CLEVELAND, July 12, 2016 /PRNewswire/ -- US demand for industrial and institutional (I&I) cleaning chemicals is forecast to grow 2.3 percent per year to $11.7 billion in 2020. Though the pace of growth will moderate from that experienced between 2010 and 2015, advances will remain healthy as steady economic growth supports rising cleaning chemical usage across all markets. Growth in commercial revenues and establishments will necessitate gains in cleaning chemical demand for the commercial sector, which is the largest market category. Cleaners used in institutional settings will constitute the fastest growing category, due primarily to the healthcare market, where use of high value products will propel gains. These and other trends are presented in Industrial & Institutional (I&I) Cleaning Chemicals, a new study from The Freedonia Group, a Cleveland-based industry research firm.
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In all markets, I&I cleaning chemical producers are being challenged to find new competitive strategies. According to analyst Minor Cline, "Most product types have approached a maximum efficiency, and only modest differences exist between formulations made for the same application." As a result, producers are increasingly focusing on cleaning systems that optimize cleaning chemical usage and reduce waste. Additionally, the growing adoption of cleaning chemical products with added benefits, such as environmental sustainability claims or low health risks, will support demand.
While the formulations of cleaning chemicals for most applications are well established, disinfectant and sanitizer product development continues to be dynamic. Wider product diversity and improved effectiveness will help drive disinfectant and sanitizer demand at the fastest pace through 2020, followed closely by hand cleansers. Demand for both product categories will benefit from efforts to reduce lost productivity as a result of illness. Furthermore, the general public increasingly expects hand sanitizers to be available, driving demand in the healthcare and foodservice markets.
About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, market share information and profiles of the leading industry players. Reports can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.
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SOURCE The Freedonia Group