Slimicides Market - Regional Analysis
APAC Market Insights
Asia Pacific industry is anticipated to account for largest revenue share by 2035.F The growth of the market can be attributed majorly to the high consumption of paper in the region. China is the largest producing country which produced 117 million tons of paper in 2020. Besides this, the presence of large agricultural lands in the region is expected to bolster the demand for 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 create 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.
North American Market Insights
The North American region is estimated to garner the second-largest market share as per the market analysis. The market growth is attributed to the increase in the use of paper-based products such as paper cups with rising awareness among people of eco-friendly items. The rising number of paper manufacturing companies in North America is also increasing with the support of people towards paper products and packaging industries. The increasing use of oil resources for various industries, as well as the increased use of tissue paper and toilet paper in this region, is expected to drive market growth during the forecast period. As per the reports, in 2021 the United States was estimated to utilize over 18 million barrels of oil per day.
