According to Custom Market Insights (CMI), the Global Biocides Market is expected to grow at a compound annual growth rate of 4.2% during the forecast period from the year 2022 to the year 2030. The market was valued at USD 7419 million in the year 2021 and it is expected to grow to USD 9914 million by the year 2030.
The demand for these products will grow in the forecast period due to their use in the household sector, water treatment, personal care wood preservatives, and Paints as well as coatings. Increased use of biocides in the protection from various viruses will drive market growth. The stringent policies adopted by various nations will also be instrumental in the growth of the market. The use of biocides in water treatment is one of the major applications of this product apart from its use in paints and coatings.
Browse the full “Biocides Market Size, Trends and Insights By Product (Halogen Compounds, Metallic Compounds, Phenolic, Nitrogen, Organosulfur, Organic acids, Quaternary Ammonium Compounds, Glutaraldehyde), By Application (Water Treatment, Food and Beverage, Personal care, Wood Preservation, Paints and coatings, Plastics, Pulp and Paper, HVAC, Boilers, Oil and Gas, Fuels, Cleaning Products), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share Outlook, and Forecast 2022–2030” report at https://www.custommarketinsights.com/report/biocides-market/
Regional Snapshots
Asia Pacific region is expected to have the largest market share for the use of biocides in various industries. The demand for biocides has grown in the Asia Pacific region and it will continue to grow due to the increased amount of exports through this region. Increased use of biocide in the personal care products, household, food and beverages industry, and water treatment will drive market growth in the coming years. China exports a huge quantity of biocides and this nation is expected to play an important role in the growth of the market in the Asia Pacific region.
The manufacturing of biocides has grown in recent years as this nation has made use of high technology and this industry happens to be labor intensive due to which the market for biocides has grown to a great extent. as this nation has adopted the strategy of economies of scale there has been an exponential growth and surplus is generated every year. Europe is also expected to have good market growth in the coming years.
The growing importance of sustainability will play an important role in the growth of the market. The European market is a regulated market especially when it comes to the certification of these biocides. There has been an increase in the manufacturing of biocides that are environmentally friendly. And this is expected to provide a great opportunity for growth in the coming years.
Market Dynamics
Drivers
The market for biocides has increased in developing as well as developed nations. The use of biocides in power plants has grown to a great extent and it shall provide good opportunities for growth in the coming years. Biocides are used in the cooling towers of chemical plants and also the mining plants. the infrastructure of the gas and oil industry is made up of metal. In order to prevent the corrosion of the metal biocides are used on a large scale in this industry.
The biocides of the oxidizing, as well as a non-exercising nature or largely used in the industrial sectors, manufacturing sectors and it, is also used in the manufacturing of cleaning products. The market for biocides will continue to grow during the forecast. As it prevents the growth of different types of microorganisms which may lead to operational failures.
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Restraints
The presence of stringent regulatory machinery in some of the regions will hamper the growth of the market during the forecast period. In order to ensure that the use of biocides is safe for animals as well as humans, stringent policies are adopted by various governments. Increased requirements for authorization will also hamper the launch of new products in the market. The process of registering the products that are manufactured using biocides is expensive as well as lengthy, and all of these factors will hamper the growth of the market during the forecast period.
Opportunities
Indonesians like China, Brazil, Indonesia, India, and many other nations there has been a significant growth of population in the recent years period increase in the population is expected to drive the market for biocides in the coming years as there is a growing demand for drinking water or potable water. Scarcity of water will drive the market growth in the coming years period in order to treat the wastewater biocides plan an extremely important role. Initiatives taken by various organizations across the globe will help in transforming the management of water bodies. Many developing nations of the world auto part of the initiative taken by the United Nations which is the ‘Water Action Decade’. Such initiatives shall provide better opportunities for growth in the coming years.
Challenges
The increasing cost of the raw materials or the chemicals which are used in the manufacturing of the biocides shell hampers the market end is expected to be the major challenge in the growth of this market during the forecast period. Various regulations let down by the government of various nations across the globe will hamper the growth of the market as these regulations plan an important role in eradicating the use of chemicals that may harm the human body. In order to ensure more protection for human beings and animals, stringent regulations will have a negative impact on the growth of the market in the coming years.
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