Global Biocides Market - Segmented by Type, Application, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The biocides market is expected to register a CAGR of approximately 5.22% during 2018-2023 (the forecast period). The market is driven by the increasing number of water treatment plants, along with the increasing demand from the food & beverage industry. However, the market is restrained by regulations on chlorine.
Growing Water Treatment Market Driving the Market
Biocides are majorly used in water treatment and wastewater treatment plants, especially near the coastal regions. Therefore, with the growing market for water treatment in Middle Eastern economies, such as South Africa, Kenya, Egypt, Tunisia, in response to diminishing fresh water resources, is expected to drive the market. Middle Eastern economies have nearly USD 42 billion worth of water and wastewater projects in the pipeline, in the next 10 years. These government have taken several initiatives to deal with water scarcity and for promoting the growth of water treatment facilities. There has been an increase in the commercialization of new concepts for desalination, including forward osmosis, membrane distillation, tri-hybrid applications using nano-filtration, and low-temperature distillation. These technologies are expected to increase efficiency and decrease energy requirement, thereby driving the market.
“Paints & Coatings” the Fastest Growing Application
Based on application, water treatment is the dominant application, accounting for approximately 30% of the market share, however, the paints & coatings application is expected to be the fastest-growing application. This is in response to the growing construction and automobile industry globally, which is expected to drive the market. Growing residential units in the economies in Asia-Pacific, like China and India, and increasing automobile production are expected to drive the market.
North America holds the Largest Market Share
North America accounted for the largest share of biocides in 2017. The United States is the largest market in this region. Factors, such as growing end-user industries, like water treatment, paints & coatings, food & beverage, etc., are expected to drive the market during the forecast period. The US Environmental Protection Agency (USEPA) is emphasizing on the improvement of water and sewage services, especially in the municipal wastewater treatment application. The organization also estimated a capital investment of about USD 600 billion toward its improvement in the next two decades, and it is focusing on the usage of biological water treatment. In addition, the demand for paints & coatings has increased in the construction industry, with increasing construction-related expenditure in the non-residential sector.
Major Players: AkzoNobel NV, BASF SE, Clariant, DowDuPont, Lonza, and Troy Corporation, among others
Reason to Purchase this Report
To understand the impact of the increasing demand from the food & beverage industry on the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To understand the dominating type and application in the market
Countries expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3 month analyst support, along with the Market Estimate sheet (in excel)
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