LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global metal biocides market is expected to grow at a CAGR of close to 5% during the forecast period.
This research report titled ‘Global Metal Biocides Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
According to Hitesh Bhatia, a lead analyst at Technavio for metals and minerals research, “The growth in the global metal biocides market can be attributed to the increasing demand for metal biocides from various industries, especially the building and construction, marine, and medical industries.
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The market research analysis categorizes the global metal biocides market into seven major product segments, of which the top three are discussed in detail below. They are:
- Medical
- Paints and coatings
- Foods and beverages
- Wood preservation
- Pesticides
- Textiles
- Others
Medical application
The medical application segment accounted for the largest share in the global metal biocides market in terms of value. Copper and silver-based metal biocides are used in many medical applications, such as medical textiles, medical device coatings, wound dressings, sterilizing agents, and others. The effectiveness of silver nanoparticles against infections is expected to drive the demand for silver-based biocides in the segment.
Medical tourism is gaining prominence globally. This is attributable to the low treatment costs and availability of skilled healthcare professionals. Outbound medical tourism is mainly originating from the US due to the US Patient Protection and Affordable Care Act. This has opened novel avenues in the medical industry globally, generating significant revenue in various dependent fields, of which metal biocides hold a prominent share.
Paints and coatings applications
The paints and coatings segment is expected to have the highest CAGR by revenue during the forecast period. The growing demand for metal biocides in household paints, marine antifouling agents, and varnishes is fostering the market growth in the segment.
The growing urban population is increasing the demand for new residential buildings globally. According to a United Nations estimate, as of 2015, it was estimated that more than 56% of the world’s population resides in urban areas, and this is anticipated to witness an increase by almost 5% by 2021.
The increase in population and changing lifestyles are contributing to the growth of the building and construction industry. The increased per capita income from countries such as China, India, the Philippines, Indonesia, and Thailand is also expected to drive the demand for metal biocides.
Food and beverages applications
Metal biocides are commonly used in disinfecting agents used in food containers and is also used to control the microbial growth in foods and beverages. They are also used to increase the shelf life of foods and beverages by protecting them against deterioration caused by the microorganisms. The metal biocides are commonly considered as food additives and are regulated by the Food Additives Directive 89/107/EEC. These biocides must be explicitly authorized at European level and must undergo a safety evaluation before they can be used in foods and beverages.
“The increase in the use of packaged and processed foods and beverages in countries, such India, China, Brazil, and Indonesia are expected to drive the demand for metal biocides in the food and beverages application segment during the forecast period,” says Hitesh.
The top vendors highlighted by Technavio’s market research analysts in this report are:
- BASF
- The Dow Chemical Company
- Clariant
- Lonza Group
- Troy
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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