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Industrial cleaning market to be worth $67.6 billion by 2020

The global industrial cleaning market is projected to reach approximately AUD$67.6 billion by 2020, stated MarketsandMarkets, a firm that publishes premium market research reports for companies around the world.

This rise would represent a compound annual growth rate of 4.2 per cent between 2015 and 2020 as the market for industrial and institutional (I&I) cleaning chemicals was worth over AUD $52.8 billion in 2014.

According to the study, ‘rising awareness on health and hygiene, safety liability on the part of the company or an institution and growing demand from the application industries are the major drivers for the market’.

Manufacturing and commercial offices are currently the largest consumers for I&I cleaning chemicals, which are ‘mainly used for machinery cleaning and general cleaning’. However, healthcare is projected to be the ‘fastest growing application between 2015 and 2020’. This segment of the market ‘is expected to grow due to heavy spending in healthcare activities in developed economies in North America and Europe’. In fact, ‘rising awareness and growth in healthcare investment are the major factors boosting the I&I cleaning chemicals market.’

Nonetheless, the mature western European and North American markets are only ‘expected to grow at a moderate rate,’ noted the report. It’s the Asia-Pacific market, already the largest in terms of value, which ‘is estimated to grow on account of rising awareness on cleanliness and hygiene, and growing demand from the application industries’.

Looking at the chemicals themselves, the study said surfactants—already the ‘most widely used ingredient in the industrial cleaning market’ as of 2015—are projected to experience a high growth rate thanks to their ‘broadened application in a variety of industry cleaning segments’.

www.marketsandmarkets.com