Market Outlook
The Biocides Market was valued at USD 7.77 Billion in 2025 and is projected to grow to USD 11.13 Billion by 2033, with a compound annual growth rate (CAGR) of 4.6% from 2027 to 2033. The biocides market encompasses the industry focused on chemical substances or microorganisms used to deter or eliminate harmful organisms such as bacteria, fungi, viruses, and pests. These products are crucial in various industries including healthcare, agriculture, water treatment, and food processing to uphold cleanliness, safety, and product quality.
Key drivers of the market include the increasing demand for clean water, growing awareness of health and hygiene, and the expanding use of biocides in industrial sectors such as oil & gas, and paints and coatings to prevent microbial contamination.
However, the market faces significant restraints. Stringent regulations governing the use of biocides, aimed at safeguarding human health and the environment, increase the cost and complexity of product development. Additionally, concerns over the toxicity of traditional biocides have led to a growing preference for eco-friendly alternatives. This, combined with advancements in greener technologies, presents challenges to the growth of conventional biocides in the market.
Key Insights
Asia-Pacific accounted for the largest share of the Biocides market at 47.20% in 2023. The Asia-Pacific region is the leading market for biocides globally, mainly due to rapid industrialization, urbanization, and population growth in countries such as China, India, and Japan. The region's growing industries, including water treatment, agriculture, food and beverage, and healthcare, are driving the demand for biocides. Moreover, increasing awareness about clean drinking water and sanitation is further propelling market growth. The construction sector in the region is also booming, leading to increased use of biocides in paints and coatings. The region's cost-effective manufacturing capabilities and growing investments in the research and development of eco-friendly biocides are contributing to its dominance in the market and its rapid growth trajectory.
In terms of Product Type, the Halogen Compounds accounted for a major share of 25.30%in 2023. Halogen compounds are the dominant force in the global biocides market because of their strong antimicrobial properties and broad-spectrum efficacy. These compounds, which include chlorine, iodine, bromine, and fluorine, are widely used in water treatment, food preservation, and disinfection applications. Chlorine-based biocides are particularly popular for water purification and industrial cooling systems due to their ability to effectively eliminate bacteria, viruses, and algae. The relatively low cost, easy availability, and quick action of halogen compounds make them the most widely used biocides in various industries, allowing them to maintain their dominance in the market.
Market Dynamics
The growing need for clean and safe water drives demand for biocides in water treatment processes globally.
The increasing demand for clean and safe water has become a critical global issue, leading to a higher need for biocides in water treatment processes across various sectors. Factors such as freshwater scarcity, population growth, industrialization, and climate change are putting significant pressure on existing water resources. As a result, governments and industries worldwide are prioritizing effective water management and treatment solutions, with biocides playing a vital role.
Biocides are chemical agents that help control and eliminate harmful microorganisms, such as bacteria, algae, and fungi, which can contaminate water supplies. If left untreated, these organisms can cause biofouling in water systems, leading to equipment damage, inefficiency, and even health risks. In municipal water treatment plants, biocides ensure that drinking water is free from harmful pathogens like Legionella, E. coli, and other waterborne diseases, thus safeguarding public health.
In industrial settings, biocides are essential for treating water used in cooling towers, boilers, and manufacturing processes to prevent microbial growth and corrosion. Industries such as oil and gas, power generation, and food processing rely heavily on biocides to maintain water quality and operational efficiency.
Moreover, the increase in environmental regulations and the focus on sustainable water management are driving industries to adopt advanced water treatment technologies that often involve biocides. This trend is particularly evident in regions facing water scarcity and pollution issues, such as parts of Asia-Pacific, Africa, and the Middle East.
Concerns over the toxicity of biocides and their environmental impact, particularly on aquatic ecosystems, restrain market growth.
There are concerns about the harmful effects of biocides on the environment, especially in aquatic ecosystems. Many biocides, while effective in controlling harmful microorganisms, can have unintended consequences. When released into water bodies, biocides can disrupt aquatic ecosystems, harming fish, plants, and beneficial microorganisms that are important for ecological balance.
Some biocides remain in the environment, leading to bioaccumulation, where toxic substances build up in the tissues of aquatic organisms, eventually affecting the food chain. This has raised concerns among environmental organizations and regulators, leading to stricter regulations on biocide usage and discharge. Regulatory bodies such as the EPA and ECHA impose stringent restrictions to minimize the ecological damage caused by these chemicals.
