New York, Jan. 25, 2024 (GLOBE NEWSWIRE) -- Newly released report on the Home Care Chemicals Market indicates that global sales are expected to reach approximately US$ 21,857.4 million by the end of 2023. The demand for these chemicals is predicted to grow at a rate of about 4.7% from 2023 to 2033.
The global market for home care chemicals is influenced by factors such as increased urbanization, a rapidly growing population, the introduction of new and innovative products and services, rising demand for home care products in institutional and foodservice sectors, and heightened awareness about health and hygiene, especially post-COVID-19. Additionally, there is a rising preference for green products and environmentally friendly formulations in the global home care chemicals market.
However, challenges faced by the global home care chemicals market include strict government regulations and constraints on input costs and prices.
Taking care of our homes is a crucial aspect of our daily routines. The importance of cleanliness and hygiene has become even more evident since the impact of COVID-19. Many countries have implemented policies to encourage people to maintain clean surroundings to prevent the spread of diseases and viruses.
Home care involves various activities like cleaning floors, dusting, washing clothes, kitchen care, and more. Studies in different countries have revealed a 31% chance of contracting diseases within the house due to insufficient cleanliness, poorly groomed pets, and a lack of hygiene while handling food or kitchen essentials. Governments globally are investing significant funds in healthcare, contributing to the growth of the market.
Research has highlighted that cleaning cloths for clothes and utensils pose a high risk of spreading diseases, followed by regular clothes, linens, washrooms, toilets, baths, and sinks. Walls and furniture are considered the least likely to spread diseases. Regular use of home care chemicals helps reduce the risk of exposure to germs and viruses.
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Market Scope:
| Report Coverage | Details | |
| Market Revenue 2023 | US$ 21.85 Bn | |
| Estimated Revenue 2033 | US$ 34.59 Bn | |
| Growth Rate - CAGR | 4.7% | |
| Forecast Period | 2023-2033 | |
| No. of Pages | 217 Pages | |
| Market Segmentation | By Product Type, Application and Region | |
| Regions Covered | North America, Latin America, Europe, South Asia & Pacific, East Asia, The Middle East & Africa | |
| Key Companies Profiled |
| |
Home Care Chemicals Market Analysis: 2017-2021 vs. 2022-2032 Forecast
Home Care Chemicals are a group of chemicals used to make household cleaning products for surfaces, laundry, dishwashing, and more. These products help keep homes and residential buildings clean and hygienic. The market for these chemicals has grown by about 4.5% from 2017 to 2022.
The global demand for home care chemicals is being pushed by factors such as the introduction of new products and services, a rapidly growing population, increasing urbanization, higher demand for home care products in institutions and food services, and greater public awareness of health and hygiene, especially due to COVID-19.
Every household has a daily routine that involves taking care of their homes. The whole world is now more focused on cleanliness and hygiene, especially after the impact of COVID-19. Many countries have created missions and policies to encourage people to keep their surroundings clean, preventing the spread of infections or viruses. This growing emphasis on cleanliness is contributing to the faster growth of the home care chemicals market.
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Growth Potential Available For the Market Participant in the Global Market
Opportunities for growth in the global home care chemicals market include the increasing use of green ingredients in formulations. Manufacturers can tap into substantial growth potential by creating environmentally friendly formulations that are safe to dispose of. Components such as acetic acid, citrus oils, ethanol, and plant extracts are being widely adopted. Developed countries' environmental regulations on eco-friendly ingredients are expected to influence developing countries, sustaining this trend. Additionally, there is a rising demand for non-hazardous and bio-based home care products due to heightened consumer awareness of environmental issues and health risks. Manufacturers are investing in research and development of eco-friendly chemicals for various applications, ranging from detergents to air fresheners.
Untapped opportunities lie in rural markets, where home care chemical providers can focus on lowering prices to make their products more accessible. Increased awareness of hygiene and health in rural areas presents untapped potential, and the market is expected to witness growth due to the rising purchasing power of consumers in these regions.
