Theglobal industrial andinstitutional cleaning chemicals market size isexpected to reach USD 68.16 billion by 2027, exhibiting a CAGR of 4.7% duringthe forecast period. The stringent food safety standards implemented by theauthorities can have a tremendous impact on the global market, states FortuneBusiness Insights, in a report, titled “Industrial and Institutional CleaningChemicals Market Size, Share & COVID-19 Impact Analysis, By Product Type(General Purpose Cleaners, Floor Care, Warewashing, Disinfectant &Sanitizer, Laundry Care, and Others), By End-User (Commercial, Manufacturing,Institutional & Government) and Regional Forecast, 2020-2027.” Themarket size stood at USD 47.25 billion in 2019.
Rising Consumption of Cleaning Chemicals to BolsterGrowth
The heavy demand for cleaning chemicals forcommercial use will have a tremendous impact on the global market during theforecast period. The increasing emphasis on health and hygiene will enhance theapplication of cleaning chemicals in various industries, which, in turn, willaugur well for the market. The growing demand from the hospitality industry,including restaurants and hotels, to offer world-class services to itsconsumers, will further incite the market's development in the forthcomingyears. Moreover, the increasing disposable income coupled with high consumerspending on tourism activities will subsequently spur opportunities for themarket. Besides, the rising sanitation standards at the workplace, especiallyin developed nations, will further aid expansion of the market. In addition,the growing number of initiatives associated with cleanliness will boost theindustrial and institutional cleaning chemicals market growth.
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Increasing Cognizance About Sanitationto Uplift Market Amid Coronavirus:
The growing awareness among consumersregarding sanitation and cleanliness, particularly to curb the spread ofviruses will fuel demand for cleaning chemicals. The need for chemicals inindustrial and manufacturing sectors to maintain hygiene will positively impactthe market during coronavirus. Hospitals' necessary precautions to dampen thevirus transmission have resulted in a significant rise in cleaning chemicals. However, lockdown and supply chain disruption has resulted in reducedmanufacturing capacities, which, in turn, has retarded the growth of the marketduring COVID-19 pandemic.
The emergence of coronavirus has causedthe world’s economy to tumble down. We understand that this health emergencyhas negatively impacted various sectors across the globe. Rising support fromgovernments and several companies can help in the fight against this highlyinfectious virus. There are some industries that are struggling, and some arethriving. More or less, nearly every sector is estimated to be impacted by thispandemic.
We are perpetually working on ourreports to help uplift businesses in this crucial time. Our expertise andexperience can offer enormous benefits to help regain during this globalpandemic.
The industrial and institutionalcleaning chemicals market accentuates a profound study of the industry, whileshedding light on vital facts and figures. It also offers insightful data aboutdominant regions, policies adopted by governments and companies, besidesproviding a brief overview of the market with future insights. The report alsoencompasses critical factors exhibiting growth. In addition, the COVID-19impact is also covered in the report.
Regional Analysis:
Heavy Demand from Hospitality Industryto Influence Growth in North America
The market size in North America isexpected to experience a rapid growth rate owing to the inflated demand fromthe hospitality industry. The growing demand for disinfection and sanitationproducts due to COVID-19 outbreak has increased the consumption of theindustrial and institutional cleaning chemicals in North America. The market inAsia Pacific is likely to proliferate during the forecast period due to theheavy demand from healthcare, retail, food service, and manufacturingindustries. Europe is expected to rise rapidly owing to the rising demand fromthe food & beverage industry. Stringent hygiene and sanitation standards atmanufacturing facilities, and workplace can create opportunities for the marketin the region. Latin America and the Middle East & Africa are expected toexperience a considerable growth rate due to the growing knowledge aboutpreventing hospital-acquired infections in the region.
Key Development:
18 November, 2020: Kimberly-Clark Foundation introduced the 'ToiletsChange Lives' program to support sanitation solutions in 10 countries duringthe pandemic outbreak.
The Report Lists the KeyPlayers in the Market for Industrial and Institutional Cleaning Chemicals:
- The Procter & Gamble Company (U.S.)
- The Clorox Company (U.S.)
- Kimberly-Clark Corporation (U.S.)
- Ecolab (U.S.)
- Diversey Inc. (U.S.)
- Dow (U.S.)
- Graham Chemical Corporation (U.S.)
- Croda International plc (UK)
- BASF SE (Germany)
- Brenntag (Germany)
- Clariant SA (Switzerland)
- Solvay SA (Belgium)
- Other Players