Moreover, there is growing public awareness of the potential health risks to humans and wildlife, which has further restrained market growth. This has driven demand for greener, less toxic alternatives that align with environmental sustainability efforts.
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Key Pointers |
Values |
| Category | Disinfectants & Preservatives |
| Pages | 490 |
| Table Count | 380 |
| Chart Count | 250 |
| Companies Analyzed | 40 |
| Report Focus | Global |
| Largest Region | Asia Pacific |
| Fastest Growing Region | North America |
| Base Year | 2025 |
| CAGR % (2027-2033) | 4.6% |
| Forecast Year | 2027s-2033 |
| Historical Year | 2015-2024 |
| Market Size in 2025 | USD 7.77 Billion |
| Market Size in 2033 | USD 11.13 Billion |
| Countries Covered | U.S., Canada, Mexico, Germany, UK, France, Italy, Spain, Turkey, Israel, China, Japan, India, South Korea, Australia, SEA, Brazil, Chile, Argentina, Saudi Arabia, UAE, Qatar, South Africa, Rest of World |
| Key Driver & Challenges |
Rising demand in water treatment, healthcare, and food industries. Environmental concerns, regulatory restrictions, and the shift towards eco-friendly alternatives |
| Segments Covered | By Product Type ,By Application, By End-Use Industry |
Segmental Analysis
Based on Product Type, Biocides market is segmented into Halogen Compounds, Metallic Compounds, Organosulfur Compounds, Organic Acids, Phenolic Compounds, Nitrogen-based Biocides, Others.
The Global Biocides market is mainly dominated by halogen compounds due to their wide-ranging antimicrobial properties. These compounds, which are primarily chlorine- and bromine-based, are extensively used in water treatment, healthcare, food processing, and industrial applications. Chlorine-based biocides such as sodium hypochlorite and chlorine dioxide are particularly popular for disinfecting drinking water and swimming pools due to their cost-effectiveness and high efficiency in killing pathogens. On the other hand, bromine-based compounds are commonly used in cooling towers, paper mills, and oil fields where microbial control is crucial for maintaining system integrity and efficiency.
Halogen compounds are preferred for their quick action and ability to remain effective in various environmental conditions, including high pH levels. Their capacity to inhibit microbial growth in diverse applications such as HVAC systems, wastewater treatment, and industrial equipment further solidifies their dominance.
Furthermore, advancements in formulation and delivery mechanisms have improved their stability and reduced potential side effects, ensuring their continued leadership in the biocides market. However, increasing environmental and regulatory concerns about their use have led to the development of alternative biocide technologies, although halogen compounds remain the most widely used category for now.
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Segments |
Values |
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By Application |
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By End-Use Industry |
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Regional Landscape
In the context of regional analysis, the Biocides market includes North America, Europe, Asia Pacific, South America, and the Middle East and Africa.
The market size of the Asia Pacific was valued at USD 3.67 Billion in 2025 and is expected to reach USD 5.25 Billion by 2033, with a CAGR of 47.20% during the forecast period. The Asia Pacific region is set to become the leading force in the global biocides market due to several key factors. Rapid industrialization in countries like China and India is driving increased demand for biocides across various sectors, including manufacturing, construction, and agriculture.
This industrial boom requires the use of biocides in paints, coatings, and materials to prevent microbial growth. Additionally, rapid urbanization is fueling infrastructure development, leading to heightened demand for water treatment solutions. With water scarcity becoming increasingly critical, biocides are essential for maintaining water quality and safety. The evolving regulatory environment is also significant, as several countries are implementing stricter environmental regulations that encourage the use of effective biocides meeting safety and efficacy standards. Furthermore, the rise in healthcare awareness, especially following the COVID-19 pandemic, has increased the demand for biocides in disinfectants and sanitizers, driven by consumer awareness and regulatory mandates for hygiene. Finally, the agricultural sector's expanding use of biocides to protect crops from pests and diseases further boosts market growth, emphasizing the need for enhanced agricultural productivity to ensure food security in the region. These factors collectively position the Asia Pacific region as a powerhouse in the global biocides market, reflecting its critical role in meeting both industrial and consumer needs.
