Dublin, Sept. 13, 2023 (GLOBE NEWSWIRE) -- The "Soap And Cleaning Compounds Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global soap and cleaning compounds market continues its growth trajectory, expanding from $172.88 billion in 2022 to $185.1 billion in 2023, marking an impressive Compound Annual Growth Rate (CAGR) of 7.1%.
However, the economic recovery from the COVID-19 pandemic faces challenges due to the Russia-Ukraine conflict. This geopolitical turmoil has resulted in economic sanctions, supply chain disruptions, and inflation, impacting various markets worldwide. Despite these challenges, the soap and cleaning compounds market is projected to ascend to $246.93 billion by 2027, at a CAGR of 7.5%.
Insightful Market Research
The soap and cleaning compounds market research report, a part of a comprehensive series by [Your Company Name], offers an extensive overview of the industry's global market size, regional distribution, competitive landscape, market segments, trends, and opportunities. This report equips businesses with an in-depth analysis of the present and future scenario of the soap and cleaning compounds industry.
Navigating Raw Material Volatility
The market is grappling with raw material volatility, a factor expected to adversely affect its growth during the forecast period. Escalating raw material costs combined with declining sales prices can squeeze profit margins for soap and cleaning companies. Moreover, increasing rates for trucking, railroad, dry-bulk, and air-freight are contributing to the industry's challenges. Manufacturers are now facing the intricate task of balancing fluctuating raw material costs.
Innovative Product Formulations
The industry is witnessing a trend of substituting harmful chemicals with safer alternatives. Major companies in the sector are shifting away from triclosan and triclocarban, which are known to be detrimental to both health and the environment. These chemicals, once common antimicrobial ingredients in personal care products, are being replaced by safer options such as benzalkonium chloride, benzethonium chloride, or chloroxylenol (PCMX). Regulatory agencies have expressed concerns about the long-term safety of these agents, leading to their gradual replacement. Consumer product giants like P&G and Unilever have discontinued the use of triclosan and triclocarban in favor of environmentally friendly alternatives.
Global Market Dynamics
In 2022, the global population reached 7.9 billion, leading to heightened demand for soaps and cleaning products. This surge in demand, driven by an expanding population, has significantly boosted the overall soap and cleaning compounds market. Additionally, rapid urbanization, particularly in developing economies, has further stimulated the demand for these products, resulting in increased consumption.
Diverse Market Segmentation
The soap and cleaning compounds market encompasses a wide array of products, including detergents, degreasers, abrasives, and acids. The market report provides insights into various market segments, distribution channels, and end-user applications, offering a comprehensive understanding of the industry landscape.
Global Footprint
The soap and cleaning compounds market has a global footprint, with Asia-Pacific leading the market in 2022, followed by Western Europe. The countries analyzed within the report span Argentina, Australia, Austria, Bangladesh, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Iran, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, Ukraine, USA, and Vietnam.
Why Purchase this Report
The report provides a holistic perspective on the soap and cleaning compounds market, allowing businesses to:
- Gain a comprehensive global view across 50+ geographies
- Understand COVID-19's impact on the industry and its recovery
- Assess the effects of the Russia-Ukraine conflict on commodity supply and its global implications
- Evaluate the influence of rising global inflation on market growth
- Develop regional and country strategies based on localized insights
- Identify investment opportunities in growth segments
- Outperform competitors using accurate forecast data and market trends
- Benchmark performance against industry rivals
- Leverage reliable data and analysis for both internal and external presentations
Key Questions Addressed
The report addresses pivotal questions that shape industry understanding:
- What is the largest and fastest-growing market for soap and cleaning compounds?
- How does the market correlate with the broader economy and demography?
- What forces will steer the market's future growth?
The report encompasses market characteristics, size, growth trends, segmentation, competitive landscape, market shares, and strategies. It offers a historical and forecast market growth analysis by geography, allowing businesses to make informed decisions.
Major players in the Soap and Cleaning Compounds market are
- Procter & Gamble
- Unilever plc
- SC Johnson & Son Inc.
- Henkel AG & Co KGaA
- Ecolab Inc
- BASF SE
- Colgate-palmolive co
- Kao Corporation
- Reckitt Benckiser Group plc
- The Clorox Co.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 400 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $185.1 billion |
| Forecasted Market Value (USD) by 2027 | $246.93 billion |
| Compound Annual Growth Rate | 7.5% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/1miu09
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