Industrial and institutional cleaning chemicals are used extensively for cleaning and maintaining hygiene in industries, commercial spaces, institutions and other premises. They help remove dirt, disinfect surfaces and leave them clean. They include general purpose cleaners, floor care products, disinfectants and other specialty chemicals. With growing awareness about the adverse health impacts of toxic chemicals, there is a rising demand for environmentally-friendly or green cleaning products made from plant-based, biodegradable and non-toxic ingredients.

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 Opportunity

The market opportunity lies in the growing demand for green cleaning products. With rising health consciousness, consumers and industries are moving towards sustainable options that are safer for both users and the environment. The adoption of green cleaning practices can help reduce the risks of many chronic illnesses and diseases linked to toxic chemical exposures at workplaces and commercial spaces. It can also offer benefits such as lower health costs. Green products are biodegradable and contain plant-based, nontoxic and rigorously tested ingredients that are safe for households and the environment. Their use is expected to help lower carbon footprint and promote sustainability. Hence, the demand for eco-friendly cleaning solutions made from natural and renewable resources is projected to increase significantly in the coming years.

Porter’s Analysis

Threat of new entrants: Low economies of scale in production and well established brands represent barriers for new companies. Major capital required also deters new players.

Bargaining power of buyers: Large buyers such as contract cleaners and facility managers possess significant buyer power due to the consolidated nature of demand. However, need for comprehensive product packages and services limits their influence.

Bargaining power of suppliers: Key raw materials include surfactants and enzymes which have numerous industrial applications, limiting supplier control over prices. However, importance of formulation expertise grants some control.

Threat of new substitutes: No major substitute cleaning technologies are expected. Traditional cleaning methods can be substituted for specialized eco-friendly products for certain segments.

Competitive rivalry: Large multinational players dominate with comprehensive product portfolios and widespread supply networks. Competition intensely focuses on innovations, credentials and service quality.

SWOT Analysis

Strengths: Wide applications in industries supports consistent demand. Emphasis on sustainability attracts various sectors.

Weaknesses: Cyclical economic performance impacts discretionary spending of clients. Supply chain disruptions due to lockdowns hampered operations.

Opportunities: Rising hygiene standards boost product adoptions. Digitalization aids remote management of cleaning services.

Threats: Regulatory pressures for using greener chemicals necessitates R&D investments. Rising raw material costs threaten margins.

Key Takeaways

The Global Industrial And Institutional Cleaning Chemicals Market Size Market is expected to witness high growth. It is projected to reach a market size of US$ 62.64 Bn in 2024 from US$ 47.25 Bn in 2021, rising at a compound annual growth rate (CAGR) of 18% during the forecast period.

Regional analysis indicates North America will continue dominating with the US accounting for the lion's share. Growth will remain robust across the developing economies of Asia Pacific and Latin America backed by rapid infrastructural development and urbanization.

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 focus on leveraging their scientific expertise and distribution clout to consolidate market positions.

Get More Insights On This Topic: https://www.newswirestats.com/industrial-and-institutional-cleaning-chemicals-market-forecast-outlook-trend-2023-2030/