Industry News, Cleaning
This market research report analyzes the leading vendors in the global industrial cleaning market such as Solvay, BASF, Evonik Industries, and Stepan. A competitive analysis of this market is also presented by chemical (surfactants, builders, enzymes, fragrances, processing aids, and others), end user (manufacturing, healthcare, retail and food service, and hospitality), and geography (APAC, Europe, North America, and ROW).
Overview of the industrial cleaning market
According to the market research analysts at Technavio, the industrial cleaning market will witness steady growth and will post a CAGR of close to 5% during the forecast period. The increasing demand for multifunctional ingredients from formulators is one of the significant factors driving this market’s growth. The use of such ingredients reduces input costs for formulators by 10%-15%; therefore, the vendors in the market are collaborating closely with formulators to introduce products with multifunctionality. For example, Evonik Industries works closely with detergent formulators to provide chemical ingredients that offer two or more functionalities such as wetting properties and shine. Moreover, consumers in the market also demand high-performance, value-added products that can carry out multiple functions at lower costs. The augmented demand for low-cost, multi-functional cleaning chemicals will boost this market’s growth until the end of 2021.
In terms of geography, North America dominated the market during 2016 and will continue to lead the market in the coming years. The growth of this market in North America is attributed to the steady economic growth in the region. Moreover, the market for industrial cleaners will witness growth in the region owing to the increasing adoption of new technologies in the healthcare sector. The healthcare segment generates almost half of the demand due to the presence of several facilities and usage of cleaning chemicals.
Competitive landscape and key vendors
The global industrial cleaning market is characterized by the presence of immense competition due to the presence of several well-established vendors in the market. The vendors offer diversified cleaning chemicals for various end-use applications in industries such as hotel, healthcare, commercial office space, and retail. The vendors also compete on the basis of price, quality, branding, and customer service to gain market traction.
Key vendors in this market are –
- Evonik Industries
The other prominent vendors in the market are Air Products and Chemicals, Akzo Nobel, Clariant, Croda International, Dow, Huntsman, and Pilot Chemical.
Segmentation by chemicals and analysis of the industrial cleaning market
During 2016, the surfactants segment led the global industrial cleaning market and will continue to dominate the market in the coming years. Surfactants are organic compounds that decrease the surface tension of a liquid or the interfacial tension between two liquids or a liquid and a solid. Surfactants help reduce the surface tension of water by distorting water molecules. This reduces the surface tension of the water, thereby, affecting its permeability and ability to wet surfaces. Surfactants also exhibit cleaning action by emulsifying stains, leading to their increased adoption.
- Processing aids
Segmentation by end user and analysis of the industrial cleaning market
In terms of revenue, the manufacturing segment dominated the market during 2016 and will continue to the lead the market in the near future. The growth of this segment is due to the high adoption of industrial cleaning products across various sub-sectors of manufacturing. Although the manufacturing segment is going through a lull period in several geographical regions, the demand for industrial cleaning products will perpetuate over the next four years.
- Retail and food service
Learn full of the report at Technavio.com