According to a new report published by Allied Market Research titled, “Antimicrobial & Disinfectant chemicals Market by Function, Product Type, and End Use: Opportunity Analysis and Industry Forecast, 2020–2027,” the global Antimicrobial & Disinfectant chemicals Market size was valued at $9.1 billion in 2019, and is projected to reach $17.1 billion by 2027, growing at a CAGR of 6.7% from 2020 to 2027.
Antimicrobial & Disinfectant chemicals are a type of specialty chemicals that are used to control or destroy the growth of the microorganisms from surfaces, which are suitable for microbial growth. Various types of antimicrobial & disinfectant chemicals are available in the market such as phenolics, iodophors, nitrogen compounds, organometallics, organosulfur, and aldehydes. Currently, the demand for antimicrobial & disinfectant chemicals is highest in Asia-Pacific, owing to the presence of huge consumer base in China, India, South Korea, and Japan.
Rise in awareness toward infectious diseases caused from various sources, including Wastewater healthcare facilities is the key factor projected to drive the growth of the global antimicrobial & disinfectant chemicals Market during forecast period. However, shift in consumer preference toward new technologies such as UV radiation is expected to restrain the growth of the market. On the contrary, upsurge in demand for disinfectants & antimicrobial chemicals from the food processing & water treatment industry is expected to offer potential growth opportunities for the market in the upcoming years.
On the basis of function, the disinfectants & sanitizers segment was the major revenue contributor in 2019, and is expected to continue its dominance during the forecast period, owing to increase in demand from hospitals, restaurants, commercial offices, and residential applications.
By product type, the organosulfur segment dominated the market in 2019, and is expected to continue this trend in the near future, due to upsurge in demand to control or destroy the growth of the microorganisms in various applications such as surface cleaning and healthcare.
By end use, the paints & coatings segment is anticipated to exhibit a significant growth rate, owing to rise in demand for antimicrobial & disinfectant chemicals from the building & construction industry.
Region wise, Asia-Pacific accounted for the highest market share in 2019, and is anticipated to maintain its dominance during the forecast period. This is attributed to numerous factors such as alarming increase in prevalence of infectious diseases coupled with rise in need to inhibit the growth of disease-causing microorganisms.
Asland Incorporated, BASE SE, Clariant AG, DOW chemicals, Ecolab Incorporated, Lanxess AG, Lonza Group, Solvay, Stepan Group, and The 3M Company are the key players profiled in the report.
Other players operating in the value chain include Evonik Industries AG, Betco, Ferro Corporation, Pilot Chemical, and Troy Corporation.
COVID-19 impact analysis
The global antimicrobial & disinfectant chemicals Market is anticipated to witness significant growth, owing to the outbreak of the COVID-19 pandemic. This is attributed to increase in awareness among consumers regarding personal hygiene and sanitization, which fuels the demand disinfectants and antimicrobial chemicals, thereby stabilizing the global market growth during the pandemic. However, temporary ban on the import & export in countries across the globe is expected to sluggishly drive the market growth in this pandemic period.
Key Findings Of The Study
- By function, the disinfectant & sanitizers segment emerged as the global leader by acquiring around 59.9% market share in 2019, in terms of revenue, and is anticipated to be the largest market during the forecast period.
- On the basis of product type, the organosulfur segment dominated the market in 2019, accounting for 28.7% market share.
- Depending end use, the paints & coatings segment garnered 39.6% of the market share in 2019.
- Asia-Pacific is the major consumer of antimicrobial & disinfectant chemicals among other regions. It accounted for around 46.2% of the global market share in 2019.