Biocides market is expected to be worth US$11.9bn by 2022, forecasts new report


Driven by water treatment process units in China, Japan and India

The global biocides will be a US$11.9bn market by 2022, up from $7.99bn in 2014, according to a new report from market researcher Radiant Insights.

The report, Biocides Market Analysis, Size, Share, Industry Report 2022, says growth in water treatment process units, particularly in China, Japan and India, is likely to drive demand.

Water treatment dominated the application segment and accounted for 23.2% of the total revenue in 2014. Factors such as the treatment of scaling, microbial activity, disposal and corrosion are likely to support demand, the report says.

Increasing health concerns arising from pathogens and bacterial growth are also likely to favour market expansion and an increase in demand for paints and coatings is also anticipated owing to growing infrastructure spending. But stringent compliance regulations from EPA and REACH regarding product composition and its use may challenge market participants, says the report.

Halogen compounds dominated the biocides product segment with revenue estimated at close to US$2.2bn in 2014. However, they are anticipated to see sluggish growth rates owing to halogen emission restriction by regulatory authorities. Phenolic biocides are likely to witness the highest gains with an estimated CAGR of 7.0% from 2015 to 2022.

The North America biocides market accounted for more than 40% of global revenue in 2014. The presence of water treatment plants and increasing consumer awareness towards health is likely to drive regional demand.

The US accounted for approximately 80% of demand in North America in 2014. Mexico is anticipated to witness the highest gains in the region with an estimated CAGR of 5.7% from 2015 to 2022.

Asia Pacific is expected to witness the highest gains, at an estimated CAGR of 6.4% from 2015 to 2022.

The global biocide market share is moderately consolidated with the top four companies covering 58% of the demand, the report says.

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Key companies include Arch Chemicals, Troy, Ashland, Thor Specialities and Dow. Other prominent companies include Albemarle, AkzoNobel and BASF.