June 16, 2024
Industrial and Institutional Cleaning Chemicals Market

The Growing Demand For Hygienic And Disinfected Spaces Drives The Industrial And Institutional Cleaning Chemicals Market

The industrial and institutional cleaning chemicals have gained major traction over the years. These chemicals are used to maintain hygiene in residential and commercial settings such as hospitals, hotels, schools, offices, food processing plants and other institutions. Cleaning chemicals help eliminate dirt, dust, allergens and microorganisms from surfaces through efficient disinfection and sanitization. They are available in various forms such as powders, liquids and granules for applications including floor cleaning, toilet cleaning, glass cleaning, carpet cleaning and hard surface cleaning.

The global Industrial and Institutional Cleaning Chemicals Market is estimated to be valued at US$ 62.64 Bn in 2024 and is expected to exhibit a CAGR of 18% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Green cleaning chemicals composed of plant-derived and biodegradable ingredients are gaining widespread popularity owing to health and environmental safety concerns. Major players are focusing on introducing bio-based cleaning formulas free of harsh chemicals, dyes, phosphates and solvents to meet the growing demand for eco-friendly alternatives. Moreover, continuous technological advancements are helping manufacture specialized chemical formulations for niche applications. For instance, electrostatic spraying technology enables evenly coating large surfaces with minimal chemical usage. Advances in encapsulation are also improving the efficiency of cleaning ingredients. With rising awareness about hygiene, the industrial and institutional cleaning chemicals market is expected to witness lucrative growth over the forecast period.

Porter’s Analysis

Threat of new entrants: Low capital requirements and established customer base make threat of new entrants low in the Global Industrial And Institutional Cleaning Chemicals Market Size.

Bargaining power of buyers: Large number of buyers and availability of substitutes increase bargaining power of buyers in the market.

Bargaining power of suppliers: Established suppliers and differentiated products lower bargaining power of suppliers in the market.

Threat of new substitutes: Moderate threat from natural and eco-friendly substitutes in the market.

Competitive rivalry: High due to large number of global and regional players operating in the market.

Key Takeaways

The global industrial and institutional cleaning chemicals market is expected to witness high growth. The market size for 2024 is US$ 62.64 Bn with a CAGR of 18% during the forecast period of 2024 to 2031.

Regional analysis: North America dominates the market currently owing to stringent regulations regarding cleanliness. Asia Pacific is expected to witness fastest growth on account of increasing awareness about hygiene.

Key players: Key players operating in the industrial and institutional cleaning chemicals market are Stem Cyte, Inc., CRYO-CELL INTERNATIONAL, INC., ViaCord, Cord Blood Registry, SmartCells, Inc., LifeCell International Pvt. Ltd., Cryoviva Biotech Pvt. Ltd., Cryo Stemcell, Reliance Life Sciences, and Transcell Biolife Pvt. Ltd.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it