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Growing healthcare sector to boost global industrial cleaning market through to 2021
The global industrial cleaning market is expected to grow at a compound annual growth rate of close to 5% during the forecast period to 2021, according to Technavio's latest market research.
In this market research report, Technavio covers the market outlook and growth prospects of the global industrial cleaning market for 2017-2021. The market is further categorised into five segments based on the chemicals used, including surfactants, enzymes, builders, fragrances and processing aids.
"The growth in the end-user segments such as the healthcare and retail and food service industries has led to the steady growth of the industrial cleaning market," says Sarah Haque, a lead research expert from Technavio. "The vendors in the market strive to innovate and provide sustainable cleaning solutions to various stakeholders of the value chain."
Technavio's research analysts segment the global industrial cleaning market into the following regions:
North America: The market for industrial cleaners will see growth, primarily due to the 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. A stress on reducing infections will strengthen the demand for industrial cleaning products and solutions from this segment.
The demand is largely being generated from the janitorial end-use segment, which accounts for a substantial portion industrial cleaning chemicals in North America due to the strong presence of offices, hotels, and restaurants. North America accounts for nearly 37% of the overall revenue for the key vendors, namely, Evonik Industries, BASF, and Stepan, says Technavio.
Europe: The healthcare and food and beverage segments accounted for the highest share in the overall industrial cleaning market in Europe. The widespread improvement in the quality of life in Europe is being delivered through the extensive use of professional products and services that are employed in commercial cleaning.
Another factor benefitting growth is the proximity of several small and medium enterprises that offer industrial cleaning products and solutions to clients. They are ideally placed to cater to the demands for niche products and services.
APAC: The industrial cleaning market in APAC is expected to grow at a CAGR of more than 6%, which is higher than the global average. The strong presence of various key industries such as manufacturing, construction, and healthcare in this region account for the market's growth. A wide range of manufacturing industries such as textile mills, food processing, tools manufacturing, chemical processing, wood and paper industries operate in this region, creating a requirement for industrial cleaning.
"The adoption of green cleaning by various countries is another key factor attributing to the growth of the industrial cleaning market in APAC," says Sarah.
ROW: This region includes the Middle East and Africa as well as South America. Latin America is among the fastest developing regions in the world, and thus it offers a strong opportunity for market growth.
The strong growth of key end-use industries such as construction in this region will contribute to market growth. Key vendors in the market are focusing on enhancing their presence in this region. Moreover, the market penetration of industrial cleaning product is lower than other regions, which increases potential growth opportunities.
16th February 2017