Factors That Can Impact the Growth of the Market
However, factors impacting market growth include the environmental impact of common household products containing phosphate and ammonia. These compounds can harm aquatic life and individuals. Laws and regulations from entities such as the European Union, Canada, Australia, and the United States address the use of harmful chemicals in household products. Restrictions on substances in home care products are somewhat hindering the overall expansion of the market. Specific regulations, such as limiting phosphorus concentration to 0.5% in household cleaning products under U.S. law and the ban on phosphates in consumer dishwashers and laundry detergents by the European Commission, aim to address environmental concerns and influence the formulation of home care products.
Market Segmentation:
Surfactants are expected to be a key product in the home care chemicals industry, making up more than 57% of the market. These substances are effective in removing dust particles from surfaces, clothing, and various items. Surfactants find widespread use in creating solutions for cleaning hard surfaces, as well as in products for dishwashing and laundry care.
The increasing demand for surfactants from different industries is anticipated to drive the overall demand for home care chemicals in the forecast period.
The applications of home care chemicals in the market include dishwashing, hard surface cleaning, laundry care, and more. The largest share is expected to be in the laundry care segment due to the extensive use of home care chemicals or cleaning agents in laundry applications. This is crucial as clothing comes into direct contact with the body, and regular use of cleaning chemicals can prevent infections caused by dirt or bacteria in clothes.
In 2022, about 50% of the total demand for home care chemicals was attributed to the laundry care segment. The global demand for laundry services is projected to increase significantly due to the growing awareness of hygiene for better health and the rising population. The increased wearing of clothing contributes to the demand for home care chemicals used in laundry facilities. Moreover, the need to wash clothes for staff and patients in hospitals and clinics will further support the expansion of the market in the coming years.
Regional Highlights:
The United States is anticipated to stay a crucial market for making and using Home Care Chemicals. The presence of key manufacturers in the country is likely to help the US market expand and become a significant import center in North America. The US is expected to hold around 16% of the total market share for Home Care Chemicals.
In North America, a substantial portion of the industry is under control. However, many manufacturers are investing in research and development to create innovative and environmentally friendly household cleaning solutions, aiming to reduce their environmental impact. With increased awareness among consumers following the Covid-19 pandemic, the market is poised for high growth in the projected period.
The Chinese market for Home Care Chemicals is projected to grow by 5.9% in the forecast period. China is expected to remain a manufacturing hub due to the presence of various raw material manufacturers, government initiatives in the chemical sector, abundant labor supply, and other factors. Additionally, China has a large consumer base, and the market is predicted to see a significant rise due to increased demand in various application areas.
Being the most populous country globally, China faces significant healthcare challenges. To address this, governments are consistently promoting awareness and launching campaigns to emphasize the importance of maintaining cleanliness and hygiene indoors. This effort aims to reduce exposure to germs, bacteria, and viruses, contributing to an anticipated increase in demand for home care chemicals.
Competitive Intelligence and Business Strategy
Major manufacturing companies like BASF SE, Solvay S.A., and others operate in the market. These key players have a significant portion of the market share, and there are also smaller players contributing to a competitive environment. The key companies are emphasizing the introduction of environmentally friendly cleaning chemicals and eco-friendly formulations.
Many important market participants are giving priority to developing new products, introducing innovative goods, and expanding their manufacturing capacity by establishing new production units in emerging economies. They are also engaging in collaborations, partnerships, and acquisitions to enhance their market presence.
Key Questions Answered in the Report:
- What are the contributing factors to the market's growth trends?
- What is the current market size, and how is it expected to change in the upcoming years?
- What are the key elements exerting influence on the market?
- How is the Home Care Chemicals market segmented, considering types, applications, fuels, or other relevant factors?
- Who are the major participants in the Home Care Chemicals market?
- What strategies are these players employing to establish a competitive edge?
- What factors are propelling the expansion of the Home Care Chemicals market?
- Which regions are anticipated to witness notable growth, and what are the driving factors behind it?
- What recent technological advancements are impacting the Home Care Chemicals industry?
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