Metal Biocides Market to Garner $5.87 Billion, Globally, By 2031 at 4.8% CAGR, Says Allied Market Research
Increase in investments in building infrastructure in countries, usage of metal biocides in various cosmetic formulations, and rise in awareness about cleanliness and hygiene drive the growth of the global metal biocides market.
PORTLAND, Ore., Aug. 8, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Metal Biocides Market by Type (Copper, Silver, Zinc, Others), by Application (Paints and Coatings, Food and Beverages, Medical, Textile, Wood Preservation, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global metal biocides industry generated $3.67 billion in 2021, and is anticipated to generate $5.87 billion by 2031, witnessing a CAGR of 4.8% from 2022 to 2031.
Prime determinants of growth
Increase in investments in building infrastructure in countries such as the U.S., China, Japan, Mexico, and India, usage of metal biocides in various cosmetic formulations, and rise in awareness about cleanliness and hygiene drive the growth of the global metal biocides market. However, availability of substitutes such as chelating molecules, scavengers, isothiazolinone, phenols, and alcohols restricts the market growth. Moreover, increase in purchasing power of consumers and fast-paced lifestyles have boosted the sales of packed food items in developed and developing economies where metal biocides are widely used in the food industry as disinfectants and food preservatives. This factor presents new opportunities in the coming years.
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Covid-19 Scenario
- During the outbreak of the Covid-19 pandemic, several companies had either shut down or shrank their operations, due to risk of infections among the workforce where metallic biocides are widely used as preservatives and antibacterial agents. This has temporarily hampered the demand for the metallic biocides from various end use industries.
- In addition, more than 100 countries had locked their international borders for transportation and non-essential trade activities, which in turn, had reduced the consumption of metallic biocides to a great extent.
- Furthermore, the temporary shutdown of construction and infrastructure activities had reduced the consumption of metallic biocides in the paints & coatings sector.
- In 2020, metallic biocides prices were higher in the Asia-Pacific region, due to continued regional demand trends and tight product availability. Firm downstream metallic biocides demand and strong upstream costs are expected to sustain the price gain.
- However, the metallic biocides market is expected to recover rapidly in the post-pandemic, due to its increased dependency over healthcare & pharmaceutical, agriculture, and other sectors.
The silver segment to maintain its leadership status throughout the forecast period
Based on type, the silver segment held the highest market share in 2021, accounting for nearly half of the global metal biocides market, and is estimated to maintain its leadership status throughout the forecast period. This is due to the increase in building and construction activities based on a modern theme-based architecture that has surged the popularity of anti-microbial paints where silver-based biocides are used to inhibit the growth of bacteria and algae. However, the copper segment is projected to manifest the highest CAGR of 5.1% from 2022 to 2031. This is attributed to the scarcity of potable water that surged the water treatment activities in both developed and developing economies where copper-based biocides are widely used as disinfectants for maintaining the quality of stored potable water.
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The paints and coatings segment to maintain its lead position during the forecast period
Based on application, the paints and coatings segment accounted for the largest share in 2021, contributing to more than one-third of the global metal biocides market, and is projected to maintain its lead position during the forecast period. This is due to the rise in population that led the building & construction sector in which metal biocides are widely used to resist the growth of bacteria, fungi, algae, and others on the applied paints & coatings. However, the medical segment is expected to portray the largest CAGR of 5.4% from 2022 to 2031. This is attributed to the increase in the incidence of hospital-associated infections (HAIs) caused notably by bacterial pathogens such as methicillin-resistant Staphylococcus aureus (MRSA), which, in turn increased the sales of metal biocides used for sanitization purposes.
Asia-Pacific to maintain its dominance by 2031
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for nearly two-fifths of the global metal biocides market. Moreover, the same region is expected to witness the fastest CAGR of 5.2% from 2022 to 2031. China's paints & coatings manufacturing sector is increasing rapidly, forcing metal biocides manufacturers to produce efficient metal biocides used as disinfectants and food preservatives. Other regions mentioned in the report are North America, Europe, and LAMEA.
Leading Market Players: -
- Pilot Chemical Corp
- KLK OLEO
- Azelis
- OTTO CHEMIE PVT.LTD.
- Dadia chemical Industries
- Samrat Industries
- Troy Corporation
- SIDDHARTH CHEMICALS
- BASF
- Evonik Industries
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