The global Surface Disinfectant Market size is expected to reach USD 8.23 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 7.7% from 2021 to 2028. BASF SE, Procter & Gamble, Evonik Industries, 3M Company are some of the key players in this industry. The market is driven by the increasing disease outbreak worldwide, coupled with the growing implementation of regulations in medical hygiene.
There is a spiraling demand for superior-quality surface disinfectant products due to the growing requirement to improve hygiene in ambulatory surgical centers, clinics, and hospitals to inhibit the spread of infections, including COVID-19, among staff and patients. The market is also driven by the growing number of laboratories and rising awareness among people about personal hygiene. Furthermore, various governments in North America and Europe have implemented stringent regulations concerning the use of chemical-based formulations and their discharge processes.
However, the market growth is likely to be restricted due to the toxicity of chemical-based products. Surface disinfectants consist of chemical substances, which when used properly as per guidelines yield excellent results. They help prevent the occurrence and transmission of diseases. However, the use of these products can pose a threat to humans as well as animals and lead to environmental hazards. Incomplete knowledge regarding the proper use and the health hazards associated with these products can pose a potential threat to industry growth.
However, the growing adoption of novel and advanced technologies by manufacturers for producing disinfectants with enhanced effectiveness and the shift in the trend toward biobased products are expected to promote the overall market growth globally over the foreseeable future.
In terms of the supply and demand equation on a global scale, manufacturers are inclined toward raw material procurement at competitive pricing. Raw material procurement involves engaging in long-term supply contracts with raw material suppliers. Some of the independent manufacturers hire third-party suppliers to sell their products. Disinfectant manufacturers are increasingly focused on product innovation and differentiation as they are steadily moving toward consolidation through mergers & acquisitions, joint ventures, and collaborative partnerships.
Related Press Release@ Surface Disinfectant Market Report
Surface Disinfectant Market Report Highlights
- Prices of chemicals used for manufacturing surface disinfectants, such as hydrogen peroxide, glutaraldehyde, cresylic acid, castor oil, sodium hypochlorite, aldehyde, sulfonic acids and salts, and pine oil, are volatile in nature and prone to sudden hikes due to the changing demand landscape
- In terms of revenue, the chemical product type segment accounted for the largest share in 2020 and is further expected to witness steady growth over the forecast period
- By form, sprays are poised to register the fastest volumetric growth rate over the forecast period due to increasing innovations by industry participants backed by consumer purchasing pattern
- As of 2020, North America accounted for the largest revenue share. Increasing focus on public sanitization, coupled with household hygiene practices, is assisting industry growth in the region
- Increasing mergers & acquisitions and new product development by key industry participants are anticipated to pave way for higher demand for surface disinfectant products worldwide for the next couple of years
