Portland, OR, June 03, 2020 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global biocides market generated $12.7 billion in 2019, and is estimated to reach $20.7 billion by 2027, registering a CAGR of 6.8% from 2020 to 2027. The report offers an extensive analysis of the changing market dynamics, key winning strategies, business performance, major segments, and competitive scenario.
Rise in demand for clean water for domestic/industrial purposes and surge in end users drive the growth of the global biocides market. However, environmental regulations on toxic biocides and variation in the prices of raw materials hinder the market growth. On the other hand, market opportunity for silver-based biocides and development of total organic biocide system create new opportunities in the coming years.
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Covid-19 scenario:
- The raw material shortages for disinfectants have urged the suppliers to contemplate using other biocidal ingredients. However, the process and utilization of biocidal products differ region to region.
- In Slovenia, the Slovene Chemical Office initiated to issue permit to produce disinfectants with certain biocidal products.
- In Belgium, on the other hand, the competent authorities have initiated to progress with biocidal products followed by the grant of temporary authorizations.
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Based on type, the halogen based derivatives segment contributed to around two-fifth of the market in 2019, and is estimated to maintain its dominant position during the forecast period. On the other hand, the organic acid segment is expected to register the highest CAGR of 7.2% from 2020 to 2027.
Based on end user, the agriculture and construction segments together accounted for around one-fifth of the total market in 2019, and is expected to maintain the dominant position throughout the forecast period. However, the personal care, home care and pharmaceutical segments are expected to register the highest CAGR of 7.4% from 2020 to 2027.
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Based on region, Asia Pacific contributed to around two-fifths of the total market share in 2019, and will maintain its dominance throughout the forecast period. Furthermore, the region is also anticipated to manifest the fastest CAGR of 7.4% from 2020 to 2027. The report also analyzes regions including Europe, North America, and LAMEA.
Leading market players analyzed in the research include Berkshire Hathaway, BASF SE, DuPont, Kerry, Solvay SA, Lonza Group AG, Lanxess AG, Thor Group Limited, Clariant AG, Corbion N.V., Kemin Industries, Inc., and Nouryon.
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