Mar 26, 2021   SOURCE: BusinessWire

Worldwide Benzalkonium Chloride Industry to 2030 - Market Analysis and Growth Forecasts - ResearchAndMarkets.com

The "Benzalkonium Chloride Market Research Report: By Type, Application, End-Use Industry - Global Industry Analysis and Growth Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.

The global benzalkonium chloride market to $1,301.1 million by 2030 from $525.0 million in 2019, at a 9.6% CAGR between 2020 and 2030.

This is because the compound is widely used as an antiseptic, antimicrobial preservative, solubilizing agent, disinfectant, and wetting agent in contact lens solutions. In addition, the benzalkonium chloride market is growing on account of the usage of this compound as an antimicrobial preservative in aqueous multidose nose, eye, and ear products.

The nationwide lockdowns implemented during the COVID-19 pandemic didn't affect the benzalkonium chloride market much because the compound is widely used in manufacturing wipes, hand sanitizers, and other products used for disinfection. Benzalkonium chloride destroys the lipid (fat) envelop of viruses, thus rendering them unable to get through to human cells. Therefore, with the burgeoning demand for such disinfectant products, the consumption of this compound has risen too.

The benzalkonium chloride 50% bifurcation, under the type segment of the benzalkonium chloride market, held the larger share in the past. The compound in this particular concentration witnesses high-volume consumption in cosmetic and pharmaceutical products, as it is less toxic.

In the coming years, the highest value CAGR in the benzalkonium chloride market, of 10.0%, on the basis of application, will be witnessed by the disinfectants category. There are stringent regulations requiring hospitals and diagnostic, research, biotechnology and pharmaceutical laboratories to be disinfected on a regular basis. Another factor driving the demand for disinfectants and, in turn, benzalkonium chloride, is the increasing incidence of hospital-acquired infections (HAI).

The horticulture & household category is predicted to continue to dominate the benzalkonium chloride market throughout this decade, based on end-use industry. With the increasing awareness about hygiene and personal wellbeing, the demand for disinfectants and sanitizers is rising, thereby propelling the requirement for benzalkonium chloride. The COVID-19 pandemic has given a further push to the production of hand sanitizers and similar products, in turn, driving the market.

Till now, the North American benzalkonium chloride market has generated the highest revenue for companies offering this compound. With the growth in oil and gas exploration and production activities in Canada and the U.S., the usage of the compound as an inhibiter of the corrosion caused on underwater steel equipment by sulphate-reducing bacteria is rising. Another application of the compound in this sector is controlling the release of hydrogen sulphide gas, which results in oil souring.

Asia-Pacific (APAC) will witness the fastest advance in the benzalkonium chloride market in the years to come. Due to cost-effective labor and raw materials and less-stringent environmental regulations, China, India, Vietnam, and Malaysia are attracting chemical manufacturers from Europe and North America. Moreover, the already-large chemical sector of APAC is resulting in water pollution, which is propelling the demand for benzalkonium chloride for wastewater and effluent treatment.

Market Dynamics

Drivers

  • Rapid growth in the pharmaceutical sector
  • Growing oil & gas industry
  • Impact analysis of drivers on market forecast

Restraints

  • Hazardous effects of benzalkonium chloride
  • Impact analysis of restraints on market forecast

Companies Mentioned

  • Ava Chemicals Private Limited
  • Dishman Carbogen Amcis Ltd.
  • Neogen Corporation
  • Shanghai Bichain Industrial Chemical Co. Ltd.
  • Tokyo Chemical Industry Co. Ltd.
  • Haihang Industry Co. Ltd.
  • Merck KGaA
  • Hefei TNJ Chemical Industry Co. Ltd.
  • Novo Nordisk A/S
  • KLK OLEO
  • Kao Corporation

For more information about this report visit https://www.researchandmarkets.com/r/an8nrv