Industrial And Institutional Cleaning Chemicals Market Is Anticipated to Reach Highest CAGR by the End of 2027
The global industrial and institutional cleaning chemicals market size is anticipated to reach USD 88.1 billion by 2027, expanding at a CAGR of 7.5%, according to a new report by Grand View Research, Inc. Growing consumer awareness regarding hygiene maintenance along with stringent government regulations pertaining to cleaning operations in industrial sector is expected to drive the market over the forecast period.
In 2019, surfactants emerged as the key raw material for Industrial and Institutional (I&I) cleaning chemicals formulations. The growth of this segment can be attributed to the rising inclusion of surfactants in the formulation of various cleaning products such as laundry detergents in liquid and powder forms, dishwashing gels and detergents, fabric conditioners, disinfectants and sanitizers, carpet cleaners, oven cleaners, and hard floor and surface cleaners.
The manufacturers are significantly focused on optimizing and managing supply efficiency and ensuring their ability to compete with other players by increasing productivity, enhancing operating efficiency, addressing sourcing requirements, and reducing lead time. However, the dynamics of the market are impacted by multiple factors such as increasing focus on high-quality product depending on its applications in emerging markets, volatility in the raw material availability, and increasing legislation concerning the sustainability of chemicals. Moreover, sustainability has emerged as one of the prominent trends among manufacturers as it positively impacts their brand image among well-aware consumers across developed countries such as U.S. and U.K.
From COVID-19 impact standpoint, market has witnessed sudden surge in demand for cleaning chemicals. Forced lockdown measures have disrupted the supply chain in the midst of heavy demand, which has resulted in rise in retail prices in many places. Disinfection and sanitization measures in hospitals, commercial spaces, and households have caused a noteworthy rise in demand for cleaning chemicals, thereby driving the market.
Industrial And Institutional Cleaning Chemicals Market Report Highlights
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