The global Industrial And Institutional Cleaning Chemicals Market is estimated to be valued at US$ 54.37 Bn or in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Industrial and institutional cleaning chemicals are used for cleaning purposes in various industries such as food & beverage, building service, hospitality, healthcare, manufacturing and others. These chemicals provide effective and hygienic cleaning of floors, toilets, walls, machinery, air ducts and other areas. They help eliminate dirt, impurities and microorganisms from various surfaces.
Market key trends:
Rising focus on hygiene and cleanliness across various industries due to COVID-19 pandemic is driving the growth of industrial and institutional cleaning chemicals market. The pandemic has made people and organizations more conscious about maintaining cleanliness and hygiene. Various industries such as healthcare, hospitality, food & beverage have increased spending on disinfectants and cleaning chemicals to curb the spread of coronavirus. Also, increasing prominence of sustainability is encouraging manufacturers to develop eco-friendly green cleaning chemicals made from bio-based ingredients. Biodegradable and plant-based chemicals have lower environmental impact compared to petroleum-based chemicals.
The Industrial And Institutional Cleaning Chemicals Market has been witnessing increased demand from emerging economies in Asia Pacific and South America owing to rapid industrialization and urbanization. Moreover, the development of innovative and sustainable cleaning solutions that are environment-friendly along with the multifunctional cleaning products has been a key trend. Companies are investing heavily in research and development to come up with products that suit modern cleaning needs while minimizing impact on the environment.
SWOT Analysis
Strength: Diverse product portfolio and strong R&D capabilities allowing companies to develop innovative solutions.
Weakness: Stringent environment regulations increasing costs of manufacturing.
Opportunity: Growth opportunities in emerging markets due to rising income levels and cleaning needs.
Threats: Intense competition from local and regional players and rising raw material costs.
Key Takeaways
Global Industrial And Institutional Cleaning Chemicals Market Demand is expected to witness high growth, exhibiting CAGR of 5.2% over the forecast period, due to increasing demand from industries such as healthcare, food & beverage, hospitality, and others.
Regional analysis: Asia Pacific is expected to dominate the global market owing to significant economic development and increasing consumer spending on cleaning products in major countries like China and India. Moreover, large manufacturing base and rapid industrialization will further propel the demand.
Key players: BASF SE, AkzoNobel N.V., Henkel AG & Co.KGaA, Solvay SA, Huntsman Corporation, Eastman Chemical Company, Lonza Group Limited, Procter & Gamble Co., Croda International Plc., The Dow Chemical Company, Betco Corporation, Sealed Air Corporation and Ecolab Inc.
The Industrial And Institutional Cleaning Chemicals Market is fragmented with the presence of several global and regional players. The key players are focused on new product innovations to meet the growing demand for sustainable and eco-friendly chemical formulations. Mergers & acquisitions and expansion of production facilities into emerging markets are other strategies adopted by major companies to strengthen their market presence.
Heavy Duty Cleaning Chemicals is the largest segment driving the growth of Industrial And Institutional Cleaning Chemicals Market
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