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APAC Biocides Market Value to Amass $4.5 Bn During 2020-2026
Published Date: 2020-11-26
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According to the Graphical Research new growth forecast report titled “Asia Pacific Biocides Market Size By Product (Metallic Compounds, Halogen Compounds, Organic Acids, Organosulfur, Nitrogen, Phenolic), By Application (Food & Beverage, Water Treatment, Wood Preservation, Paints & Coatings, Personal Care, Boilers, HVAC, Fuels, Oil & Gas)”, Estimated to Exceed USD 4.5 Billion by 2026. Rapid industrialization & urbanization, increasing population, rising awareness regarding healthcare, and mounting prevalence of COVID pandemic are some of the major factors expected to drive the market during the forecast period. Biocides are substances used to destroy, deter, and counter the growth of harmful micro-organisms such as bacteria, virus, and fungi.
The rising population and economic growth in Asia Pacific region especially in countries such as India and China have resulted in a surge in the number of industries. This has led to the increasing demand for fresh water for industrial as well as drinking purposes. Halogen based biocides like chlorine are widely used for water treatment purposes like disinfection, purification, and preservation across the region. The APAC market size from water treatment accounted for the revenue of over USD 790 million in 2019 which was the maximum on comparison to other application segments.
The growing working population has resulted in increased demand for processed food and beverages in the region. Biocides play an important role in the food industry by inhibiting the growth of micro-organisms and aiding in preservation for longer duration. Moreover, biocides also find applications in cosmetic products as they are used for skin cleansing purposes. Increased consumer disposable income and awareness regarding personal care has attributed to the growth during the forecast period. The market size from food & beverages and personal care accounted for a significant revenue market share in 2019.
Biocides are widely used in paints & coatings in order to prevent spoilage from micro-organisms and to enhance the shelf life of paints. The increasing demand for paints & coatings in the Asia Pacific region owing to growth in other industries such as construction, automotive, and electronics is expected to drive the biocides market during the forecast period. In 2019, the market size from paints & coatings accounted for a revenue of USD 430.8 million.
Asia Pacific biocides market share is competitive with key players including DuPont, Lanxess AG, Dow Chemical Company, Troy Corporation, BASF SE, AkzoNobel, Clariant AG, Lonza Group, Thor Group, Cortec Corporation, Valtris Specialty Chemicals, and Baker Hughes.