Rockville, MD , Sept. 04, 2024 (GLOBE NEWSWIRE) -- Revenue from the global Home Care Chemical Market is projected to reach US$ 23.75 billion in 2024, as revealed in a newly published study by Fact.MR, a market research and competitive intelligence provider. Worldwide sales of home care chemicals are forecasted to rise at a CAGR of 4.9% from 2024 to 2034.
Growing emphasis on eco-friendliness and sustainability is pushing more consumers to opt for home cleaning products that have been manufactured from biodegradable and natural ingredients. Development of eco-friendly home care products containing environment-friendly ingredients is making them a preferred choice among consumers who have environmental pollution in mind. These factors are pushing home care chemical manufacturers to offer more eco-friendly options.
Increasing burden of infectious diseases in East Asian countries, such as China, is leading to increased government initiatives promoting hygiene and sanitation. They are investing in hygiene awareness campaigns, which is further contributing to the surging demand for home care chemicals with comparatively less hazardous content.
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Key Takeaway from Market Study:
- Global demand for home care chemicals is analyzed to reach a market value of US$ 38.32 billion by the end of 2034.
- The surfactants segment is projected to rise at a CAGR of 4.4% and reach US$ 8.98 billion by 2034.
- East Asia is forecasted to hold 38.4% share of global market revenue by the end of 2034.
- Demand for home care chemicals in South Korea is projected to accelerate at a CAGR of 5.8% through 2034.
- Sales of home care chemicals in Japan are approximated to rise at 4.8% CAGR from 2024 to 2034.
- The market in China is forecasted to accelerate at a CAGR of 5.7% and reach US$ 8.6 billion by 2034.
“Growing investments in R&D to manufacture green home care chemicals for safeguarding the environment and human health from adverse effects is creating growth prospects for market players,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Home Care Chemicals Market:
BASF SE, Solvay S.A., Ashland Inc., Clariant AG, The Lubrizol Corporation, Evonik Industries AG, Croda International Plc., Huntsman Corporation, Unilever Plc, The Dow Chemicals Company, Elixir Home Care Pvt. Ltd., Wilson Chemical, Henkel Corporation, Dimachem, and Akzo Nobel are some of the leading manufacturers of home care chemicals.
High Use of Home Care Chemicals in Laundry Care Products:
There is an increased demand for home care chemicals for use in laundry care applications. These agents are utilized in powder or liquid forms to meet the needs of consumers and appliances generally used for washing fabrics and clothes. These chemicals help in removing dust, salt, urea, sugar, and perspiration from fabrics and clothes. Thereby, the increasing use of home care chemicals in laundry detergent is creating lucrative growth opportunities for market players.
Home Care Chemicals Industry News:
- In December 2021, Unilever developed a new dishwashing liquid with only naturally sourced ingredients. This recently created product is 99% biodegradable and more renewable. These substances are available in bottles made entirely of recyclable plastic.
- In 2021, Allied Carbon Solutions Co., Ltd. (Japan) and Holiferm Ltd. (United Kingdom) partnered with BASF SE. This will assist the business in creating production protocols for its line of bio-surfactant goods.
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the home care chemical market, presenting historical demand data (2019 to 2023) and forecast statistics for the period (2024 to 2034).
The study divulges essential insights into the market based on product type (surfactants, additives, solvents) and application (hard surface cleaning, laundry care, dishwashing), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
Segmentation of Home Care Chemical Market Research:
- By Product Type :
- Surfactants
- Additives
- Solvents
- By Application :
- Hard Surface Cleaning
- Laundry Care
- Dishwashing
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About Us:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning.
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