Competitive Landscape
Some of the major companies operating within the Biocides market are: Kemira Oyj , Vink Chemicals GmbH & Co. KG, Shandong IRO Biocide Chemicals Co., Ltd., Lanxess AG, Solvay SA, Neogen Corporation, Troy Corporation, Wuxi Honor Shine Chemical Co. Ltd., Albemarle Corporation, Shanghai Zhongxin Yuxiang Chemical Co., Ltd and Others.
Table of Contents
1. Global Biocides Market Introduction and Market Overview
1.1. Objectives of the Study
1.2. Global Biocides Market Scope and Market Estimation
1.2.1. Global Biocides Overall Market Size (US$ Trillion), Market CAGR (%), Market forecast (2027 - 2033)
1.2.2. Global Biocides Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2023 - 2033
1.3. Market Segmentation
1.3.1. Product Type of Global Biocides Market
1.3.2. Application of Global Biocides Market
1.3.3. End-User Industry of Global Biocides Market
1.3.4. Region of Global Biocides Market
2. Executive Summary
2.1. Demand Side Trends
2.2. Key Market Trends
2.3. Market Demand (US$ Trillion) Analysis 2019 – 2025 and Forecast, 2026 – 2033
2.4. Demand and Opportunity Assessment
2.5. Market Dynamics
2.5.1. Drivers
2.5.2. Limitations
2.5.3. Opportunities
2.5.4. Impact Analysis of Drivers and Restraints
2.6. Cost Tear Down Analysis
2.7. Key Developments
2.8. Porter’s Five Forces Analysis
2.8.1. Bargaining Power of Suppliers
2.8.2. Bargaining Power of Buyers
2.8.3. Threat of Substitutes
2.8.4. Threat of New Entrants
2.8.5. Competitive Rivalry
2.9. PEST Analysis
2.9.1. Political Factors
2.9.2. Economic Factors
2.9.3. Social Factors
2.9.4. Technological Factors
2.10. Production Farm Size by Countries, 2019-2025, Units
2.11. Production Farm Size by Companies & Locations, 2019-2025,
2.11.1. Kemira Oyj
2.11.2. Vink Chemicals GmbH & Co. KG
2.11.3. Shandong IRO Biocide Chemicals Co., Ltd.
2.11.4. Lanxess AG
2.11.5. Solvay SA
2.11.6. Neogen Corporation
2.11.7. Troy Corporation
2.11.8. Wuxi Honor Shine Chemical Co. Ltd.
2.11.9. Albemarle Corporation
2.11.10. Shanghai Zhongxin Yuxiang Chemical Co., Ltd
2.11.11. Others
3. Global Biocides Market Estimates & Historical Trend Analysis (2019 - 2023)
4. Global Biocides Market Estimates & Forecast Trend Analysis, by Product Type
4.1. Global Biocides Market Revenue (US$ Trillion) Estimates and Forecasts, Product Type, 2023 - 2033
4.1.1. Halogen Compounds
4.1.2. Metallic Compounds
4.1.3. Organosulfur Compounds
4.1.4. Organic Acids
4.1.5. Phenolic Compounds
4.1.6. Nitrogen-based Biocides
4.1.7. Others
5. Global Biocides Market Estimates & Forecast Trend Analysis, by Application
5.1. Global Biocides Market Revenue (US$ Trillion) Estimates and Forecasts, Application, 2023 - 2033
5.1.1. Water Treatment
5.1.2. Food & Beverage
5.1.3. Personal Care
5.1.4. Wood Preservation
5.1.5. Paints & Coatings
5.1.6. Oil & Gas
5.1.7. Agriculture
5.1.8. Textiles
5.1.9. Others
6. Global Biocides Market Estimates & Forecast Trend Analysis, by End-Use Industry
6.1. Global Biocides Market Revenue (US$ Trillion) Estimates and Forecasts, End-Use Industry, 2023 - 2033
6.1.1. Water Treatment Industry
6.1.2. Food & Beverage Industry
6.1.3. Agriculture Industry
6.1.4. Pharmaceutical Industry
6.1.5. Textile Industry
6.1.6. Oil & Gas Industry
