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(Medical-NewsWire.com, September 12, 2022 ) The global "Industrial Cleaning Chemicals Market size was USD 48.1 billion in 2021 and is projected to reach USD 61.6 billion by 2026, at a CAGR of 5.1% between 2021 and 2026. The growth of the industrial cleaning chemicals market is primarily triggered by the rising awareness about hygiene and growth in various applications. The overall growth of the industrial cleaning chemicals market is closely connected to the growth of end-use segments, such as manufacturing & commercial offices, healthcare, retail & food service, automobile & aerospace, hotels, and food processing & dairy industry, among others. Cleaning plays a very important role in the growth and performance of these industries.
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Healthcare, hospitality, and retail are the sectors where there is direct client interaction and, thus, these industries are focused on ensuring a clean environment. In the manufacturing, automotive, and food processing industries, better hygiene not only results in quality products, but is also safe for workers’ health. It helps in improving productivity. All these industries are projected to grow at a positive rate, which is expected to drive the demand for industrial cleaning chemicals in these industries.
Players in the industrial cleaning chemicals market are mainly concentrating on new product launches, and acquisitions to meet the growing demand for industrial cleaning chemicals for various end-use industry. New product launches help companies to strengthen their product portfolio and meet the specific demands of customers.
The growth of the industrial cleaning chemicals market has been influenced by new product launches that were undertaken between 2018 and 2021. Different companies are deploying different strategies to strengthen their position in the industrial cleaning chemicals market. Evonik Industries AG, Clariant AG, and BASF SE are primarily focused on Europe, whereas The Dow Chemical Company is mainly focused on North America and Solvay in Asia Pacific and Rest of the World. In general, these five companies are all strong in their domestic markets and exploring geographic diversification alternatives to grow their businesses. All five companies are focused on increasing their market shares through partnerships and enhancing their product portfolio over the past few years.
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307 - Market Data Tables
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APAC is projected to be the fastest-growing region for the industrial cleaning chemicals market during the forecast period.
The massive industrial growth in the region has been fueling the growth of the industrial cleaning chemicals market for the past few years, and this is expected to continue over the next five years. Domestic and foreign investments in key sectors such as energy, manufacturing, and construction have been consistently growing over the past decade, which is expected to drive the industrial cleaning chemicals market between 2021 and 2026.
The key market players profiled in the report include Diversey Holdings, Ltd. (US), Evonik Industries AG (Germany), BASF SE (Germany), Stepan Company (US), The Dow Chemical Company (US), Ecolab Inc. (US), Clariant AG (Switzerland), Solvay (Belgium), Pilot Chemical Corp. (US), DuPont De Numerous, Inc. (US), Novozyme (Denmark), National Chemical Laboratories, Inc. (US), Nyco Products Company (US), and Trans Gulf Industries (US). They have adopted strategies such as and new product launch, acquisition, and collaboration in order to gain an advantage over their competitors
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