Oil & Gas, Fuels, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
As per the study, the market was valued at US$ 11.16 Bn in 2022 and is expected to reach US$ 14.74 Bn by 2028, registering a CAGR of 4.74% during the forecast period of 2022 to 2028.
This report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can affect the market dynamics of the industry. It provides thorough analysis of the market segments which include products, applications, and competitor analysis.
The market is bifurcated into various segments. Below given is the segment-wise analysis –
Halogen Compounds are held the market share >21% of market in 2021 and estimated to be the major product type during the forecast period of 2022-2028.
The market is segmented as halogen compounds, metallic compounds, organosulfurs, organic acids, phenolics, nitrogen, and others. The growth of this segment is attributed to their extensive usage in water treatment industry owing to the growing awareness on water quality standards, as it helps in eliminating organic and synthetic impurities, fueling the product demand in the market.
Paints & Coatings application is held the market share of >26.4% of market in 2021 and estimated to witness significant growth rate over the forecast period of 2022-2028.
The market is segmented as water treatment, food & beverage, personal care, wood preservation, paints & coatings, HVAC, boilers, oil & gas, fuels, and others. The growth of the segment is bolstered by the strict sanitary rules in the food & beverage sector. Factors such as rapid adoption of high-quality ingredients by the fast food industry players in an attempt to boost their brand image and enhance hygiene conditions for getting better rating, growing concerns on bacterial & viral infections, and rise in demand for quick acting and high-performance solutions, which are used in cleaning utensils made from iron, Teflon, stainless steel, and also helps in minimizing the contamination of food, are expected to fuel the growth of the market during the forecast period.
Which Region is expected to remain the largest market?
North America held the market share >34.6% of market in 2021 and is estimated to witness high growth rate in the market during the forecast period of 2022-2028.
This growth is attributed to rapid shifting towards natural gas solutions. Natural gas is the cleanest fossil fuel which is utilized in upstream & downstream operations, and also used in various stages of production, whether in extraction, transmission, or storage.
Factors such as the growing applications of natural gas in automobile, electrical, manufacturing, general, and water heating applications, attempt of industry players to capitalize on emerging trends in the market by fueling the eco-friendly and sustainability methods for strengthening brand image, and growing adoption of cleaner alternatives by customers, are expected to accelerate the natural gas demand, thereby fueling the growth of the biocides market during the forecast period.
Europe and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.
Who are the Key Players in the Market?
This report provides market intelligence in the most comprehensive way. It also provides critical insights into the key players active in the market, that will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key players activen in the Biocides Market:
- Albemarle Corporation
- Baker Hughes Incorporated
- BASF SE
- BWA Water Additives
- Nalco Champion
- Solvay S.A.
- The Lubrizol Corporation
- Valtris Specialty Chemicals.
Key questions answered by the report
- What is the projected CAGR for revenue from the Biocides Market during the forecast period?
- What would be the market be valued at by 2028?
- What is a major driving factor for growth of the market?
- Which region accounted for largest revenue share in the Biocides Market?
- Which are the major market players?
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