6.1.7. Wood Industry
6.1.8. Paints & Coatings Industry
6.1.9. Personal Care Industry
6.1.10. Others
7. Global Biocides Market Estimates & Forecast Trend Analysis, by Region
7.1. Global Biocides Market Revenue (US$ Trillion) Estimates and Forecasts, by Region, 2023 - 2033
7.1.1. North America
7.1.2. Europe
7.1.3. Asia Pacific
7.1.4. Middle East & Africa
7.1.5. South America
8. North America Biocides Market: Estimates & Forecast Trend Analysis
8.1. North America Biocides Market Assessments & Key Findings
8.1.1. North America Biocides Market Introduction
8.1.2. North America Biocides Market Size Estimates and Forecast (US$ Billion) (2023 - 2033)
8.1.2.1. By Product Type
8.1.2.2. By Application
8.1.2.3. By End-Use Industry
8.1.2.4. By Country
8.1.2.4.1. The U.S.
8.1.2.4.1.1. By Product Type
8.1.2.4.1.2. By Application
8.1.2.4.1.3. By End-Use Industry
8.1.2.4.1.4. Top Companies Market Share in the U.S., 2019-2025
8.1.2.4.2. Canada
8.1.2.4.2.1. By Product Type
8.1.2.4.2.2. By Application
8.1.2.4.2.3. By End-Use Industry
8.1.2.4.2.4. Top Companies Market Share in Canada, 2019-2025
8.1.2.4.3. Mexico
8.1.2.4.3.1. By Product Type
8.1.2.4.3.2. By Application
8.1.2.4.3.3. By End-Use Industry
8.1.2.4.3.4. Top Companies Market Share in Mexico., 2019-2025
9. Western Europe Biocides Market: Estimates & Forecast Trend Analysis
9.1. Western Europe Biocides Market Assessments & Key Findings
9.1.1. Western Europe Biocides Market Introduction
9.1.2. Western Europe Biocides Market Size Estimates and Forecast (US$ Billion) (2023 - 2033)
9.1.2.1. By Product Type
9.1.2.2. By Application
9.1.2.3. By End-Use Industry
9.1.2.4. By Country
9.1.2.4.1. Germany
9.1.2.4.1.1. By Product Type
9.1.2.4.1.2. By Application
9.1.2.4.1.3. By End-Use Industry
9.1.2.4.1.4. Top Companies Market Share in Germany, 2019-2025
9.1.2.4.2. Italy
9.1.2.4.2.1. By Product Type
9.1.2.4.2.2. By Application
9.1.2.4.2.3. By End-Use Industry
9.1.2.4.2.4. Top Companies Market Share in Italy, 2019-2025
9.1.2.4.3. U.K.
9.1.2.4.3.1. By Product Type
9.1.2.4.3.2. By Application
9.1.2.4.3.3. By End-Use Industry
9.1.2.4.3.4. Top Companies Market Share in U.K, 2019-2025
9.1.2.4.4. France
9.1.2.4.4.1. By Product Type
9.1.2.4.4.2. By Application
9.1.2.4.4.3. By End-Use Industry
9.1.2.4.4.4. Top Companies Market Share in France, 2019-2025
9.1.2.4.5. Spain
9.1.2.4.5.1. By Product Type
9.1.2.4.5.2. By Application
9.1.2.4.5.3. By End-Use Industry
9.1.2.4.5.4. Top Companies Market Share in Spain, 2019-2025
9.1.2.4.6. Benelux
9.1.2.4.6.1. By Product Type
9.1.2.4.6.2. By Application
9.1.2.4.6.3. By End-Use Industry
9.1.2.4.6.4. Top Companies Market Share in Benelux, 2019-2025
9.1.2.4.7. Nordics
9.1.2.4.7.1. By Product Type
9.1.2.4.7.2. By Application
9.1.2.4.7.3. By End-Use Industry
9.1.2.4.7.4. Top Companies Market Share in Nordics, 2019-2025
9.1.2.4.8. Rest of W. Europe
9.1.2.4.8.1. By Product Type
9.1.2.4.8.2. By Application
9.1.2.4.8.3. By End-Use Industry
9.1.2.4.8.4. Top Companies Market Share in Rest of Western Europe, 2019-2025
10. Eastern Europe Biocides Market: Estimates & Forecast Trend Analysis
10.1. Eastern Europe Biocides Market Assessments & Key Findings
10.1.1. Eastern Europe Biocides Market Introduction
