Growing Healthcare Industry to Drive Demand for Industrial And Institutional Cleaning Chemicals Market

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Industrial and Institutional Cleaning Chemicals Market

The global Industrial And Institutional Cleaning Chemicals Market is estimated to be valued at US$ 54.37 Bn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Industrial and institutional cleaning chemicals are used in various sectors including healthcare, hospitality, food processing, building services etc. to clean, wash, disinfect, and sanitize surfaces. These chemicals are in the form of liquids, powders, and pastes used for floor, glass, carpet, and other surface cleaning. The industrial and institutional cleaning chemicals helps in removing dirt, debris, allergens, germs, and disease-causing pathogens. With growing hygiene concerns and stringent safety regulations, proper cleaning and sanitizing has become crucial for various industries to provide a safe and clean environment. The chemicals industry is developing bio-based and organic cleaning formulations to cater to the rising demand for eco-friendly products.

Market Key Trends:
Healthcare industry driven growth
The growing healthcare sector globally due to aging population and increased access is driving the demand for industrial and institutional cleaning chemicals market. Hospitals and other clinical establishments require robust cleaning and disinfecting protocols to prevent cross-contamination and reduce healthcare associated infections. Therefore, there is increased use of surface disinfectants, sterilants, germicidal and virucidal chemicals in the healthcare facilities. Stringent regulations regarding hygiene and rising incidence of hospital acquired infections are also propelling the market growth.

Innovation led by sustainability
Companies in the industrial and institutional cleaning chemicals market are focusing on developing bio-based, green, and sustainable products to cater to the rising consumer demand. Organic and plant-derived ingredients are gaining popularity. Advanced formulation technologies are helping boost the performance of these green chemicals without compromising on the cleaning results. Innovation and new product launches centered around sustainability will be a key market trend.
Porter's Analysis

Threat of new entrants: Low barriers to entry limits the threat of new entrants. Existing players have established brand loyalty and distribution networks.

Bargaining power of buyers: Buyers have significant bargaining power due to the availability of substitute products. Buyers can easily switch between brands based on price and quality.

Bargaining power of suppliers: A few major multinational companies dominate the supplier market. This gives them significant bargaining power over prices and supply contracts.

Threat of new substitutes: New cleaning technologies pose a minor threat. However, established products have brand recognition and performance reliability.

Competitive rivalry: The market is highly competitive with major global players competing on product differentiation, pricing, and supply chain effectiveness.

Key Takeaways

Global Industrial And Institutional Cleaning Chemicals Market Demand is expected to witness high growth, exhibiting CAGR of 5.2% over the forecast period, due to increasing demand from manufacturing facilities, healthcare sector, hospitality industry, and food processing plants.

Regionally, Asia Pacific dominates the market and is expected to continue its leading position during the forecast period. This is attributed to rapidly expanding manufacturing and hospitality industries in the region. North America and Europe are also significant markets owing to stringent hygiene regulations in these regions.

Key players operating in the Industrial And Institutional Cleaning Chemicals market include 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. These players focus on new product development and capacity expansion strategies to strengthen their global footprint.