New York, Sept. 26, 2023 (GLOBE NEWSWIRE) --
In a comprehensive research analysis conducted by ChemView Consulting, the home care chemicals market is estimated to cross valuation of $47,921.1 million and projected to grow steadily at a 4.8% CAGR from 2023 to 2033.
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Key Highlights:
Europe Leads the Market:
Europe emerges as the largest market for home care chemicals, boasting a substantial 27.3% share of the global market. This dominance is attributed to the region's strong emphasis on cleanliness, sanitation, and the adoption of eco-friendly cleaning solutions.
Surfactants Take Center Stage:
Surfactants dominate the product types segment, constituting a significant 47.3% of total revenues. Their critical role in reducing surface tension makes them indispensable in products like laundry detergents, dishwashing solutions, and multipurpose cleaners.
Focus on Sustainability:
Growing environmental consciousness has prompted a shift toward environmentally friendly and sustainable home care chemicals. Biodegradable and green products are gaining popularity as consumers seek to reduce their carbon footprint and opt for non-toxic alternatives.
The US market benefits from an aging population's demand for cleaner living environments and sustainable cleaning solutions. Europe, with its focus on clean and sanitary living spaces, is expected to drive sales growth. Japan sees increased demand due to changing lifestyles and a focus on eco-friendly products. Rapid urbanization and health consciousness in China and India fuel market growth in these regions.
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Manufacturers Focusing on R&D Initiatives to Boost Demand
Key companies in the home care chemicals market include Himalaya Wellness Company, Clariant AG, Croda International, Symrise, Reliance Consumer Products Ltd. (RCPL), Ashland Inc., Lubrizol Corporation, Solvay S.A., Evonik Industries AG, and BASF SE.
While some consumers prefer DIY cleaning solutions, manufacturers can invest in research and development to create biodegradable, non-toxic, and environmentally friendly home care chemicals. This shift toward eco-friendly solutions can open up new business opportunities. Material costs and availability fluctuations present challenges that manufacturers need to navigate.
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Tartaric Acid Market: The tartaric acid market will grow at a 5.6% CAGR and will reach a valuation of US$ 707.3 million during the period 2023–2033. Tartaric acid is also used as an exfoliator and pH adjuster in cosmetics and personal care products. Thus, the rising cosmetics and skincare sectors drive tartaric acid demand.
Spandex Market: The spandex market to reach a valuation of US$ 14,167.4 million and will grow at a 5.1% CAGR during the period 2023–2033. Rapid urbanization and shifting lifestyles have increased demand for versatile apparel that may be used for a number of activities. The increasing demand for adaptive, flexible, and appealing clothing is increasing the use of spandex-based materials, which is driving market expansion.
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About ChemView Consulting:
ChemView Consulting is a leading market research firm, with expertise in Chemicals & Materials, Food & Beverages, Packaging, Oil & Gas, Clean Energy & Power, Life Sciences, Industrial Equipment, Mobility, and Consumer Product. We are one of the top market intelligence firms specializing in business analytics with an expertise in the ever-growing chemicals industry. We track high-growth markets with innovative ideas and opportunities insights through B2B research.
Our client base ranges from industry experts, investors, top companies in the chemicals; and oil & gas industry to SMEs, start-ups, and new entrants. We have worked with over 100 companies to upscale their position as the global leader in the chemical & materials landscape with our cutting-edge analytics and advisory services
