LONDON--(BUSINESS WIRE)--According to Technavio Research Report "Specialty Biocides Market by product (halogen compounds, inorganics, organic acid, metallic compounds, nitrogen-based, organosulfur, other products), by application (water treatment wood preservation, hygiene and disinfectants, paints and coatings, food and beverage, personal care, antifouling, oil and gas, agriculture, and other applications) and geographic regions (North America, Europe, APAC, South America, and MEA)” is witnessed to grow USD 1.76 billion, at a CAGR of over 5% from 2019 to 2023.
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Global Specialty Biocides Market: Increasing use of silver-based biocides
In recent years, silver has become the most preferred choice of metallic compound-based specialty biocides. It is mainly used to inhibit the growth of many types of microbes because of its low toxicity for humans and animals. It also prevents deteriorating effects such as discoloration, physical damage, corrosion, and foul odor. Currently, silver-based biocides are increasingly used in medical and healthcare fields, including therapies, because of its antimicrobial properties. For instance, medical implants are coated with various forms of silver to prevent infections. The increasing adoption of silver-based specialty biocides for various applications such as healthcare, plastic, and paints and coatings are expected to drive the growth of the market during the forecast period.
“Apart from the increasing use of silver-based biocides, the rising demand for specialty biocides for use on construction materials is one other factor that is boosting the expansion of the market. The growth of construction activities and increasing investments in construction projects are expected to raise the demand for construction materials such as paints and coatings, concrete, wood, and ceiling systems. Specialty biocides are used to protect these materials from spoilage and microbial contamination. Because of these factors, the market for specialty biocides is expected to showcase a positive outlook over the next few years,” says a senior analyst at Technavio.
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Global Specialty Biocides Market: Segmentation analysis
This market research report segments the global specialty biocides market by product (halogen compounds, inorganics, organic acid, metallic compounds, nitrogen-based, organosulfur, other products), by application (water treatment wood preservation, hygiene and disinfectants, paints and coatings, food and beverage, personal care, antifouling, oil and gas, agriculture, and other applications) and geographic regions (North America, Europe, APAC, South America, and MEA).
The North American region led the market in 2018, followed by Europe, APAC, South America, and MEA respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to the increasing investments by global vendors in China and India due to the availability of inexpensive labor and raw materials in the region.
Global Specialty Biocides Market: Growing importance of wastewater recycling and water reuse
The need for wastewater recycling and reuse has been rising across the world due to the growth of the population and rapid urbanization. The growing need for wastewater treatment is likely to increase the demand for specialty biocides. Although several water purification techniques are available, specialty biocides are generally preferred for water treatment due to their superior resistance to contaminants and high antimicrobial activity. Specialty biocides are widely used for water and wastewater treatment applications in the food and beverage, pharmaceutical, and chemical and petrochemical industries. The rising need for water and wastewater treatment chemicals is expected to drive the growth of the global specialty biocides market during the forecast period.
Few Major Vendors in the Specialty Biocides Market are:
- BASF SE
- Clariant International Ltd.
- Lonza Group Ltd.
- Nouryon Chemicals Holding BV
- Thor Group Ltd.
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