Surface Disinfectant Market Progresses for Huge Profits During 2024
The frontrunners in the global surface disinfectant market, according to a report by Transparency Market Research (TMR), are Procter & Gamble, Johnson & Johnson Services Inc., Henry Schein, Kimberly-Clark, 3M, and DuPont. Some other key players that largely operate in regional markets are GOJO Industries, Clorox, Cantel, and Ecolab.
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According to the TMR report, the global surface disinfectant market is expected to expand at a healthy CAGR of 10.4% between 2016 and 2024. If the figure holds true, the market which stood at US$802.9 mn in 2016 will become worth US$1.77 bn by 2024.
By product, sodium hypochlorite-based surface disinfectants hold the leading market share in terms of volume, followed by phenol-based products. The low price factor along with relatively stable nature of sodium hypochlorite-based products account for their leading share in the market.
In terms of application, hospitals & clinics and outpatient surgical centers are the major end-use segments of surface disinfectants. Over the forecast period, however, the segment of restaurants and food chains is expected to surpass in terms of growth rate, followed by the households segment.
Of the several growth drivers of the global surface disinfectant market, increasing awareness about cleanliness and hygiene generally among the population and state authorities is a prominent one. This has resulted in increased spending on cleanliness at individual level and at state level. Another important factor favoring the growth of the surface disinfectant market is regulatory requirements in place for cleanliness and hygiene that commercial establishments, especially food services need to adhere to. For example, the food and dairy industry is displaying an increased demand for these products.
The increasing education level and rising economic prosperity in emerging economies of Asia Pacific, Latin America, and the Middle East and Africa is also working in favor of the surface disinfectant market. Individuals are increasing recognizing the importance of cleanliness at homes and at workplaces and are using disinfectants to prevent germs from breeding. The expanding construction industry in emerging economies, leading to the development of residential complexes and commercial buildings is also displaying substantial demand for surface disinfectant products.
The increasing number of restaurants and food chains in developing regions backed by economic development, and hygiene and cleanliness standards that the service industry need to comply to is acting as a growth driver to the market. The increasing disposable income in these regions that has raised affordability of a high percentage of population to visit upscale hospitals, clinics is also having a positive bearing on the growth of surface disinfectant market.
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Proving to act as a barrier to the growth of surface disinfectant market is highly reactive nature of some chemical formulations, which is limiting their use. Moreover, the relentless use of these products has resulted in several microorganisms developing resistance to the products. This factor has affected sales in mature markets of North America and Europe that have been using surface disinfectants for a long time and on a large scale.
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