Selbyville, Delaware, Sept. 02, 2020 (GLOBE NEWSWIRE) -- Based on Global Market Insights Inc., report, the surface disinfectant market was estimated at $5 billion in 2019 and is slated to exceed $8.5 billion by 2026, registering a CAGR of 7.5% from 2020 to 2026. The report provides a thorough analysis of the major winning strategies, market estimations as well as size, main investment avenues, competitive scenarios, drivers and opportunities, and wavering industry trends.
The increasing adoption of healthy lifestyles in different regions across the world is likely to trigger the market for surface disinfectant products. The shift in consumer preference towards the use of natural, eco-friendly products is likely to attract the attention of customers towards bio-based products. The increasing support provided by various testing and certification agencies such as the International Agency for Research on Cancer, the U.S. Occupational Safety and Health Administration, American Conference of Governmental Industrial Hygienists, and Australian Inventory of Chemical Substances, among others for providing approval for the development of new formulations is expected to further boost the growth of the surface disinfectant market.
The market for disinfecting wipes is likely to witness an upsurge owing to the minimized risk of cross-contamination and the spread of infections. Liquids have been traditionally used for surface disinfection purposes owing to its ease of use and increasing product innovations in this segment.
Request for Sample Report: https://www.gminsights.com/request-sample/detail/4805
Disinfecting sprays are expected to witness lesser popularity compared to liquids and wipes owing to the dissipation of hazardous compounds in the atmosphere and the risk of these compounds being inhaled by cleaning personnel during disinfection. The sprays segment is expected to reach USD 2.3 Billion by 2026 growing at a CAGR of 6.6% throughout the assessment period.
The hospitality sector is expected to reach USD 769.53 Million by 2026 from USD 507.67 Million in 2019 growing at a CAGR of 6.1% during the review period. Increasing cases of foodborne infections and rising demand for cleaner dining areas may raise the demand for these products in the hospitality sector. The increasing trend of socialization among the young population is likely to further contribute to the growth of the surface disinfectant market. Increasing cases of infection transmitted diseases such as the COVID-19 pandemic may create awareness among consumers to use surface disinfectants in households for regular cleaning and disinfection.
Consumers prefer online distribution channels for purchasing these products owing to the ease of choosing from a wide variety of brands while comparing the price of different products. Moreover, online product selling sites provide discounts and offers, and door-step delivery of products, which facilitates a better shopping experience is likely to boost the surface disinfectant market growth of the market.
Asia Pacific region is expected to reach USD 2.1 Billion by 2026 from USD 1.2 Billion in 2019 witnessing the highest CAGR of 8.2% between 2020 and 2026. This is mainly attributed to the growing population, increasing urbanization, and rising disposable income of people. Furthermore, the increasing production and consumption of technologically advanced products such as bio-based products are likely to boost the growth of the surface disinfectant market in the region.
Europe surface disinfectant market is expected to reach USD 2.4 Billion growing at a CAGR of 7.3% during the assessment period owing to the increasing consumer awareness regarding the need for personal health and hygiene.
Request for customization of this report: https://www.gminsights.com/roc/4805
Some major key findings of surface disinfectants market report:
- The demand for global surface disinfection products is rising owing to increasing instances of hospital-acquired infections (HAIs).
- Compatibility with human body tissues and eco-friendly nature is likely to increase the share of bio-based surface disinfectants in the market.
- Bio-based surface disinfectants segment is expected to grow at a CAGR of 9.0% between 2020 and 2026
- An increase in the number of patients with chronic illnesses coupled with an increase in the ageing population is likely to trigger market growth for global surface disinfectants.
- Stringent regulations in North America towards guidelines for use of different types of disinfection products is increasing competition in the market-leading to rapid investment in R&D to gain a competitive advantage in the market
- Healthcare end-use industry is expected to grow at a CAGR of 8.1% throughout the forecast period.
- An online distribution channel is expected to reach $ 2094.34 Million in 2026 from $ 920.02 Million in 2019, growing at a CAGR of 8.2% between 2020 and 2026.
Some of the major players in the surface disinfectant industry include 3M Group, Reckitt Benckiser Group llc, Proctor & Gamble, The Clorox Company, STERIS Plc., Ecolab, Lanxess AG, Neogen Corp., Dupont, and Cantel Medical, among others.
Industry players are engaged in inorganic growth strategies such as mergers and acquisitions and boosting production capacity to meet growing demands from healthcare and residential end-use sectors which should boost the growth of the market.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
GMIPulse, our business analytics platform offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top-level categories and hundreds of industry segments within them, covering regional, company level and cross-sectional statistics that make our offering a stand-out for decision-makers.