According to the new market research report the Asia-Pacific Biocides Market report defines and segments the concerned market with analysis and forecast of revenue. This market was valued at $854.5 million in 2014, and is projected to reach $1.07 billion by 2020, at a CAGR of 3.9% from 2014 to 2020.
The use of biocides is increasing at a rapid pace across various applications in Asia-Pacific. The market is poised to have a rapid growth due to the increasing concern for health among the consumers. Biocides can be used to control the growth of bacteria in surfaces, such as plastics and other materials. The largest market share of this regional market is held by the paints & coatings industry, in terms of volume.
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In terms of volume, the paints & coatings application segment contributed a share of 14.8% to the Asia-Pacific biocides market in 2014, and is projected to grow at a CAGR of 4.7% from 2015 to 2020. The disinfection application segment was the second-largest in 2014 with a market share of 14.7% and is expected to grow at a CAGR of 4.3% during the forecast period. Water treatment segment also creates opportunities for the biocides market and is expected to grow at a CAGR of 4.0% from 2015 to 2020. The increasing demand for treated municipal and industrial water from end-user industries drives the water treatment industry in biocides market.
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Asia-Pacific biocides market is further segmented on basis of geography into Japan, Korea, Australia & New Zealand, Indonesia, Thailand, and Vietnam. In terms of value, Japan constituted 49.2% of the Asia-Pacific biocides market in 2014 and is projected to grow at a CAGR of 3.0% from 2015 to 2020. The growth is primarily triggered by the increasing applications of biocides in various industries, such as paints & coatings, disinfection, water treatment, and others.
New product launches and acquisitions are the key growth strategies adopted by the key players in this market. Manufacturing companies and end-product manufacturers infuse high investments for future advancements and technology modifications to match the ever growing demands coming from various end-user industries.
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