Disinfectants are chemical substances or mixtures that are used to destroy or inhibit the growth of disease-causing microorganisms such as fungi, viruses, spores and bacteria on inanimate objects. Common types of disinfectants available in the market are alcohols, chlorine and chlorine compounds, quaternary ammonium compounds, hydrogen peroxide and others. Disinfectants find widespread application in hospitals, food and beverage plants, residential and commercial buildings to prevent the spread of infectious diseases.
The Disinfectants Market is estimated to be valued at US$ 49.0 Bn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing awareness about health and hygiene among consumers is a key trend that is driving the growth of disinfectants market. Disease outbreaks like COVID-19 have highlighted the importance of sanitization and disinfection which has boosted the demand for disinfectant products worldwide. There is a rising focus on personal hygiene and standard of public health during and post these outbreaks. People are now more cautious about regularly disinfecting high-contact surfaces around them to mitigate the spread of infectious diseases. Product innovations centered around introducing effective and eco-friendly disinfectants is another major trend in the market. Companies are focusing on developing sustainable solutions to expand consumer base.
Porter’s Analysis
Threat of new entrants: The disinfectants market requires large capital investments for research and development and production facilities in order to obtain certifications from various regulatory bodies. This poses significant barriers for new companies to enter the market.
Bargaining power of buyers: Buyers in the disinfectant market have moderate bargaining power due to the availability of a wide variety of disinfectant products from various established brands. However, proper certifications and standards allow limited negotiations.
Bargaining power of suppliers: Major raw material suppliers for disinfectants have low bargaining power due to availability of substitutes and less switching costs for buyers.
Competitive rivalry: The disinfectants market is highly competitive with the presence of numerous global and domestic players.
SWOT Analysis
Strength: The disinfectants market is driven by increasing hygiene standards due to rising awareness about healthcare-associated infections. Innovation in product development catering to various end-use applications strengthens company position.
Weakness: Large capital investments and stringent regulations increase entry barriers for small players. Dependency on crude oil prices increases production costs.
Opportunity: Growth prospects in emerging economies of Asia Pacific and Latin America owing to rising income levels and surging demand from the industrial and institutional segments. New product launches tailored for surface disinfection post COVID-19 pandemic.
Threats: Entry of substitutes like sanitizers pose competition. Stringent environmental regulations in Europe and North America pertaining to VOC emissions restrict market growth.
Key Takeaways
The global disinfectants market size is expected to witness high growth, exhibiting CAGR of 6.0% over the forecast period, due to increasing awareness about hygiene and health. North America dominates the global disinfectants market, with the largest market share of 35% in 2023. Growth in the region is driven by strict regulatory guidelines regarding hygiene and infection control.
The disinfectants market in Asia Pacific is expected to grow at the fastest rate owing to rising healthcare expenditures, increasing population, and growing industrialization in the region. Countries such as China, India, Indonesia, and Vietnam offer lucrative opportunities for market players.
Key players operating in the disinfectants market include Solvay S.A., Unilever Group, Evonik Industries AG, 3M Company, Procter & Gamble Corporation, dowdupont Inc., Lanxess AG, BASF S.E., The Clorox Company, and Reckitt Benckiser Plc. Strategic acquisitions and product innovations to expand market presence across high potential regions are key strategies adopted by the major companies.
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