The Rising Demand for Sustainable Cleaning Products Is Driving Growth in the Industrial and Institutional Cleaning Chemicals Market
The industrial and institutional cleaning chemicals market comprises a wide range of cleaning products such as general purpose cleaners, disinfectants & sanitizers, commercial laundry products, and other specialty cleaners that are used for commercial purposes in various industries including healthcare, food & beverage, construction and more. These cleaning chemicals provide effective protection against various pathogens and microorganisms while maintaining hygiene and sanitation standards. They are available in a variety of forms including liquids, powders, tablets and spray bottles for effective usage.
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).
Key Takeaways
Key players operating in the industrial and institutional cleaning chemicals are Stem Cyte, Inc., CRYO-CELL INTERNATIONAL, INC., ViaCord, Cord Blood Registry, SmartCells, Inc., LifeCell International Pvt. Ltd., Cryoviva Biotech Pvt. Ltd., Cryo Stemcell, Reliance Life Sciences, and Transcell Biolife Pvt. Ltd.
The growing awareness about hygiene maintenance and infections control in industries is driving the Industrial And Institutional Cleaning Chemicals Market Growth. Various industries are increasingly adopting sustainable cleaning chemicals to meet their environmental goals which is boosting the market. North America holds a significant share in the industrial and institutional cleaning chemicals market owing to stringent regulatory standards and established industrial sector in the region.
Market key trends
The rising demand for sustainable cleaning products from industries as well as institutions is a key trend being witnessed in the industrial and institutional cleaning chemicals market. Various manufacturers are developing bio-based and eco-friendly cleaning formulations by replacing conventional petroleum-derived ingredients with plant-based alternatives to cater to the growing demand for greener chemicals. For instance, Ecolab Inc. offers plant-powered formulas for commercial floor care and industrial and institutional cleaning products manufactured from sustainable palm kernel oil and other bio-based ingredients. The shifting focus towards sustainable solutions is expected to continue driving innovation and growth in the market during the forecast period.
Porter’s Analysis
Threat of new entrants: High capital requirements to produce chemicals and differentiate products pose entry barriers for new players.
Bargaining power of buyers: Large buyers have significant bargaining power due to the availability of many established players in the market.
Bargaining power of suppliers: Suppliers of raw materials have less bargaining power as they operate in a highly competitive market with low switching costs.
Threat of new substitutes: Low threat due to lack of cost-effective alternatives for cleaning applications in industries and institutions.
Competitive rivalry: Intense competition due to established market shares of major players and low differentiation between products.
Geographical Regions
North America accounts for the largest share of the Industrial And Institutional Cleaning Chemicals Market Regional Analysis in terms of value due to established industrial and commercial operations in the region.
Asia Pacific region is expected to grow fastest during the forecast period owing to rapid industrialization and urbanization in countries such as China and India. There is high demand for cleaning chemicals from manufacturing industries, food & beverage sector, healthcare facilities, hospitality industry and other commercial establishments in emerging economies of Asia Pacific.
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