CLEVELAND, Aug. 31, 2020 /PRNewswire/ — A new Freedonia Group analysis projects global demand for industrial and institutional (I&I) cleaning chemicals will grow 2.7% per year to $53.6 billion in 2024. Despite anticipated declines in 2020 due to the COVID-19 pandemic, the market is expected to rebound in 2021 and continue to experience healthy growth through the forecast period as the pandemic recedes and global economic activity renormalizes. Through 2024, gains will be boosted by:
- expanding healthcare spending throughout the world, supported by concerns about infectious diseases, aging populations in developed economies, and expanding access to healthcare in developing economies
- rising food safety concerns and introduction of increasingly stringent sanitation and hygiene regulations for food and beverage processing in developing economies
- continued growth in manufacturing activity in Eastern Europe and the Asia/Pacific and Africa/Mideast regions
Fastest Growth Expected for Disinfectants & Sanitizers, While General Cleaners to Hold Market Lead
Disinfectants and sanitizers will offer among the best opportunities through 2024, driven by their use in a wide range of applications – from healthcare to foodservice to food and beverage processing. In addition to elevated near-term demand for these products amid the pandemic, increasingly stringent food safety protocols and infection control regulations in food and beverage manufacturing will continue to boost use of disinfectants and sanitizers over the long term.
General purpose cleaners will continue to account for the largest share of I&I cleaning chemical demand, but faster growth will be restrained by market maturity in developed regions and the substitution of general purpose cleaners with higher performance specialty products. This will be balanced by:
- gains in less developed markets, where formulated general purpose cleaners are increasingly used in lieu of basic chemicals
- the shift toward more sustainable, cost effective, and user friendly (but ultimately higher value) products
Want to Learn More?
Global Industrial & Institutional (I&I) Cleaning Chemicals is now available from The Freedonia Group. This study analyzes the global market for industrial and institutional cleaning chemicals by product type, market, and region in US dollars at the manufacturers’ level. Historical data for 2009, 2014, and 2019 and forecasts to 2024 are presented in current US dollars.
About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, and market share information. Studies can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.
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SOURCE The Freedonia Group