Organosulfurs segment is also expected to witness proliferated growth by 2024 majorly due to rising awareness regarding products that possess antibacterial and antifungal properties to inhibit microorganism growth on metal or plastic surfaces . The market is segmented by application into water treatment , personal care , paints & coatings , food & beverage , wood preservation , HVAC , boilers , oil & gas , fuels and others . Water treatment segment was accounted for more than 23 % market share in 2015 and it is projected to witness similar trend over the forecast period owing to growing corrosion , microbial activity , scaling , and disposal in water treatment . The biocide market is highly competitive primarily to the presence of several domestic and international suppliers . Though , the sector has the presence of various new players , who face difficulty in competing with other major companies in terms of functionalities , features , quality , and services .
Over the forecast period , the growing new product development activities coupled with increasing adoption of new technologies for achieving operational efficiency has enabled the competition to become more aggressive . On a contrary , few major players through continuous R & D endeavors coupled with growing expertise knowledge in the industry have enabled them to witness competitive edge , thus propelling the overall growth of the sector over the next eight years .
Browse Full Research Report @ https :// www . millioninsights . com / industry-reports / biocides-market
North America and Europe are anticipated to witness major market share over the forecast period owing to the growing end-user demand from industries including food & beverage , oil & gas , and personal care . Asia Pacific is anticipated to account for fastest growth over the forecast period primarily due to the growing expansion activity by paint & coating industry primarily on account of rapid industrialization coupled with rising infrastructural development activities . India , China , and Japan are anticipated to witness the highest share in the region majorly owing to the rising disposable income coupled with growing foreign investments . The Middle East & Africa is projected to see significant growth by 2020 mainly owing to increasing urbanization , industrialization , and globalization . The sector has huge potential in this region primarily owing to rising per capita income and foreign investments .
Key players in the market include Dow Microbial Control , ISP , Thor Specialties , Lubrizol , Troy Corporation , BASF , Lanxess , and Clariant . The market is highly consolidated having more than 30 % market share by major players . The major players generally tend to retain their market share through new product development and through attaining operational efficiency . These players through continuous R & D endeavors focus on building a wide distribution network that supports the overall market to report significant growth over the forecast period . Companies through strategic expansions and mergers & acquisitions have been trying to cater large volume of customers with products that are cost-effective and high quality .