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:
Industrial and institutional cleaning chemicals are used to remove dirt, impurities, and stains from various hard surfaces in industries and commercial spaces. These chemicals disinfect and sanitize surfaces to ensure hygiene. They are available in various forms such as powders, liquids, and granules for use in different cleaning applications. Cleaning chemicals help improve hygiene and safety standards at workplaces.
Market key trends:
One of the major trends driving the growth of the industrial and institutional cleaning chemicals market is the rising focus towards sustainability. Manufacturers are increasingly investing in the development of green and eco-friendly cleaning chemicals made from bio-based or plant-derived ingredients. These green chemicals have low toxicity and are biodegradable, reducing their environmental footprint. Growing environmental awareness among industries and institutional facilities is boosting the demand for sustainable cleaning solutions. Additionally, stringent regulations regarding the use of chemicals are further propelling the demand. Manufacturers are engaged in new product launches made from natural and renewable ingredients to capitalize on the market potential.
Porter’s Analysis
Threat of new entrants: Low in mature markets but higher in developing regions due to requirement of high capital investment in manufacturing infrastructure and distribution network. Bargaining power of buyers: Moderate as products are standardized and cleaning chemicals account for only small portion of total operational costs for end-use industries. Bargaining power of suppliers: Moderate due to availability of raw materials from numerous global and regional suppliers. Threat of new substitutes: Low as cleaning chemicals have low risk of replacement and there exists limited product substitutes. Competitive rivalry: High due to presence of both global and regional vendors offering similar product portfolios.
SWOT Analysis
Strengths: Diversified product portfolio and wide geographic presence of leading vendors. Weaknesses: Vulnerability to fluctuations in raw material prices. Opportunities: Growing construction activities in emerging economies driving demand from commercial sector. Increasing outsourcing of cleaning services to specialized agencies. Threats: Volatility in crude oil prices affecting overall production costs. stringent environmental regulations regarding use of certain chemicals.
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 construction activities in both developed and emerging economies. The Asia Pacific region is expected to witness fastest growth in demand for cleaning chemicals during 2023-2030 owing to rising number of institutional buildings, hospitality facilities in countries like China and India. North America dominated the global market in 2023 and is expected to retain dominant position throughout forecast period.
Key players operating in the Industrial And Institutional Cleaning Chemicals market 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. The leading players are focused on launching new products catering to specific end-use industries and geographies to strengthened their foothold.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
