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By 2026, APAC Benzalkonium Chloride Market Value to Outpace $430 mn
Published Date: 2020-10-09
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According to the Graphical Research new growth forecast report titled “Asia Pacific Benzalkonium Chloride Market Forecast By Type (Benzalkonium Chloride 80%, Benzalkonium Chloride 50%), By Application (Biocide[Water Treatment Chemical, Disinfectant, Preservative], Phase Transfer Catalyst), By End Use (Food & beverage, Cosmetics, Polymers & coatings, Pharmaceuticals, Chemical industry, Pulp & paper, Leather & textile, Oil & gas, Others)”, Estimated to Exceed USD 430 Million by 2026.
Increasing industrialization and rapid growth of chemical manufacturing sector is Asia Pacific is likely to create an increasing demand for water treatment which may propel the product demand. The increasing pulp and paper manufacturing coupled with the growth of pesticide and fertilizers industry is expected to stimulate product demand. Presence of major benzalkonium chloride manufacturers in the region may further boost market growth.
Increasing demand of sanitizers and disinfectants in food processing industries coupled with the rapid growth of dairy industry in the region is likely to raise product demand. Cultural factors and age old traditions such as consumption of milk and dairy products in countries such as India are likely to contribute to growth of dairy industry in the region, thus boosting the product demand. The increasing utilization of the product for sanitization and disinfection of road side stalls and food outlets in the region is expected to further foster the market growth.
Increasing efforts being undertaken by key market players to develop new products with better disinfecting properties to enhance their existing product portfolio and sustain their position in the market. Key players are investing in research and development and focusing on new product development to cater to the increasing consumer demand.
The property of the product in preventing the growth of microorganisms on skin surface demands its use in cosmetic and personal care products such as shampoos, skin cleansers, eye makeup and personal cleanliness products. Changing consumer lifestyle coupled with the increasing disposable income of people is likely to raise the demand for skin and sunscreen products, thus escalating the product demand. The increasing need to confront adverse environmental conditions in the region may further augment market growth. Statistics show that in 2018, cosmetics market in Asia Pacific was around USD 120 Billion, which shows promising opportunities to growth of market. The increasing use of the product as a preservative in ophthalmic drugs and nasal sprays due to its bactericidal and virucidal nature may promote growth of market.
Asia Pacific Benzalkonium chloride market through benzalkonium chloride 50% product is expected to cross USD 95 million by 2026 growing at a CAGR of 10.1% throughout the forecast period. Benzalkonium chloride 50% product finds extensive applications as a disinfectant, antiseptic and preservative in ocular drugs owing to its germicidal nature. The increasing consumption of disinfectants amidst the outbreak of infections such as COVID-19 pandemic is expected to further aid market growth in the coming years.
The Benzalkonium chloride market through phase transfer catalyst application was valued over USD 45 million in 2020. This is mainly attributed to its increasing applications in the production of organic compounds and chemicals. The rapidly growing chemical manufacturing industry in the region is expected to boost market growth.
Key players in the market are Kao Corporation, Aarti Industries Ltd., Boke Water treatment, Delta Chemsol, Novo Nordisk Pharmatech, Dishman India, Merck Millipore, Manus Aktteva Biopharma LLP and Jinshan Jingwei Chemical and Iwaki Seiyaku, among others.