Biocides are widely employed in water treatment, wood preservation, paints and coatings, food and beverage, and the personal care industry. These rapidly growing industrial markets for biocides are expected to boost the demand for biocides. These newer breed of biocides, which have lesser environmental impact and better performance features are key drivers of the biocide market. The market is also witnessing an increase in demand for environmentally friendly products.
Growth in water treatment is driving the global biocide market, since the water treatment industry is dependent upon the consumption of water across the globe. Entry of environmentally friendly biocide products has also aided the growth of biocide market.
Biocides are also used as additives in paint industry, to protect the paint from spoilage during storage and also to prevent fungi and algae from growing on the applied paint. The damage to surfaces coated with paint and coating materials is due to microbial attack has always been an area of concern to the industry. They are also used in polymers for preventing the growth of bacteria or fungi and also to prevent degradation of polymer physical and sensorial properties, both within the material and at its surface.
The global biocide market in terms of revenue was estimated to be worth $7.2 billion in 2010 and is expected to reach $9.4 billion by 2016, growing at a CAGR of 4.3 percent from 2011 to 2016. North America dominated the global biocide market, accounting for 45 percent of the global biocide demand in 2010. Asia-Pacific is expected to be the fastest growing market in the near future owing to the rapid advancement and increasing demand from key countries such as China and India. The European biocide market is smaller than North America and Asia-Pacific markets both in terms of value and volume on account of regulations.