The Benzalkonium Chloride Market is projected to exceed $1.28 billion by 2027, Says Global Market Insights Inc.
The benzalkonium chloride market is expected to surge by end of 2027 owing to the application of the product in various industries including chemical, food, and beverage industries.
SELBYVILLE, Del., March 22, 2021 (Newswire.com) - Based on Global Market Insights Inc., report, the global Benzalkonium Chloride Market size was estimated at $710 million in 2020 and is slated to surpass $1.28 billion by 2027, registering a CAGR of 8.7% from 2021 to 2027 owing to increasing demand for product as disinfectants for industrial and household applications. The report provides a comprehensive analysis of the top winning strategies, wavering industry trends, drivers & opportunities, top investment avenues, competitive scenarios, market estimations & size.
Demand for antiseptics, disinfectants, wetting agent, solubilizing agent and antimicrobial preservative is expected to stimulate product demand from pharmaceutical sector. The product is estimated to witness demand from eye care product manufacturers owing to its application in contact lens solution and ophthalmic solution as disinfectant which represents ample growth opportunities for benzalkonium chloride market growth. Furthermore, in combination to thimerosol preservative the product has application in ear and nasal formulation to enhance antimicrobial activity against various bacterial strain which should augment market growth in the predicted time span.
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Benzalkonium chloride market from 50% concentration type surpassed USD 160 million in 2020 pertaining to its application as germicide and should raise product demand in the projected timespan.
Paper and pulp application of the product is expected to grow over by CAGR 7.8% by end of 2027 owing to its ability to impart strength and antistatic property to paper products. On the other hand, food and beverage application of the product is likely to surpass USD 115 million by 2027 owing to its anti-corrosive and non-toxic property which enhances application in formulation of cleaner sanitizer for food storage tanks and dairies.
Asia-Pacific, followed by North America, to maintain its lead position by 2027:
North America is estimated to witness growth over 8.5% over the forecast period owing to its application in pharmaceutical industry and food & beverage sector. Moreover, the Asia Pacific should register over 9% gains by 2027 on account of rapidly increasing industrialization and agricultural activities in the region. The region is expected to witness increased benzalkonium chloride market demand for disinfectant application in agricultural process.
The microbicidal and cleaning property of the product is used in hygiene products for removal and penetration of soil and disinfecting surfaces owing to its application in agriculture which should raise the benzalkonium chloride market share in the region. Demand for agricultural inputs along with services such as cold storage and warehousing is increasing rapidly which is expected to augment product market growth in the region. Rising environmental concern and increasing use of the biodegradable benzalkonium chloride as an alternative to chlorinated biocides have raised product demand for wood protection applications.
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Leading market players:
Key manufacturers operating in the benzalkonium chloride industry includes players such as Merck Millipore, Stephan Company, Quat-Chem, Iwaki Seiyaku, Kao Chemicals, Novo Nordisk, Zhengzhou Meiya Chemical Products, Haihang Industry Co. ltd, TNJ Chemicals, Dishman Group, AVA Chemicals, Jinshan Jingwei Chemical, Unilab Chemicals, Shadong Taihe, Manav Aktteva Biopharma LLP.
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About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
GMIPulse, our business analytics platform offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top level categories and hundreds of industry segments within them, covering regional, company level and cross-sectional statistics that make our offering a stand-out for decision makers.
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Source: Global Market Insights Inc.
