Robust growth in the oil & gas and pharmaceutical industries will drive the benzalkonium chloride market at a CAGR of 9.6% during the forecast period (2020–2030). The market was valued at $525.0 million in 2019 and it is projected to reach $1,301.1 million by 2030. The pharmaceutical sector consumes high volume of benzalkonium chloride, as it serves as an antiseptic, antimicrobial preservative, wetting agent, solubilizing agent, and disinfectant. Moreover, affordability of healthcare services, hefty investments by governments in the sector, and rise in disposable income boost the demand for benzalkonium chloride.
Categories under the application segment of the benzalkonium chloride market include eye, ear, and nasal drops, shampoos, spermicidal creams, disinfectants, hand sanitizers, coatings, timber protection chemicals, water treatment chemicals, and aquaculture chemicals. Amongst these, the disinfectants category held the largest market share in 2019 and it is expected to retain its position during the forecast period. This can be ascribed to the rising incidence of hospital-acquired infections (HAIs) and the implementation of stringent regulations regarding the utilization of surface disinfectants in pharmaceutical and biotechnology labs, hospitals, diagnostic labs, and research labs.
 |
| To learn more about this report: https://bit.ly/319Vh4N |
North America generated the highest revenue in the benzalkonium chloride market in 2019, owing to the booming opportunities for oilfield equipment manufacturers in the region. The region is also expected to lead the market during the forecast period, due to the rise in exploration and production (E&P) activities and the increase in investments in the oil & gas industry. Moreover, the U.S. is expected to be the leading consumer of this chemical in North America in the coming years.
Presently, the benzalkonium chloride market is consolidated in nature, with the presence of a handful of key players like Novo Nordisk Pharmatech A/S, Dishman Group, Merck KGaA, and KLK Oleo. The market is led by Novo Nordisk Pharmatech A/S, due to its rising focus on tapping new applications. The company offers benzalkonium chloride to be used as a preservative and active pharmaceutical ingredient in creams, ointments, antiseptic agents, personal care products, wound care products, ophthalmic products, and oral, topical, and nasal drugs.
Thus, the disinfectant and preservative properties of benzalkonium chloride will fuel its demand from the pharmaceutical and oil & gas sectors in the forecast period.
