Outlook on the World Market for Industrial Cleaning, 2019-2024 - Green & Bio-Based Industrial Cleaning Presents Lucrative Opportunities - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Nov 5, 2019--
The “Industrial Cleaning Market by Ingredient Type (Surfactant, Solvent, Chelating Agent), Product Type (General and Metal Cleaners), Application (Manufacturing & Commercial Offices, Healthcare, Retail & Foodservice), Region - Global Forecast to 2024” report has been added to ResearchAndMarkets.com’s offering.
The global industrial cleaning chemicals market size is estimated to grow from USD 46.8 billion in 2019 to USD 58.2 billion by 2024, at a CAGR of 4.5%.
The key players profiled in the report include Diversey Inc. (US), Evonik Industries AG (Germany), The Dow Chemical Company (US), BASF SE (Germany), Clariant (Switzerland), Stepan Company (US), Ecolab (US), Solvay (Belgium), Spartan Chemical Company (US), and Croda International PLC (UK).
Increasing demand from applications is expected to drive the industrial cleaning chemicals market
The industrial cleaning chemicals industry is mainly driven by the increasing demand from various applications, including manufacturing, healthcare, retail & food service, and hospitality, among others.
The manufacturing sector requires regular cleaning to keep the workplace hygienic and safe. Also, machinery cleaning is required regularly to prevent it from early wear & tear and to increase its product life. Similarly, in the healthcare sector, cleaning of surgical, aesthetic, and examining equipment, catheters & tubes, and other instruments are required to keep them hygienic. Hospitality and retail are the sectors where there is direct client interaction, and therefore these industries are very focused on ensuring cleanliness. All these factors contribute to the growth of the industrial cleaning chemicals market.
The rising awareness regarding workplace hygiene will be a major driver for the demand for industrial cleaning chemicals in the future. In developed regions, cleaning regulations are very stringent. Moreover, developing economies are focusing more on cleanliness and hygiene through different initiatives; for instance, Swachh Bharat by the government in India. Hence, all these factors are expected to drive the industrial cleaning chemicals market between 2019 and 2024.
Healthcare to be the fastest-growing segment of the industrial cleaning chemicals market, in terms of value, between 2019 and 2024
The healthcare segment is expected to witness the highest growth in terms of value during the forecast period. Increasing health concerns and heavy investment in the healthcare sector in the recent past are the major reasons for the growth of the healthcare sector in developing economies such as India and China.
The US and Canada are the major contributors to global healthcare expenditure. The awareness regarding hygiene and cleanliness is very high in North America. Additionally, the high disposable income of the population in the US and a high standard of living are supporting the growth of the industrial cleaning chemicals market in the healthcare application.
Surfactants are estimated to account for the largest share of the overall industrial cleaning chemicals industry, in terms of value, between 2019 and 2024
Surfactants are the largest ingredient type of industrial cleaning chemicals due to their increasing demand from various applications. The increased awareness regarding hygiene and demand for germ-free, dirt-free, and clean working space is driving the use of surfactants. North America and Europe are mature markets. On the other hand, the market in APAC and the Middle East & Africa is growing because of the rapid industrial growth in these regions.
General cleaners are the largest product type in the overall industrial cleaning chemicals market in terms of value
The consumption of general cleaners is very high in the market. This is mainly due to its consumption in almost every industry. General cleaners include sub-types such as floor care and carpet care. Cleaning of floor and carpet is very common in every industry, which drives the consumption of general cleaners in the industrial cleaning chemicals market.
Rapid industrialization in APAC to drive the demand for industrial cleaning chemicals
APAC industrial cleaning chemicals industry is estimated to be the largest during the forecast period. This is mainly due to the well-established manufacturing industry. The major industrial cleaning chemical markets in APAC are China, Japan, India, Australia, and South Korea. China is the major hub for manufacturing activities globally and is also one of the largest producers of automobiles.
Also, China is the most populous country in the world, which has resulted in the growth of institutional facilities such as hotels, hospitals, and laundry cleaning, which are also among the largest applications of industrial cleaning chemicals. Moreover, countries such as India and South Korea are also witnessing significant growth rates on account of the growing industrial activities in the region.
For more information about this report visit https://www.researchandmarkets.com/r/rk1ur0
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INDUSTRY KEYWORD: CHEMICALS/PLASTICS MANUFACTURING
SOURCE: Research and Markets
Copyright Business Wire 2019.
PUB: 11/05/2019 11:48 AM/DISC: 11/05/2019 11:48 AM