Yahoo Finance Benzalkonium Chloride Market Value - US$ 1,500.5 Mn By 2028 Prediction By Acumen Research and Consulting
Acumen Research and Consulting recently published report titled “Benzalkonium Chloride Market - Global Industry Analysis, Market Size, Opportunities and Forecast, 2021-2028
LONDON, Oct. 28, 2021 (GLOBE NEWSWIRE) -- The global benzalkonium chloride market accounted US$ 629.0 Mn in 2020 with a considerable CAGR of 10.7% during the forecast period of 2021 to 2028
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Market Drivers
Benzalkonium chloride is on the rising trend from the past several years in the pharmaceutical sector
According to a report from the European Medicines Agency, benzalkonium chloride appears to be the most commonly used preservative in ophthalmic preparations in the EU market. Benzalkonium chloride is used as a preservative in approximately 74% of ophthalmic preparations. Furthermore, due to its antimicrobial property, it is used as a preservative in a variety of medicinal products for nasal administration and in a wide range of preparations intended for inhalation use in the EU market. Benzalkonium chloride is the preservative of choice for most multidose aqueous nasal, ophthalmic, and otic products. Such factors have a positive impact on the growth of the global benzalkonium chloride market from 2021 to 2028.
High demand for benzalkonium chloride is witnessed owing to its biodegradability properties
Benzalkonium chloride has a high degree of biodegradability properties. Unlike other agents, it does not accumulate when exposed to the aquaculture process. Because of its eco-friendliness, benzalkonium chloride is preferred over several other substances that are intended to accumulate in the environment, disrupting the ecosystem. According to the American Society of Microbiology report, ozone/hydrogen peroxide toxicity reduction and improved biodegradability of benzalkonium chloride advances the oxidation process. Benzalkonium chloride (BACs) commercial utilization is primarily in surfactants (anionic, cationic, non-ionic, and amphoteric), accounting for approximately 12 million tons in 2010, with quaternary ammonium compounds (QAC) accounting for 15%. Furthermore, due to their biodegradability, approximately 75% of QACs, including BACs, end up in waste water treatment plants (WWTP) after being used in various fields such as agriculture, domestic, and healthcare. Such factors have a positive impact on the global benzalkonium chloride market.
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COVID-19 impact on benzalkonium chloride market
According to the ACS Publications report, the COVID-19 pandemic has necessitated the use of disinfectants on a regular basis. During the pandemic, disinfection practices were increased in private households and public facilities such as public transportation, grocery stores, hospitals, schools, and colleges. Because QACs have antimicrobial properties and are active components used in hospitals and household cleaners, fabric softeners, preservatives, and cosmetics; using these compounds to maintain hygiene to combat the COVID-19 pandemic has proven critical throughout the pandemic's duration. As a result, the use of disinfectants such as benzalkonium chloride has increased.
Market Segmentation
Benzalkonium chloride market is segmented based on type, application, and end-use. By type, the market is classified into hybrid grade benzalkonium chloride and pure grade benzalkonium chloride. By application, the market is segregated as disinfectant, preservative, pesticides, and others. By end-use, the market is segmented as oil & gas, pharmaceutical & cosmetics, leather industry, water treatment, timber protection, pulp & paper industry, horticulture & household, and among others.
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Based on product type, hybrid grade benzalkonium chloride segment accounted US$392.1 Mn in 2020 with a CAGR of 10.6% during the analysis period of 2021 to 2028
Hybrid grade benzalkonium chloride prepared solution is a quaternary ammonium compound (QACs) used as an efficient germicide against micro-organisms involving algae, fungi, and bacteria. With solution containing 50% concentrated type of product it has lucrative application in pharmaceutical industry as an excipient due to its preserving properties and act as an active ingredient due to its associated anti-microbial properties. Such factors are responsible for the segmental growth ultimately contributing to the overall growth of market.
By application, disinfectant segment is growing at significant CAGR of 10.7% during the projected period of 2021 to 2028
According to an American Society for Microbiology report, benzalkonium chloride (BACs) are the most commonly used members of the QAC family of disinfectants, with broad spectrum biocidal activity and the ability to remain stable for both short and long term use. As a result, BACs are widely used as surface disinfectants in food processing lines, dairy/agricultural settings, healthcare facilities, and domestic households, as well as in over-the-counter cosmetics, hand sanitizers, and pharmaceutical products. Such factors have a positive impact on segment growth, ultimately contributing to the overall growth of the benzalkonium chloride market.
Regional Overview
North America records considerable share for benzalkonium chloride; Asia Pacific is set to record stupendous growth in the forthcoming years
North America recorded dominant share accounting US$197.5 Mn in 2020 with a CAGR of 9.8% during the forecast period of 2021 to 2028.
North America is expected to be the leading region in terms of market value and forecast period for the benzalkonium chloride market. This is primarily evaluated due to the product's widespread use in the pharmaceutical and oil and gas industries. This is one of the key factors influencing the growth of the regional market, ultimately contributing to the overall growth of the benzalkonium chloride market.
Asia Pacific on the other hand is projected to record fastest growing CAGR for benzalkonium chloride market during the analysis period of 2021 to 2028. '
This is highly regarded due to an increase in investment in the pharmaceutical industry, as well as the presence of key players and their innovative product launches. Furthermore, the importance of water treatment has grown significantly in specific Asian countries such as India, China, and Japan. Such factors have a significant impact on the growth of the benzalkonium chloride market in the North America region, ultimately contributing to the market's overall growth.
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Competitive Landscape
The prominent players of the global benzalkonium chloride market include FeF Chemicals (Novo Nordisk), Dishman India, Merck Millipore, Manus Aktteva Biopharma LLP, Jinshan Jingwei Chemical/Taiko Palm-Oleo, Acme United Corporation, Lonza, and Stepan
The market for Benzalkonium Chloride market is highly competitive and fragmented due to the presence of large number of multinational as well as local players. The leading players are constantly looking to increase their share in the market.
In August 2018, Novo Nordisk, announced distribution agreement with Signet Chemical Corporation. As a part of this official agreement, Novo Nordisk will manufacture several quaternary ammonium compounds for Signet Chemical Corporation.
In December 2020, Acme United Corporation, announced acquisition with Med-Nap LLC, a leading manufacturer of alcohol preparation, alcohol wipes, benzalkonium chloride wipes, antiseptic wipes, castile soap, and lens cleaning products.
In March 2015, Lonza, announced launching of new product namely, “Lonzagard BKC”. The newly launched product is cGMP certified benzalkonium chloride antimicrobial active ingredient product. Additionally, the new product is used in the product formulation for consumer hands soaps, non-alcohol hand sanitizers, healthcare, hand washes, and sanitizing wipes.
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