Global termite control market was valued at US$ 3,276.91 Million in 2016, according to Global Termite Control Market by Species Type (Drywood Termites, Dampwood Termites, Subterranean Termites, Formosan Termites and Others), by Control Methods (Physical & Mechanical Control Methods, Chemical Control Methods, Biological Control Methods and Others), by Application (Residential, Commercial & Industrial, Agriculture & Livestock Farms and Others) published by Research Cosmos. The termite control market is expected to register a CAGR of 5.7% over the forecast period (2017–2025) to reach US$ 5368.78 Million by 2025.
Major factors propelling the growth of the termite control market include growing demand for these services from tourism and hospitality sectors. Furthermore, biological control method segment is expected to exhibit the fastest growth over the forecast period, due to increasing environmental concerns regarding the use of toxic chemicals in pesticides such as methyl iodide, chlorpyrifos and sulfoxaflor. Biotermiticides such as BioBlast, have low environmental impact as, they are derived from bacteria or fungi and contain no chemical compound. In addition to this, rising demand for hygienic stays in the hospitality sector among tourists is also propelling growth of residential application of termite control.
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Key Trends and Analysis of Termite Control Market:
Among control method segments, chemical control method was the dominant segment in the global termite control market in 2016. This is attributed to its convenient and easy application. Chemical termiticides are synthetic substances and are mixed with water, thus, provide easy applicability on the affected area. However, due to rising environmental concerns regarding the use of toxic and harmful chemicals, biological control method segment is expected to record the fastest growth over the forecast period. Furthermore, microbial extracts and microbial products such as Bacillus thuringiensis is gaining popularity, among termite control service providers as they have been proved effective on termites and have a less environmental impact.
Among species type segments, subterranean termites segment accounted for the largest market share in the global market of termite control in 2016, as these species affect wooden structures significantly. According to United States Department of Agriculture (USAD), subterranean termites are the most destructive pest for wood and other cellulose products.
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Key Takeaways of the Market:
North America was the dominant region in the global termite control market and was valued at US$ 1,165.79 Million in 2016. This is attributed to high demand for these services in commercial and industrial applications including manufacturing units, restaurants, food processing, and pharmaceutical sectors. Most of the constructions in North America are based on wood and this is another key factor propelling demand for termite control services in the region. According to the American Wood Council — is a trade association in North America — wood is extensively used in residential and non-residential buildings in North America as it is cost-effective, offers flexibility in designing, aids in faster construction and has seismic resistance Properties.
Asia Pacific is projected to be the fastest growing market over the forecast period witnessing the highest CAGR among all. This is majorly due to the rising tourism industry in the region. Growing tourism is fuelling the demand for hygienic stays in the hospitality sector, and this in turn, is expected to contribute to the growth of termite control market in the Asia Pacific. According to the data provided by Global Tourism Economy Research Center (GTERC), in 2016, regional and international tourism is increasing significantly in the region and in 2015, international tourist arrivals in the region grew by approximately 6% to reach 279 million up from a mere 110 million in 2000.
Major players operating in the global termite control market include BASF SE, Bayer AG, The DOW Chemical Company, Sumitomo Chemical Co., Ltd., FMC Corporation, United Phosphorus Ltd , Nufarm Limited , Nippon Soda Co. Ltd , Rentokil Initial PLC , Adama Agricultural Solutions Ltd., and Ensystex.
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