Industrial & Institutional Cleaning Chemicals Market Projected To Exhibit Robust CAGR of 7.3% For The Forecast Period From 2022 To 2030: Grand View Research Inc.
The global industrial
& institutional cleaning chemicals market size is expected to reach USD 125.7 billion by 2030, expanding at
a compound annual growth rate (CAGR) of
7.3%, according to a new report by Grand View Research, Inc. The growth is
majorly driven by demand from the healthcare sector and the requirement for
cleaning and disinfectants by manufacturing facilities worldwide.
Piling demand for
plant oil-based cleaning chemicals and disinfects from the household,
commercial, and various public spaces are also expected to boost the market
growth. In the wake of pandemics and various other infectious diseases, the
product market has achieved inclined growth over the recent years. As the
awareness about the importance of disinfecting and chemical cleaning is
increasing, the market is expected to show progression.
The advancement
and expansion in the chemicals industry have directly impacted the market
positively. The requirement for chemicals as both cleaners and disinfectants
has led to growth in general-purpose cleaners. Furthermore, R&D in the
chemicals industry has also led to the development of industrial & institutional
cleaning chemicals.
The COVID-19
pandemic has positively impacted the market. Amidst the global pandemic, the
demand for sanitizers and disinfected surged, owing to the fright of the
spreading of infection. Even the authorities and various healthcare
institutions, including WHO, are promoting the utilization of disinfectants and
sanitizers for the protection and prevention of COVID-19, which is anticipated
to further augment the product demand on a global scale. Growing utilization of industrial &
institutional cleaning chemicals in the healthcare and cleaning chemicals
industries is driving the market growth.
The recent occurrence of the
pandemic has raised safety and hygiene concerns, which have led to an increase
in the consumption of cleaning chemicals across the globe and furthered the
growth of the global industrial & institutional cleaning chemicals market.
Additionally, the manufacturers are venturing into the production of
sustainable and environment-friendly cleaning solutions. This is a step toward
sustainable development of the industry. This segment has a lot of untapped
potential as people are choosing environmentally friendly products to reduce
their carbon footprint and coexist without the use of chemicals that cause
damage to the environment.
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One of the
largest markets for industrial and institutional cleaning chemicals in the U.S.
The huge number of industries and manufacturing units and healthcare and
maintenance of public spaces are accountable for the high demand for cleaners,
disinfectants, and sanitizers, across the country. The manufacturers in the
country are involved in research and development for innovations and expanding
their product portfolios.
Industrial & Institutional Cleaning Chemicals Market Report
Highlights
- Asia Pacific is
expected to witness a positive CAGR of 8.0% in terms of revenue from 2022
to 2030. This is attributable to the rising demand for manufacturing units
in various industries
- The solvent
segment is expected to have a CAGR of 7.9% in terms of revenue during the
forecast period. This is due to the popularity of solvent-based cleaners
among various industries, owing to their good solvency for oils &
greases and high compatibility with water
- The disinfectants
and sanitizers segment is anticipated to a CAGR of 8.0% in terms of
revenue from 2022 to 2030 due to the pandemic and increasing awareness of
the people for the importance of the use of disinfectants and sanitizers
The increasing
awareness among the people and precautions taken to reduce the spread of the
pandemic are major factors influencing the market. The people are becoming more
cautious in choosing the product and are inclined towards using environment-friendly
products, which are accumulating high demand for organic and environmentally
friendly and plant-based cleaning chemicals, especially in countries like the
U.S.
The use of
chemical cleaners is promoted by regulating authorities to maintain hygiene
standards in the manufacturing units of different industries, especially in the
food and healthcare sectors. Besides, the use of disinfectants and sanitizers
is being promoted by the WHO amid the use of cleaners has also increased to
stop the spread of viruses.
The
competition in this market is high as the players involved in the market invest
heavily in research and development to expand their product portfolios and gain
an edge over the other players by patenting innovations in the market. The
market is greatly concentrated with the presence of major multinational
players, such as BASF SE, Procter & Gamble, Reckitt-Benckiser, Dow, 3M, and
Henkel AG & Co. KGaA. The companies are also continuously engaged in
acquisitions and mergers to acquire new markets and enlarge their customer base
globally. Innovation is the key factor for maintaining the customers globally.
For example, in February 2020, Procter & Gamble launched Microban-24, a
disinfectant that could kill 99% of flu and cold viruses. This product alone
has cashed in 200 Million USD sales till Mid-November that year. Some prominent
players in the global industrial & institutional cleaning chemicals market
include:
- Procter &
Gamble
- BASF SE
- Clariant
- The Clorox
Company, Inc.
- Henkel AG &
Co. KGaA
- 3M
- Kimberly-Clark
Corporation
- Reckitt Benckiser
Group plc
- Croda
International PLC
- Albemarle
Corporation
- Eastman Chemical
Corporation
- Huntsman
International LLC
- STEPAN Company
- Westlake
Chemicals Corporation
- SOLVAY
- Dow
- Sasol
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