The rapid expansion of the pharmaceutical industry is massively augmenting the demand for benzalkonium chloride across the world. This is because this compound is heavily used in the pharmaceutical industry, because of its ability to be used as a disinfectant, antiseptic, solubilizing agent, wetting agent, and antimicrobial preservative. Moreover, with the rising income of people and the surge in healthcare expenditure in several countries, the affordability of various healthcare services is growing rapidly.
As per the U.S. Energy Information Administration (EIA), 101.2 million barrels of petroleum and various other associated liquids were used per day in 2019, which was higher than the 100.4 million barrels of petroleum used per day in 2018. The mushrooming requirement for these products is augmenting oil and gas exploration and production activities, which is, in turn, propelling the sales of benzalkonium chloride across the globe. This is consequently causing the boom of the global benzalkonium chloride market.
As a result, the revenue generated by the market is predicted to surge from $525.0 million in 2019 to $1,301.1 million by 2030. Furthermore, the market is predicted to grow at a CAGR of 9.6% from 2020 to 2030. Depending on application, the benzalkonium chloride market is divided into hand sanitizers; eye, ear, and nasal drops; shampoos, spermicidal creams, disinfectants, water treatment chemicals, timber protection chemicals, aquaculture chemicals, and coatings.
Amongst these, the disinfectants category is predicted to register the highest growth in the market in the future years. This will be because of the compound’s ability to easily remove unwanted algae, viruses, fungi, and bacteria. When type is taken into consideration, the benzalkonium chloride market is classified into benzalkonium chloride 80% and benzalkonium chloride 50%. Between these, the benzalkonium chloride 50% category is predicted to hold larger share (by volume) in the market in the upcoming years.
This is because the compound is highly suitable for use in various personal care and pharmaceutical applications, on account of its less-toxic nature than the other variant. Globally, the benzalkonium chloride market will exhibit the fastest growth in the Asia-Pacific (APAC) region in the forthcoming years, as per the estimates of the market research firm, P&S Intelligence. This will be due to the growing requirement for various disinfectant products in the region, because of the outbreak of the COVID-19 pandemic.
Hence, it can be said with full surety that the demand for benzalkonium chloride will rise sharply across the world in the coming years, mainly because of the growing usage of the compound in the pharmaceutical, personal care, and oil & gas industries.
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