10.1.2. Eastern Europe Biocides Market Size Estimates and Forecast (US$ Billion) (2023 - 2033)
10.1.2.1. By Product Type
10.1.2.2. By Application
10.1.2.3. By End-Use Industry
10.1.2.4. By Country
10.1.2.4.1. Russia
10.1.2.4.1.1. By Product Type
10.1.2.4.1.2. By Application
10.1.2.4.1.3. By End-Use Industry
10.1.2.4.1.4. Top Companies Market Share in Russia, 2019-2025
10.1.2.4.2. Hungary
10.1.2.4.2.1. By Product Type
10.1.2.4.2.2. By Application
10.1.2.4.2.3. By End-Use Industry
10.1.2.4.2.4. Top Companies Market Share in Hungary, 2019-2025
10.1.2.4.3. Poland
10.1.2.4.3.1. By Product Type
10.1.2.4.3.2. By Application
10.1.2.4.3.3. By End-Use Industry
10.1.2.4.3.4. Top Companies Market Share in Poland, 2019-2025
10.1.2.4.4. Balkan & Baltics
10.1.2.4.4.1. By Product Type
10.1.2.4.4.2. By Application
10.1.2.4.4.3. By End-Use Industry
10.1.2.4.4.4. Top Companies Market Share in Balkan and Baltics, 2019-2025
10.1.2.4.5. Rest of E. Europe
10.1.2.4.5.1. By Product Type
10.1.2.4.5.2. By Application
10.1.2.4.5.3. By End-Use Industry
10.1.2.4.5.4. Top Companies Market Share in Eastern Europe, 2019-2025
11. Asia Pacific Biocides Market: Estimates & Forecast Trend Analysis
11.1. Asia Pacific Market Assessments & Key Findings
11.1.1. Asia Pacific Biocides Market Introduction
11.1.2. Asia Pacific Biocides Market Size Estimates and Forecast (US$ Billion) (2023 - 2033)
11.1.2.1. By Product Type
11.1.2.2. By Application
11.1.2.3. By End-Use Industry
11.1.2.4. By Country
11.1.2.4.1. China
11.1.2.4.1.1. By Product Type
11.1.2.4.1.2. By Application
11.1.2.4.1.3. By End-Use Industry
11.1.2.4.1.4. Top Companies Market Share in China, 2019-2025
11.1.2.4.2. Japan
11.1.2.4.2.1. By Product Type
11.1.2.4.2.2. By Application
11.1.2.4.2.3. By End-Use Industry
11.1.2.4.2.4. Top Companies Market Share in Japan, 2019-2025
11.1.2.4.3. India
11.1.2.4.3.1. By Product Type
11.1.2.4.3.2. By Application
11.1.2.4.3.3. By End-Use Industry
11.1.2.4.3.4. Top Companies Market Share in India, 2019-2025
11.1.2.4.4. Australia & New Zealand
11.1.2.4.4.1. By Product Type
11.1.2.4.4.2. By Application
11.1.2.4.4.3. By End-Use Industry
11.1.2.4.4.4. Top Companies Market Share in Australia and New Zealand, 2019-2025
11.1.2.4.5. South Korea
11.1.2.4.5.1. By Product Type
11.1.2.4.5.2. By Application
11.1.2.4.5.3. By End-Use Industry
11.1.2.4.5.4. Top Companies Market Share in South Korea, 2019-2025
11.1.2.4.6. ASEAN
11.1.2.4.6.1. By Product Type
11.1.2.4.6.2. By Application
11.1.2.4.6.3. By End-Use Industry
11.1.2.4.6.4. Top Companies Market Share in ASEAN, 2019-2025
11.1.2.4.7. Rest of Asia Pacific
11.1.2.4.7.1. By Product Type
11.1.2.4.7.2. By Application
11.1.2.4.7.3. By End-Use Industry
11.1.2.4.7.4. Top Companies Market Share in Rest of Asia Pacific 2019-2025
12. Middle East & Africa Biocides Market: Estimates & Forecast Trend Analysis
12.1. Middle East & Africa Market Assessments & Key Findings
12.1.1. Middle East & Africa Biocides Market Introduction
12.1.2. Middle East & Africa Biocides Market Size Estimates and Forecast (US$ Billion) (2023 - 2033)
12.1.2.1. By Product Type
12.1.2.2. By Application
12.1.2.3. By End-Use Industry
12.1.2.4. By Country
12.1.2.4.1. UAE
12.1.2.4.1.1. By Product Type
