by The Industrial and Institutional Cleaning Chemicals market is estimated to be valued at US$ 54.37 Bn 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:
The industrial and institutional cleaning chemicals market include products used for cleaning and maintenance of surfaces in industrial and commercial facilities such as manufacturing plants, food processing units, hotels, hospitals, schools and other commercial establishments. Key products in this market are general purpose cleaners, disinfectants & sanitizers, commercial laundry products, and automotive care chemicals. The market is witnessing increasing demand owing to stringent hygiene and cleanliness regulations across industries.
Market Dynamics:
The industrial and institutional cleaning chemicals market is primarily driven by increasing demand from commercial and industrial end-use industries. Rapid industrialization and stringent hygiene regulations across industries such as healthcare, food processing, and hospitality has led to increased demand for industrial and institutional cleaning chemicals. Furthermore, increased commercial construction activities across developing regions of Asia Pacific and Latin America have also augmented the market growth. Additionally, growing awareness about prevention of hospital acquired infections (HAIs) has also fueled the demand for disinfectants and sanitizers in hospitals and healthcare facilities. However, stringent environmental regulations about usage of certain toxic chemicals may hinder the market growth during the forecast period.
SWOT Analysis
Strength: Industrial and institutional cleaning chemicals provide hygiene and cleanliness. They help remove dirt, stains and odors from various surfaces. These products are available for specialized cleaning needs of industries and institutions. Growing awareness about health and safety is boosting demand.
Weakness: Strict regulations regarding formulation and usage of chemicals can increase complexity and costs. Certain chemicals can be hazardous if not used properly. Supply chain disruptions impact availability.
Opportunity: Growth of end use industries like healthcare, hospitality, food and beverage offer new opportunities. Innovations in sustainable and eco-friendly products meeting green cleaning trends present opportunities. Expanding applications in pandemic-induced hygiene needs also support growth.
Threats: Economic slowdowns affect industrial production and capital spending impacting demand. Volatility in raw material prices is a challenge. Strong competition limits pricing flexibility in the market.
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 focus on hygiene and safety amid the COVID-19 pandemic.
Regional analysis- North America dominates the global market currently, accounting for over 35% of the total market share in 2023. Asia Pacific is expected to witness the highest growth over the forecast period, growing at a CAGR of around 6%, due to rapid industrialization and infrastructure development activities in countries like China and India.
Key players operating in the Industrial and Institutional cleaning chemicals are 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. Key players are focusing on capacity expansions and new product innovations to cater to diverse and specialized cleaning needs of industries.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
