The industrial cleaning chemicals market is expected to grow by USD 10.96 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters with a limited impact on the full-year economic growth, according to the latest market research report by Technavio.
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Technavio has announced its latest market research report titled Global Industrial Cleaning Chemicals Market 2020-2024 (Graphic: Business Wire)
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The COVID-19 pandemic will have a direct impact on the materials industry. However, there will not be any major impact of the pandemic on the industrial cleaning chemicals market. End-users are not expected to increase or decrease their consumption neither stock more supplies. But the market outlook might change if the containment efforts go beyond Q2 2020.
Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.
The growing prevalence of chronic diseases and the rising emphasis on promoting a healthy lifestyle among the population has increased the spending on healthcare by both developing and developed countries. For instance, in 2019, Canada spent more than one-tenth of its GDP on healthcare. Similarly, between 2000 and 2016, the per capita healthcare spending of China increased by almost 850%. The growth in healthcare spending is resulting in an increase in the number of healthcare facilities and equipment manufacturing units. These facilities require industrial cleaning chemicals to ensure hygiene as well as to prevent contamination. Therefore, the increase in healthcare spending is expected to drive the growth of the global industrial cleaning chemicals market during the forecast period.
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As per Technavio, the rising awareness about workplace hygiene will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Industrial Cleaning Chemicals Market: Rising Awareness About Workplace Hygiene
Harmful gases and chemicals released during the manufacturing process have a detrimental impact on the health of workers as well as the machinery used. Hence, it is imperative for manufacturing companies to ensure the cleanliness of manufacturing areas and eliminate hazardous chemicals produced during the process. This has increased the use of cleaning chemicals across end-user industries such as metal, paint, automobile, textile, and paper. Also, regulatory bodies across the globe have defined health standards to contain, prevent, or minimize hazards at the workplace to improve workplace hygiene. These factors are fueling the growth of the global industrial cleaning chemicals market.
"Rising urbanization in developing countries and the growth of the hospitality industry will further boost market growth during the forecast period," says a senior analyst at Technavio.
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Industrial Cleaning Chemicals Market: Segmentation Analysis
This market research report segments the industrial cleaning chemicals market by end-user (manufacturing and commercial offices, healthcare, retail and foodservice, hospitality, and others) and geography (APAC, North America, Europe, South America, and MEA).
The APAC region led the industrial cleaning chemicals market in 2019, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the emergence of China as a global leader in the manufacturing sector.
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Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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