by Shane Henson — November 11, 2013—According to a new market report published by Transparency Market Research, the global biocide market was $6.99 billion in 2011 and is expected to reach a market worth of $9.62 billion in 2018, growing at an estimated CAGR (compound annual growth rate) of 4.7% over the forecast period from 2012 to 2018.
Biocides, such as halogen compounds and metallic compounds, are often used in water treatment, food and beverage, personal care, wood preservation, paints and coatings, and other applications.
Per the report, water treatment emerged as the largest application of biocides and accounted for more than 22% of the global market in 2011. It is also projected to be the fastest-growing application with an estimated CAGR of 5.9% over the forecast period, owing to increasing demand of treated water from various sectors such as industrial, commercial and households.
Other major end-use applications of biocides include paints, coatings and personal care, which are expected to show moderate growth in coming years, owing to increasing hygiene concern globally. The rest of the applications, including food and beverages, wood preservation and other applications such as fabrics, together accounted for more than 50% of the global market in 2011.
In regard to major biocides products, halogen compounds led the biocides market with 28.4% of the total demand in 2011. Metal-based biocides followed halogen biocides and accounted for more than 19% of the total market in 2011. These biocides find applications in the treatment of industrial wastewater, especially for disinfection. Phenolic biocides are expected to be the fastest-growing market at an estimated CAGR of 6.8% over the forecast period. Growing demand from healthcare and homecare products is expected to drive the market for phenol-based biocides.
North America accounted for the largest market share, 43.0% of the global biocide demand in 2011. Growing industries such as food processing, paper and pulp, plastics and personal care in the region, are expected to drive the growth of biocides in the coming years. However, government regulations regarding the use of biocides owing to its toxic and hazardous nature are expected to have an impact on the biocide market in the region.
Asia Pacific is projected to be the fastest-growing market at an estimated CAGR of 5.8% from 2012 to 2018. Growing end-use industries such as paints and coatings and water treatment, among others, has been driving growth in biocide demand in the region. Asia Pacific was followed by Europe, which is expected to witness slow growth compared to the other three regions.
The report, Biocides (Halogen Compounds, Metallic Compounds, Organosulfurs, Organic Acids, Phenolic, Nitrogen and Others) Market for Water Treatment, Food and Beverage, Personal Care, Wood Preservation, Paints and Coatings and Other Applications—Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012-2018, also includes the market share of the major players of the global biocide market. Key market participants profiled include Ashland Inc., AkzoNobel, Dow Chemicals, Troy Corporation, Arch Chemicals, Thor Specialties and Lanxess.
