NEW YORK, Jan. 27, 2021 /PRNewswire/ -- Due to the increasing prevalence of acute and chronic diseases, growing geriatric population, and rising disposable income in emerging economies, the worldwide healthcare industry is expanding rapidly. This is expected to be the key factor to take 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, according to P&S Intelligence
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.
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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).
Browse detailed report with COVID-19 impact analysis on Benzalkonium Chloride Market Research Report: By Type (Benzalkonium Chloride 50%, Benzalkonium Chloride 80%), Application (Eye, Ear, &Nasal Drops, Hand Sanitizers, Shampoos, Disinfectants, Spermicidal Creams, Water Treatment Chemicals, Aquaculture Chemicals, Timber Protection Chemicals, Coatings), End-Use Industry (Oil & Gas, Pharmaceuticals & Cosmetics, Pulp & Paper, Textile, Leather, Horticulture & Household, Chemical) - Global Industry Analysis and Growth Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/benzalkonium-chloride-market
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.
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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.
Major players in the global benzalkonium chloride market are Dishman Carbogen Amcis Ltd., Ava Chemicals Private Limited, Shanghai Bichain Industrial Chemical Co. Ltd., Neogen Chemicals Limited, Haihang Industry Co. Ltd., Tokyo Chemical Industry Co. Ltd., Hefei TNJ Chemical Industry Co. Ltd., Merck KGaA, Novo Nordisk A/S, KLK OLEO, and Kao Corporation.
Key Findings of Global Benzalkonium Chloride Market Report
- Demand for compound growing manifold during COVID-19 pandemic
- Disinfectants remain largest application area in market
- APAC to be most lucrative region for market investors
- Benzalkonium chloride demand rising rapidly in oil and gas and pharmaceutical industries
- Market consolidated due to existence of few established players
- Market players tapping new applications for higher profit
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