Increasing Product Demand in Medical Applications to Open Up New Possibilities
The medical business is expanding as a results of increased consumer awareness of health and cleanliness, which is creating market possibilities. This, along with economic growth, is encouraging businesses to use new technology in developing medical solutions.
Biocides are chemicals that are added to disinfectants and cleansers utilized in hospitals and clinics to keep them clean and sterilized. Surgical equipment, tools, surfaces, and fittings are all cleaned with them. the rise in demand can be ascribed to the product’s ability to suppress microbial development.
Furthermore, the merchandise 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.
Production in various sectors has been terminated thanks to the economic outage. This has resulted during 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 deal with the current situation, which, in turn, will incite the event of the global market in the forthcoming years.
The global biocides market size 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 within the medical industry will contribute positively to the market growth during the forecast period, states Fortune Business Insights, during a report, titled “Biocides Market, 2021-2028” The market size stood at USD 7,195.1 million in 2020.
Acquisition of INTACE by LANXESS to Foster Growth
LANXESS, a specialty chemicals firm, purchased INTACE SAS, a French firm, to expand its market share together 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 therefore the seller signed a memorandum of understanding to that effect. The parties have agreed to stay the acquisition price a secret.
The acquisition is predicted to close in the first quarter of 2021, consistent with LANXESS. the acquisition 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 some of the applications for its goods.
This business unit’s products are utilized during a wide range of applications all around the world. The business unit delivers customer-specific solutions for diverse branches with its big variety of active antibacterial agents and preservatives.
Paints & Coatings to carry the Lion’s Share
Based on type, the market is segmented into halogen compounds, quaternary ammonium compounds, metallic compounds, phenolic, organic acids, organosulfur, et al. .
Based on applications, the market is categorized into water treatment, food and private care products, cleaning products, furniture and furnishings, clothing and textiles, leather and suede, paints and coatings, fuel preservatives
Paints & coatings are expected to account for the most important share during the forecast period. the expansion is attributed to its high utilization in the construction and automotive industry.
Geographically, the market is split into North America, Europe, Asia Pacific, Latin America , and therefore the Middle East and Africa.
Increased Consumption of Biocides to spice up Market in Asia Pacific
- The rising demand for industrial and consumer applications will stimulate the market in Asia Pacific
- North America is predicted to expand radically during the forecast period due to the growing application of biocides in wood preservation.
- The increasing production of cars will elevate the market in Europe during the forecast period.
- The high demand and provide of products from the furniture, automotive, and construction industries will spur opportunities in Latin America and the Middle East and Africa.
Thor Group Limited to Account for a High Share
Thor Group Limited manufactures products for a good range of industrial and consumer uses. to realize a competitive edge in the biocides market, leading manufacturers are employing techniques like boosting brand recognition, growing regional presence, and launching new product offers. Companies also are investing in technology advancements in order to broaden their product offerings.
The Report Lists the Key Companies during this Market:
Vink Chemicals GmbH & Co. KG (Germany) Clariant (Switzerland) Kemira Oyj (Finland) Troy Corporation (U.S.) Thor Group Limited (UK) Lanxess AG (Germany) Solvay SA (Belgium) Neogen Corporation (UK) Finoric LLC (U.S.) Shanghai Zhongxin Yuxiang Chemical Co., Ltd (China) Shandong IRO Biocide Chemicals Co., Ltd. (China) Albemarle Corporation (U.S.) Lonza Group Ltd (Switzerland) Wuxi Honor Shine Chemical Co. Ltd. (China).