Biocide market to gain immense traction in the industrial and residential sectors
The surging demand for wastewater treatment systems across the industrial and residential sectors is anticipated to propel biocides market expansion over during 2018-2024.
Speaking in the terms of water treatment, the predominance of the water treatment application sector is quite evident from the remarkable demand of biocides across the segment. Apparently, the worldwide biocides market from water treatment application sector is envisaged to procure approximately USD 3.2 billion by the end of 2024. The fundamental driver fueling the rising biocide trends across this segment would include the expanding demand for treated water to suffice the livestock farming along with agribased business.
Moreover, biocides also act as an anti-polluting agent to prevent the accumulation of mollusks in the industrial water pipelines. In line with this, these products find extensive use in the industrial water treatment to restrict the contamination of water from the microbial attack.
Meanwhile, oil and gas sector is likely to accumulate hefty proceeds in the global biocides market perhaps ascribing to the expansive application of petroleum across myriad end use sectors and petrochemical industries. Additionally, the rise in automobile production is also supplementing the business dynamics. As per reliable sources, the oil and gas segment is probable to depict a CAGR of 5 per cent through 2024.
Considering the product spectrum, organosulfur segment is likely to garner phenomenal gains in biocides market attributed to the product’s superior impact on micro-organisms in re-circulating the water systems. The product also exhibits a positive growth scale in the global market owing to its proliferation in HVAC, automotive as well as air conditioning applications.
On the other hand, the organic acid product segment is expected to perform exceptionally well over the foreseeable period on the grounds of burgeoning demands in food preservation and oil and gas well applications. It is prudent to mention that the lactic acid based products find humongous application as antimicrobial agent across the meat and poultry industry with robust consumption of meat products across the globe.
Reportedly, the organosulfur segment is probable to account a revenue share of USD 1.5 billion by 2024.
Biocides market is further presumed to be highly influenced by the rapid infrastructural and industrial growth across various emerging economies. In addition to this, the expediting investments in renovation projects across the aforementioned nations is accelerating the demand for paints and coatings. Using biocides in paints and coatings helps augment the product lifespan, preserve the paint formulation and support the protection of applied structures.
In light of this, Germany has been claimed to emerge out as one of the profitable grounds for biocides market depending upon the positive outlook across the paints and coating industry. Rising economic affluence and strong presence of prominent automakers is transforming the industry dynamics across this region.
As per Global Market estimates, the US region is slated to record a CAGR of 4 per cent through the stipulated time period. The region encompasses robust penetration of biocides in the food industry. In the food industry, biocides are used as a preservative for higher shelf life and inhibiting the food quality degradation.
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