Massive Demand for industrial and institutional cleaning chemicals is expected to Increase Sales Revenue at a CAGR of 5.2% by 2026
Apr 24, 2017, 17:43 ET
NEW YORK, April 24, 2017 /PRNewswire/ --
The sales revenue of industrial and institutional cleaning chemicals is likely to increase in future
-Due to increasing demand for the use of Industrial and institutional cleaning chemicals.
-There is a complete change in the market value in future.
-This is because the chemicals are frequently used in cleaning of institutes, warehouses, research and development laboratories, offices and industrial facilities among other variant application.
-Drawing projections from this growing demand shows:
- Global consumption market is expected to increase at 15,507.7 kilo tons by 2016.
- Sales revenues is estimated to register at a CAGR of 5.2% over a period of 10 years (2016-2026).
Increase in healthcare associated infections coupled with increasing hygiene awareness among consumers is expected to drive the market
Threat of infectious diseases has made consumers conscious about hygiene and this has resulted in an overall increase in health expenditure. Growing awareness among consumers about infectious diseases caused by pathogens, bacteria and viruses is expected to drive the demand for cleaning chemicals during the forecast period. Environmental cleaning plays a key role in preventing healthcare associated infections (HAIs). Exponential growth in the food service industry, which includes food retail, full and limited service restaurants and bars and taverns, is expected to influence major players and encourage them to establish new facilities and outlets. Increase in food and beverage production along with expansion of cold chain capacities to minimize food loss at production and distribution levels are some of the major factors anticipated to fuel demand for cleaning chemicals over the forecast period. However, many current cleaning practices in healthcare affect human health and environment negatively. Maintaining the cleanliness of the healthcare environment and minimizing the concentration level of pathogens is the best way to prevent healthcare-associated infections (HAIs), which pose a serious threat to patient safety and contribute to an increase in healthcare costs. In line with this goal, several organisations and agencies have launched initiatives geared to spike the trend in green cleaning, which mainly involves replacing toxic cleaning supplies to protect workers and environment.
Commercial segment is expected to gain traction over the forecast period
On the basis of application, the global industrial and institutional cleaning chemicals market is segmented into industrial, commercial and domestic. Commercial segment is expected to contribute significant share by 2016 and is anticipated to expand at the highest CAGR over the forecast period.
Revenue generated from the sales of industrial and institutional cleaning chemicals in APEJ is set to register a CAGR of 7.1% during 2016–2026
Increasing focus on health hygiene coupled with increasing number of hospitals is expected to drive the demand for cleaning chemicals over the forecast period. This is expected to be the major reason for rise in demand for industrial and institutional cleaning chemicals in the APEJ region. Increasing number of hospitals coupled with a growing infrastructure sector will lead to an increase in demand for cleaning chemicals in this region over the forecast period. North America is estimated to account for 36.1% of total market value share by the end of 2016. Western Europe is also expected to hold a significant share in the global industrial and institutional cleaning chemicals market.
Capacity expansion is the main strategy adopted by key players in North America and Europe
The major players operating the global industrial and institutional cleaning chemicals market are BASF SE, Akzonobel N.V., The Dow Chemical Company, Solvay SA, Henkel AG & Co. KGaA, Huntsman Corporation, Eastman Chemical Company, Lonza Group among others. These key players are strategically focussing on expansion of their production plants in order to maintain their market share in the global industrial and institutional cleaning chemicals market.
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