Growing demand from commercial sectors to foster growth opportunities for Industrial and Institutional Cleaning Chemical

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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 include a broad range of chemical formulations used for cleaning in various industries and institutions. Floor cleaners, descalers, disinfectants, degreasers, and general purpose cleaners form an important part of the product landscape in this market. The growing food processing and healthcare sectors are major end-users of these chemicals for maintaining hygiene and food safety. Stringent regulations pertaining to cleanliness and workplace sanitation have further boosted the demand for cleaning agents.

Market Dynamics:
The industrial and institutional cleaning chemicals market is driven by two main factors. Firstly, the rapid growth of the food & beverage and healthcare industries has heightened the need for effective cleaners to ensure hygienic manufacturing practices. Stringent sanitation protocols necessitate frequent cleaning and disinfection of facilities. Secondly, the increasing focus on hygiene and wellness among consumers has prompted commercial establishments like hotels, restaurants, schools, and offices to frequently sanitize their premises. This is expected to fuel consumption of institutional cleaners. Furthermore, the COVID-19 pandemic has intensified awareness regarding cleaning and disinfection, thereby creating stable demand for cleaning chemicals.

Segment Analysis

The global industrial and institutional cleaning chemicals market is dominated by the general purpose cleaners sub-segment. General purpose cleaners account for over 30% of the market share as they are utilized for cleaning a wide range of surfaces such as floors, walls, glass, and other hard surfaces across industries like healthcare, hospitality, food processing, and commercial offices. The all-purpose nature and multi-surface compatibility of general purpose cleaners have made them the preferred choice among end-users.

PEST Analysis

Political: Stringent regulations around the use of hazardous chemicals are being promulgated globally. This is expected to boost demand for eco-friendly green chemicals.

Economic: Growth in industries like manufacturing, healthcare, hospitality, food processing is augmenting the installation of new commercial infrastructure, driving demand for cleaning chemicals.

Social: Rising health consciousness and focus on hygiene is acting as a key driver for the market. The COVID-19 pandemic has further raised awareness about disinfection and sanitation.

Technological: Advanced formulation technologies are helping manufacturers develop products that are effective, have low environmental impact and offer cost benefits to customers. Automatic dispensing systems for cleaning chemicals are also gaining traction.

Key Takeaways

Global Industrial And Institutional Cleaning Chemicals Market Demand was valued at US$ 54.37 Bn in 2023, expanding at a CAGR of 5.2% during the forecast period. Rapid urbanization and growing construction of commercial buildings across regions are fueling the need for cleaning and maintenance activities, thus driving the market.

Regionally, Asia Pacific accounted for around 35% of the overall market share in 2023 led by China, India, and other developing nations. The region is anticipated to retain dominance through 2030 on account of robust economic growth, rising disposable incomes, and increasing focus on hygiene and sanitation.

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. Strategic acquisitions and new product launches catering to emerging requirements are helping major corporations strengthen their presence across key regions. 

 

Read More- https://www.ukwebwire.com/industrial-and-institutional-cleaning-chemicals-market-growth-and-outlook/

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