According to Fortune Business Insights The global biocides market share is expected to reach USD 9,914.2 million by 2028, exhibiting a CAGR of 4.2% between 2021 and 2028. The growing adoption of innovative solutions in the medical industry will contribute positively to the market growth during the forecast period, states Fortune Business Insights, in a report, titled “Biocides Market, 2021-2028” The market size stood at USD 7,195.1 million in 2020.
Production in various sectors has been terminated due to the economic outage. This has resulted in a drop in sales volume and supply chain disruptions and a halt in paint & coatings shipments, considerably restricting this market. However, companies are introducing strategies to cope with the current situation, which, in turn, will incite the development of the global market in the forthcoming years.
Acquisition of INTACE by LANXESS to Foster Growth
LANXESS, a specialty chemicals firm, purchased INTACE SAS, a French firm, to expand its market share as one of the world's top producers of biocides and antimicrobials. The biocide firm, situated in Paris, makes specialist fungicides for the packaging sector. On January 14, 2021, LANXESS and the seller signed a memorandum of understanding to that effect. The parties have agreed to keep the acquisition price a secret. The acquisition is expected to close in the first quarter of 2021, according to LANXESS. The purchase will increase the biocides market share as INTACE anticipated revenue in half paid higher range by 2020. Paper, paperboard, soap packaging, labels, and banknotes are just a few of the applications for its goods. This business unit's products are utilized in a wide range of applications all around the world. The business unit delivers customer-specific solutions for diverse branches with its wide variety of active antibacterial agents and preservatives
Increasing Product Demand in Medical Applications to Open Up New Possibilities
The medical business is expanding as a result of increased consumer awareness of health and cleanliness, which is creating market possibilities. This, together with economic growth, is encouraging businesses to use new technology in developing medical solutions. Biocides are chemicals that are added to disinfectants and cleansers used in hospitals and clinics to keep them clean and sterilized. Surgical equipment, tools, surfaces, and fittings are all cleaned with them. The increase in demand can be ascribed to the product's ability to suppress microbial development. Furthermore, the product is used in the food and beverage industry and the leather industry. Thus, growing demand for these products will enable the speedy expansion of the market.
Paints & Coatings to Hold the Lion’s Share
Based on type, the market is segmented into halogen compounds, quaternary ammonium compounds, metallic compounds, phenolic, organic acids, organosulfur, and others.
Based on applications, the market is categorized into water treatment, food and personal care products, cleaning products, furniture and furnishings, clothing and textiles, leather and suede, paints and coatings, fuel preservatives, and others. Paints & coatings are expected to account for the largest share during the forecast period. The growth is attributed to its high utilization in the construction and automotive industry.
Geographically, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
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