According to Arizton’s latest research report, the industrial & institutional cleaning chemicals market is growing at a CAGR of 5.62% during 2022-2028.
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The travel & tourism segment is one of the major drivers of the hospitality industry. The rising disposable incomes among the population and the preference among millennials to spend on luxury services rather than goods are mainly driving the growth of this segment. Other drivers include lower prices of airline tickets due to increasing competition and the high internet and social media penetration in both developed and emerging countries that allow the population to gather more knowledge about the places they want to visit and how to travel. The tourism industry is not only confined to leisure as both formal and informal tourism activities have witnessed considerable rise worldwide in recent years. The travel & tourism segment has several vital components, including airplanes, trains, buses, and other means of communication. The growth of travel & tourism is driving the infrastructural development of transportation services worldwide. Maintaining the cleanliness of airports, railway stations, bus stands, and subways is essential to ensure passengers’ safety, driving the demand for cleaning chemicals.
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The leading vendors include 3M, Procter & Gamble, and BASF. The presence of diversified international and regional vendors characterizes the market. As international players continue to expand their footprint in the market, regional vendors will find it increasingly difficult to compete with them. The competition will be solely based on features such as quality, quantity, innovation, and price. The market competition is expected to intensify further with increased product/service extensions, innovations, and mergers and acquisitions. Arizton believes that international players can grow inorganically by acquiring regional or local players in the future.
Companies with better technical and financial resources can develop innovative products concerning material use and ease of wearing. This could pose a threat to the products of competitors and render them non-competitive and even obsolete before the recovery of R&D and commercialization costs. Therefore, vendors must develop innovative technologies to stay abreast of advanced technologies and enjoy a competitive edge over their rivals.
North America was the most significant revenue contributor to the global industrial & institutional cleaning chemicals market, accounting for a market share of 32.26% in revenue in 2022. The US holds a significant revenue share in the North American industrial & institutional cleaning chemicals market, which is attributable to the widespread usage of industrial and institutional cleaning chemicals in healthcare facilities, nursing homes, hospitals, restaurants, institutions, and hotels.
APAC accounted for 28.54% of market shares in revenue in 2022, with a CAGR of 6.08% during the forecast period. APAC was led by China, Japan, Australia, and India, which are also on their way to becoming significant industrial and institutional cleaning chemical markets. This is mainly attributed to factors such as the increasing number of infectious diseases, which increases the demand for sanitization and cleanliness, thereby favorably impacting the demand for these products.
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Key Company Profiles
- Procter & Gamble
- BASF
- 3M
- Henkel
- Dow
- Betco
- Ecolab
- Diversey
- AkzoNobel
- Clariant
- Solvay
- The Clorox Company
- Croda International
- Kimberly-Clark
- Stepan Company
- Reckitt Benckiser
- Albemarle Corporation
- Eastman Chemical Company
- Westlake
- Sasol
- GOJO Industries
- BODE Chemie
- Cantel Medical
- CarrollCLEAN
- Chattem Chemicals
- Christeyns
- Cleenol
- CleanWell
- Kutol
- Nice-Pak
- Pal International
Market Segmentation
- Product: General Purpose Cleaners, Disinfectants & Sanitizers, Laundry Care, Vehicle Wash, Warewashing Detergents, and Others
- Raw Material: Surfactant, Solvents, Chlor-alkali, Phosphates, Biocides, and Others
- End-user: Commercial (Healthcare, Food Service, Retail, Laundry Care, and Others), Manufacturing (Food & Beverage Processing, Metal Manufacturing & Fabrication, Electronic Components, and Others), and Institutional & Government
- Geography: North America, Europe, APAC, Latin America, and Middle East & Africa
Key Questions Answered in the Report
How big is the industrial and institutional cleaning chemicals market?
What is the growth rate of the global industrial and institutional cleaning chemicals market?
What are the growing trends in the industrial and institutional cleaning chemicals market?
Which region holds the most significant global industrial and institutional cleaning chemicals market share?
Who are the key players in the global industrial and institutional cleaning chemicals market?
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