The biocides industry is anticipated to thrive at an average CAGR of 3.4% between 2023 and 2033. The market is anticipated to surpass US$ 12.5 Billion by 2033, while it holds a revenue of US$ 8.9 Billion in 2023.
A wider range of applications as a preservative and germ-controlling agent is propelling the growth of the biocides market. Furthermore, advanced pharmaceutical companies are implementing biocides to shelf their medicines for longer usage.
In expanding packaged food industry, look for an affordable preservation option provided through biocides. Restoration of the FMCG sector has also ended up thriving the growth of the biocides market.
Emerging economies such as India and China are building their medical and pharmaceutical industry. Even India has been recognized as the “pharmacy of the world” as it fuels the manufacturing and production of drugs, flourishing the sales of biocides solutions.
The use of phenolics biocides in different surgical procedures has also been highlighted recently and is likely to thrive the demand for biocides.
Its use in botanical experiments to eliminate microorganisms and plants helps research and development programs. Thus, the future of the biocides market looks promising.
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Higher food exports between nations and the restoration of sea trade post-pandemic demand for a sustainable preservation solution. The biocides solution fits right in the picture, preventing the food items from getting exposed to microorganisms.
Key Pointers:
- The Chinese market is the biggest and fastest market for preservation technology and is anticipated to cross a value of US$ 3.0 Billion by 2033. The regional market is expected to thrive at an average CAGR of 4.4% between 2023 and 2033.
- The US market thrives at the highest CAGR of 2.9% during the forecast period. The market is likely to reach a value of US$ 2.5 Billion by 2033.
- The halogen compound segment is expected to thrive in the product category due to its wider application including the water treatment sector and the paint industry. It is expected to thrive at a CAGR of 3.4% during the forecast period.
- Industrial grade tops the grade type segments with a CAGR of 3.3% between 2023 and 2033 while it thrived at a lower CAGR of 2.3% during the previous forecast period.
Competitive Landscape:
The focus of key competitors try to deliver the application-specific biocides solution. Furthermore, advanced pharmaceutical companies have extended their research verticals as their in-house biocides production. Key players in the market are Clariant AG, Lonza Group, ICL Group, BASF SE, DOW, Veolia, Troy Corporation, Nouryon, Kemira Oyj, Ecolab USA Inc, Albemarle Corporation, Solvay SA, Lanxess AG, and Buckman Laboratories International.
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