Report: North America Accounts for a Third of Cleaning Chemical Market Growth
According to a recent report released by Technavio, 34 percent of the Cleaning Chemical market's growth from 2022-2026 will originate from North America during the forecast period. The U.S. and Canada are the key markets for industrial and institutional cleaning chemicals in North America. Market growth in this region will be faster than the growth of the market in the European, MEA, and South American regions. The stable growth in industrial activities across sectors such as manufacturing, construction, and healthcare will facilitate the industrial and institutional cleaning chemicals market growth in North America over the forecast period.
On a global scale, the market will grow at a compound annual growth rate (CAGR) of 6.49 percent. The potential growth difference for the industrial and institutional cleaning chemicals market between 2021 and 2026 is $19.28 billion.
Key Market Dynamics:
Market Driver - The key factor driving growth in the industrial and institutional cleaning chemicals market is the rising awareness about workplace hygiene. The rising health concerns among the population are leading to increased awareness about cleanliness at the workplace and other industrial installations. The health and wellbeing of an individual are directly related to the surroundings and the places he or she may visit. Thus, the maintenance of workplaces in a clean state is highly important. Industries such as metal, paint, automobile, textile, and paper are the major end-users of industrial cleaning chemicals. These industries use cleaning chemicals to maintain the cleanliness of the manufacturing areas and eliminate hazardous chemicals produced during the manufacturing process. The increasing workplace hygiene awareness is resulting in a rise in the demand for industrial and institutional cleaning equipment and products, including industrial and institutional cleaning chemicals. This, in turn, is driving the growth of the market.
Market Challenges - The growing adoption of chemical-free cleaning will be a major challenge for the industrial and institutional cleaning chemicals market during the forecast period. Due to the adverse health impact of cleaning chemicals on the health of workers and the environment, the demand for chemical-free products for cleaning applications is increasing. Chemical-free products are generally based on a plant extract, antimicrobial, microbial, and enzyme technology. These products offer a sustainable cleaning solution to end-users by turning natural resources and ingredients into organic cleaning products, which are eco-friendly. Several companies are offering products for chemical-free cleaning. The growing adoption of chemical-free cleaning will impact the demand for cleaning chemicals. This, in turn, will impact the growth of the global industrial and institutional cleaning chemicals market.
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