12.1.2.4.1.2. By Application
12.1.2.4.1.3. By End-Use Industry
12.1.2.4.1.4. Top Companies Market Share in UAE, 2019-2025
12.1.2.4.2. Saudi Arabia
12.1.2.4.2.1. By Product Type
12.1.2.4.2.2. By Application
12.1.2.4.2.3. By End-Use Industry
12.1.2.4.2.4. Top Companies Market Share in Saudi Arabia, 2019-2025
12.1.2.4.3. Turkey
12.1.2.4.3.1. By Product Type
12.1.2.4.3.2. By Application
12.1.2.4.3.3. By End-Use Industry
12.1.2.4.3.4. Top Companies Market Share in Turkey, 2019-2025
12.1.2.4.4. South Africa
12.1.2.4.4.1. By Product Type
12.1.2.4.4.2. By Application
12.1.2.4.4.3. By End-Use Industry
12.1.2.4.4.4. Top Companies Market Share in South Africa, 2019-2025
12.1.2.4.5. Rest of MEA
12.1.2.4.5.1. By Product Type
12.1.2.4.5.2. By Application
12.1.2.4.5.3. By End-Use Industry
12.1.2.4.5.4. Top Companies Market Share in Rest of MEA, 2019-2025
13. Latin America Biocides Market: Estimates & Forecast Trend Analysis
13.1. Latin America Market Assessments & Key Findings
13.1.1. Latin America Biocides Market Introduction
13.1.2. Latin America Biocides Market Size Estimates and Forecast (US$ Billion) (2023 - 2033)
13.1.2.1. By Product Type
13.1.2.2. By Application
13.1.2.3. By End-Use Industry
13.1.2.4. By Country
13.1.2.4.1. Brazil
13.1.2.4.1.1. By Product Type
13.1.2.4.1.2. By Application
13.1.2.4.1.3. By End-Use Industry
13.1.2.4.1.4. Top Companies Market Share in Brazil, 2019-2025
13.1.2.4.2. Argentina
13.1.2.4.2.1. By Product Type
13.1.2.4.2.2. By Application
13.1.2.4.2.3. By End-Use Industry
13.1.2.4.2.4. Top Companies Market Share in Argentina, 2019-2025
13.1.2.4.3. Colombia
13.1.2.4.3.1. By Product Type
13.1.2.4.3.2. By Application
13.1.2.4.3.3. By End-Use Industry
13.1.2.4.3.4. Top Companies Market Share in Colombia, 2019-2025
13.1.2.4.4. Rest of LATAM
13.1.2.4.4.1. By Product Type
13.1.2.4.4.2. By Application
13.1.2.4.4.3. By End-Use Industry
13.1.2.4.4.4. Top Companies Market Share in Rest of LATAM, 2019-2025
14. Country Wise Biocides Market: Introduction
15. Competition Landscape
15.1. Global Biocides Market Product Mapping
15.2. Global Biocides Market Concentration Analysis, by Leading Players / Innovators / Emerging Players / New Entrants
15.3. Global Biocides Market Tier Structure Analysis
15.4. Global Biocides Market Concentration & Company Market Shares (%) Analysis, 2023-2033
16. Company Profiles
16.1. Kemira Oyj
16.1.1. Company Overview & Key Stats
16.1.2. Revenue (USD Million), Sales (Units), and Gross Margin & Market Share, 2019-2025
16.1.3. Product Portfolio & Pricing Analysis
16.1.4. SWOT Analysis
16.1.5. Business Strategy & Recent Developments
* Similar details would be provided for all the players mentioned below
16.2. Vink Chemicals GmbH & Co. KG
16.3. Shandong IRO Biocide Chemicals Co., Ltd.
16.4. Lanxess AG
16.5. Solvay SA
16.6. Neogen Corporation
16.7. Troy Corporation
16.8. Wuxi Honor Shine Chemical Co. Ltd.
16.9. Albemarle Corporation
16.10. Shanghai Zhongxin Yuxiang Chemical Co., Ltd
16.11. Others
17. Research Methodology
17.1. External Transportations / Databases
17.2. Internal Proprietary Database
17.3. Primary Research
17.4. Secondary Research
17.5. Assumptions
17.6. Limitations
17.7. Report FAQs
18. Research Findings & Conclusion