Theglobal industrialand institutional cleaning chemicals market size is expected to reach USD68.16 billion by 2027, exhibiting a CAGR of 4.7% during the forecast period.
The stringent food safety standards implemented by the authorities can have a
tremendous impact on the global market, states Fortune Business Insights, in a
report, titled “Industrialand Institutional Cleaning Chemicals Market Size, Share & COVID-19 Impact
Analysis, By Product Type (General Purpose Cleaners, Floor Care, Warewashing,
Disinfectant & Sanitizer, Laundry Care, and Others), By End-User
(Commercial, Manufacturing, Institutional & Government) and Regional
Forecast, 2020-2027.” The market size stood at USD 47.25billion in 2019.
Source:
Market Driver:
Rising Consumption of Cleaning Chemicals to Bolster Growth
Theheavy demand for cleaning chemicals for commercial use will have a tremendous
impact on the global market during the forecast period. The increasing emphasis
on health and hygiene will enhance the application of cleaning chemicals in
various industries, which, in turn, will augur well for the market. The growing
demand from the hospitality industry, including restaurants and hotels, to
offer world-class services to its consumers, will further incite the market's
development in the forthcoming years. Moreover, the increasing disposable income
coupled with high consumer spending on tourism activities will subsequently
spur opportunities for the market.
Besides,the rising sanitation standards at the workplace, especially in developed
nations, will further aid expansion of the market. In addition, the growing
number of initiatives associated with cleanliness will boost the industrial and
institutional cleaning chemicals market growth.
Regional Analysis:
Heavy Demand from Hospitality Industry to Influence Growth inNorth America
Themarket size in North America is expected to experience a rapid growth rate
owing to the inflated demand from the hospitality industry. The growing demand
for disinfection and sanitation products due to COVID-19 outbreak has increased
the consumption of the industrial and institutional cleaning chemicals in North
America. The market in Asia Pacific is likely to proliferate during the
forecast period due to the heavy demand from healthcare, retail, food service,
and manufacturing industries. Europe is expected to rise rapidly owing to the
rising demand from the food & beverage industry.
Stringenthygiene and sanitation standards at manufacturing facilities, and workplace can
create opportunities for the market in the region. Latin America and the Middle
East & Africa are expected to experience a considerable growth rate due to
the growing knowledge about preventing hospital-acquired infections in the
region.
