The global market for industrial and institutional cleaning chemicals is expected to reach US$51.4 billion by 2020 with a compounded annual growth rate—or CAGR—of 4.6 per cent, according to a new study from market research firm Research and Markets.
The report cites the Asian-Pacific region as the fastest growing industrial and institutional cleaning chemical market during the period 2015-2020; whereas North America is the largest market in terms of revenue owing to the large base of healthcare and manufacturing industries in that region. The cleaning chemicals market majorly focuses on the chemicals required for producing disinfectants and sanitisers.
According to the study, the fastest growth is expected to occur in healthcare, due to a rise in the number of hospital stays and concerns about healthcare-associated infections (HAIs). The manufacturing sector is also expected to be a significant source of growth, particularly in developing economies, as rising incomes lead to increases in demand for processed food and beverage products and these countries focus on increasing their cleaning standards.