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Surface disinfectant market to grow at a healthy CAGR of 10.40%
The global surface disinfectant market depicts the presence of a highly-fragmented structure, says Transparency Market Research on the basis of a newly published report. This is mainly due to a low entry barrier present in the market that has made it possible for innumerable players to progress in this sector
DuPont, 3M, Procter & Gamble, Kimberly-Clark, Henry Schein, and Johnson & Johnson Services are some of the key players operating in the global surface disinfectants market.
Most companies are expected to compete with each other on the basis of bringing forth product innovations and technological advancements for product manufacturing during the next few years. Participating in mergers & acquisitions, and strategic partnerships are also on their focus for strengthening of their businesses, states the report.
As per expert analysts, the global surface disinfectant market gained revenue worth US$0.80 bn in 2016, which is further expected to rise up to US$1.77 bn by the end of 2024. This growth is anticipated to occur at a splendid CAGR of 10.40% during the forecast period ranging from 2015 to 2024. Under product type, the sodium hypochlorite-based disinfectants segment holds a leading spot and is anticipated to remain so over the next few years.
Improvement in living standards among most communities is majorly driving the surface disinfectant market. Moreover, with rising consumer awareness regarding increase in hygiene and cleanliness are projected to drive the global market for surface disinfectants in the near future. This growth is visible in both residential as well as commercial sectors, and is projected to further increase at a steady pace.
The demand for surface disinfectants is projected to witness a surge also owing to an increase in implementation of stringent regulations set by agencies for various industries in developed and developing economies.
However, the market is being restrained mainly due to existence of several cleaning agent varieties and alternatives, which showcase better preference from the consumers' perspective. Moreover, the products might not be readily available in remote and underdeveloped regions, thereby restraining growth in the market too. In addition, such regions might depict a lack in necessary workforce, thereby hindering the global surface disinfectant market from a regional perspective.
Nevertheless, many players are improving their geographical presence in the market. This is expected to offset most restraints affecting the global surface disinfectant market up to a certain extent.
Geography-wise, the global surface disinfectant market is spread across North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Of these, a prominent position is held by Asia Pacific, thanks to the presence of numerous renowned product manufacturers. A rising disposable income of consumers, increasing implementation of cleanliness and hygiene regulations by state authorities too is boosting growth of the global surface disinfectant market in Asia Pacific. This growth is prophesised to rise at a CAGR of 11.30% during the forecast period.
Among other regional markets, the Middle East and Africa is also projected to report a high growth rate in the near future followed closely by Latin America. However, North America and Europe are anticipated to demonstrate a substantially slow growth rate over the next few years, owing to reliance from consumers for various other alternatives.
The study presented here is based on a report by Transparency Market Research (TMR), titled, 'Surface Disinfectant Market (Product - Sodium Hypochlorite, Phenols, Quaternary Ammonium Compounds, Hydrogen Peroxide, Peracetic Acid, Biguanides, Amphoterics, and Aldehydes; Type - Liquids, Sprays, and Wipes; Application - Hospitals & Clinics, Outpatient Surgical Centers, Restaurants & Food Chains, and Households) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2024'.
11th October 2018