Biocides Market is estimated to be valued at US$10,654 million in 2021 and is expected to exhibit a CAGR of 4.1 % over the forecast period (2021-2028)
Biocides are chemical substances that are used to kill or inhibit the growth of bacteria and fungi. Biocides are also used to control sulfate-reducing bacteria and slime forming bacteria in the oil and gas industry. Biocides substances are also used in the manufacturing of agrochemicals that are used on the field for high-quality and pest-free crops.
The global biocides market is estimated to be valued at US$10,654 million in 2021 and is expected to exhibit a CAGR of 4.1 % over the forecast period (2021-2028).
Market Opportunities
The growing demand for biocides in plastic production is projected to offer profitable market opportunities. According to the report from Plastics Europe, the European plastic industry had a turnover of 355 billion euros in 2017. The European plastic industry had a trade balance of more than 17 billion euros and contributed to 32.5 billion euros to public finances and welfare in 2017. Thus increasing production of plastic is projected to foster market growth.
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Detailed Segmentation:
Global Biocides Market, By Product Type:
Halogen compounds
Metallic compounds
Organosulfurs
Organic acids
Global Biocides Market, By Applications:
Water treatment
Food and beverage
Personal care
Wood preservation
Paints and coatings
Major Keyplayers: AkzoNobel N.V., Albemarle Corporation, Arch Chemicals Inc., Ashland Inc., BASF SE, Champion Technologies, Clariant AG, Lanxess, Lubrizol, The Dow Chemical Company, THOR Group Limited, and Troy Corporation.
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