Industrial and institutional cleaning chemicals are specialty chemicals that are used to remove dirt, stains, and impurities from various hard surfaces through chemical processes. These chemicals find wide applications across industries such as food & beverage processing, building service contracting, vehicle washing, hospitality, healthcare, food retail, and foodservice, among others.
The global Industrial and Institutional Cleaning Chemicals Market is estimated to be valued at US$ 62.64 Bn in 2023 and is expected to exhibit a CAGR of 18.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Sustainable production and distribution practices have become one of the prominent trends in the industrial and institutional cleaning chemicals market. Many leading players are adopting eco-friendly strategies and utilizing green chemicals to reduce environmental footprint. For instance, companies are focusing on green packaging initiatives with reusable and recyclable packaging solutions. They are also promoting concentrated formulas that can reduce shipping weight and volumes. Shift towards bio-based and plant-derived ingredients is another emerging trend in the market.
SWOT Analysis
Strength: The Global Industrial And Institutional Cleaning Chemicals Market Size help organizations and industries maintain hygiene and sanitation standards. They help reduce the risk of infections and illnesses.
Weakness: Some cleaning chemicals contain harmful chemicals that can potentially damage the environment if not disposed of properly. They may also cause health issues if proper safety precautions are not followed during use.
Opportunity: Increasing focus on cleanliness and hygiene across various industry verticals due to COVID-19 is augmenting demand. Growth in industries like healthcare, hospitality, F&B, etc. is also driving sales.
Threats: stringent regulations pertaining to the use of chemicals. Shift towards eco-friendly and sustainable cleaning products also poses a threat.
Key Takeaways
The global industrial and institutional cleaning chemicals market is expected to witness high growth. Factors such as growing hygiene consciousness, expanding commercial sector and stringent regulations regarding cleanliness are anticipated to boost the demand for industrial and institutional cleaning chemicals over the forecast period.
Regional analysis: The Asia Pacific region currently dominates the global market and is expected to witness fastest growth over the coming years. Factors such as rapid industrialization, growing focus on hygiene particularly post COVID-19, expanding food processing and healthcare industries are driving the demand for cleaning chemicals in the region. Countries such as China, India, Japan and South Korea are the major markets in the region.
Key players operating in the industrial and institutional cleaning chemicals market 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. These players are focusing on new product launches and expansion to meet the growing demand and consolidate their position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it