INDUSTRIAL AND INSTITUTIONAL CLEANING CHEMICALS MARKET ANALYSIS

The Global Industrial & institutional cleaning products Market is projected to reach around US$ 77.84 Billions by the end of 2030, in terms of revenue, growing at CAGR of 5.2% during the forecast period (2023-2030).

Global Industrial and Institutional Cleaning ChemicalsMarket: Growth Drivers

Rising prevalence of Healthcare-Associated Infections (HAI) as the devices used in the medical procedure are highly prone to serious Infection if not sterile properly is fueling market growth. This is attributed to the increasing visit of patients in the hospital due to a rise in serious illness. For instance, according to a study conducted by the European Centre for Disease Prevention and Control (ECDC), around 4,100,000 patients acquire a healthcare-associated infection in the European Union every year. Growth in the food service chains and food processing industry.

Growing hygiene and health awareness among consumers is expected to accelerate the market growth of industrial & institutional cleaning chemicals. Rising awareness regarding the infections caused by various viruses and bacteria due to the increasing prevalence of the outbreak of viral infections around the globe is further expected to augment the market growth of industrial & institutional cleaning chemicals over the forecast period.

Global Industrial & institutional cleaning chemicals Market: Restraints

Strict environmental regulations set by the government for the use of cleaning chemicals as they have a negative environmental impact is expected to restrict the market growth over the forecast period. Higher labor cost for applying cleaning chemicals is expected to hamper the market growth of industrial & institutional cleaning chemicals.

Market Opportunity-

Growing demand for aesthetics and fragrance cleaning products across various end-user industries is projected to foster the market growth of industrial & institutional cleaning chemicals. Manufacturers are developing polymers and chemicals that can add fragrances to cleaning products is expected to open new avenues to the market of industrial & institutional cleaning chemicals in the near future.

The low entry barrier of new players in the industrial & institutional cleaning chemicals market is expected to bring new growth opportunities over the forecast period. This only requires very low capital investment and the production process requires basic training which reduces the overall manufacturing process. These factors are expected to create new opportunities for new entrants.

Market Trends-

The rising trend of green cleaning initiatives is gaining traction in the market is expected to accelerate the market growth of industrial & institutional cleaning chemicals. Growing awareness regarding environmental cleaning coupled with the growing adoption of cleaning workplace practices due to strict hygienic regulations is projected to augment the market growth over the forecast period.

The development of an innovative product with enhanced properties in the laundry care chemicals segment is expected to be a major trend in the expected to foster the market growth. This is attributed to the increasing focus on the preservation of the original colors of fabrics. Moreover, increasing development of sustainable ingredients for cleaning chemicals in response to the growing need for a safe and sustainable environment.

Global Industrial & institutional cleaning chemicals Market: Recent Developments

In February 2022, Clariant announced the launch of Vita 100% bio-based surfactants and poly-ethylene glycol, which will indirectly address climate change. Clariant creates ethylene oxide from 100% bio-ethanol generated from sugar cane or corn for its new surfactants and PEGs.

In April 2021, BASF enhanced its EcoBalanced offering for detergents and cleaners. The enhanced EcoBalanced portfolio from BASF Home Care, I&I, and Industrial Formulators is aimed to assist customers in Europe in developing solutions that differentiate them in the marketplace while also fulfilling consumer demand for ecologically friendly products.

In October 2022, Betco Corporation announced a partnership with leading biotechnology manufacturer and wholly owned subsidiary EnviroZyme to bring EnviroZyme Probiotic Solutions to market. This probiotic cleanse replaces harsh traditional cleaning chemicals with natural, non-toxic, and biodegradable formulas that are better for people and the planet. Betco's current BioActive Solutions program will transition to EnviroZyme Probiotic Solutions.

Global Industrial & institutional cleaning chemicals Market: Market Segmentation

Figure 1. Industrial & institutional cleaning chemicals Market Share (%) in terms of Value, By Region, in 2022

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North America region dominated the global Industrial & institutional cleaning chemicals Market in 2022, accounting for a 33% share in terms of value, followed by Europe and Asia Pacific, respectively.

Figure 2. Industrial & institutional cleaning chemicals Market: By Application, in 2022

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On the basis of application in 2022, the commercial segment has accounted for the largest market share of 69% in terms of value

Global Industrial & institutional cleaning chemicals Market: Key Companies

Key Companies 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.

*Definition: Industrial & institutional cleaning products are cleaning chemicals that are widely used for routine cleaning across various industries such as warehouses, research & development laboratories, pharmaceutical, residential areas, institutes, offices and other industries. They can be classified into building care chemicals, kitchen care chemicals, laundry care chemicals, and hand hygiene chemicals.