The global slimicides market is estimated to garner a moderate revenue by the end of 2031 by growing at a CAGR of ~4% over the forecast period, i.e., 2022 – 2031. Further, the market generated a noteworthy revenue in the year 2021. The primary growth factor of the slimicides market is attributed to the increased consumption of paper and paper products. Recently, it was estimated that global consumption of paper was totaled 399 million tons in 2020. This figure is projected to rise in the next decade with the consumption value at 466 million tons by 2031.
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Slimicides, also known as antislime agents, are antimicrobial chemical agents used for eliminating microorganisms that produce slimes, algae, bacteria, slime, and fungi. These chemicals are extensively used in the papermaking processes as a large amount of water is recirculated and numerous paper-making chemicals are added during the process for improving the productivity and quality of papers. Thus, the large production of paper for various purposes is estimated to expand the slimicides market size in the forecast period. In 2022, it was anticipated that approximately 300 million tons of paper are produced across the world every year.
The slimicides market is segmented and analyzed for demand and supply by end-user into paper industry, oil extraction industry and others. Out of these, the paper industry is attributes to garner the highest revenue by 2031. The presence of paper mills producing papers for consumption is expected to the primary growth factor for the market. As of 2022, in the United States, the number of active paper mills was counted to be 137. Further, the high employment of people in paper mill businesses is an another growth factor. It was estimated that there were approximately 48,600 paper mill employees in the United States in 2022.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Regionally, the global slimicides market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these, the market in Asia Pacific is projected to hold the largest market share by the end of 2031, on the back of high consumption of paper in the region. China is the largest producing country which produced 117 million tons of paper in 2020. Beside this, the presence of large agricultural lands in the region is expected to bolster the demand of slimicides to kill microorganisms. According to the World Bank, the agricultural land in Asia Pacific was 47.45% in 2018. Further, the constant government support in the regional countries on making huge investments to increase the production and extraction of oil & gas is expected to creating strong demand for slimicides. As per the India Brand Equity Foundation, in May 2022, ONGC announced an investment of USD 4 billion from FY22-25 to increase its exploration in India.
The global slimicides market is further classified on the basis of region as follows:
Our in-depth analysis of the global slimicides market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The expansion of paper industry along with high consumption and production of paper and rise in oil industry is expected to drive the market growth in the forecast period.
The market is anticipated to attain a CAGR of ~4% over the forecast period, i.e., 2022 – 2031.
The high amount of tree cutting, rising environmental concerns along with side-effects by chemicals are some of the factors hamper the market growth.
The market in Asia Pacific is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
The major players in the market are The Dow Chemical Company, Parchem, LANXESS, BASF, Lonza Group Ltd., Vink Chemicals GmbH & Co. KG, Albemarle Corporation, Superior, Finor Piplaj Chemical Limited, DuPont de Nemours, Inc. and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, form, end user and by region.
The paper industry segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
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