North America Biocides Market Set to Flourish due to Rising Demand from Various Industries
Biocides are basically chemicals of micro-organisms that used for killing or restricting the growth of harmful bacteria, fungi, or algae. These are mainly used in water treatment, healthcare, and food & beverage industry. Other than killing the harmful microorganisms, biocides also suffice for preservatives, which help in increasing the shelf-life of the product coupled with keeping the product from going bad. Therefore, the increasing use of biocides across various industries in North America has escalated the market growth immensely.
What Drives the Market?
The major driving factor for the growth of biocides market in North America is growing use of biocides in plastics. Notable growth in the construction sector is driving the market for paints & coatings and wood preservation applications. Moreover, the healthcare sector is likely to foresee a rise in the demand of silver-based biocides that is basically used in hospital equipment. Apart from this, the energy sector in the U.S. is estimated to be the fastest-growing market due to the increased research on shale gas. Owing to mechanization and automation of industrial processes in Mexico, the demand for biocides in this region has increased.
Apart from these, the growing use of biocides in various applications like water treatment, food & beverage, among others, is stimulating this market towards growth.
What the Market Looks Like?
The value of the North America biocides market is projected to reach 1,020.3 tons by 2020, growing at a CAGR of 4.5% during the forecast period. The market in this region has witnessed a high growth over the past few years and this trend is likely to sustain in the near future as well. As of now, U.S. is the largest market of biocides and it is poised to grow at a CAGR of 4.9% over the forecast period. However, the biocides market in Mexico is estimated to advance at the highest CAGR of 5.0% between 2015 and 2020.
Among applications, the water treatment segment took up 21.8% of the market share in 2014, followed by food & beverage that accounted for 19.7% of the market share. The water treatment segment was dominated by the chlorine-based biocides.
The major manufacturers in North America biocides market include Lonza Group Ltd. (Switzerland), Dow Chemical Company (U.S.), Troy Corporation (U.S.), Thor Group Limited (U.K.), Akcros Chemicals Ltd. (U.K.), Sciessent LLC (U.S.), Sanitized AG (Switzerland), Microban International Ltd. (U.S.), AkzoNobel N.V. (The Netherlands), Solvay SA (Belgium), Lubrizol Corporation (U.S.), and others.
The North American market for biocides has been analyzed and forecasted on the basis of following categories and sub-categories:
- Application: Water Treatment, Food & Beverage, Personal Care, Paints & Coatings, Wood Preservation, Plastics, Medical, Adhesives & Sealants, Textiles, Others
• Type: Halogen Compound, Metallic Compound, Organosulfur, Organic Acid, Phenolic, Others
• Geography: U.S., Canada, Mexico.