The disinfectants market is estimated to be valued at US$ 11,847.61 Mn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The Disinfectants Market
Disinfectants are chemical substances or solutions that are applied to non-living objects and surfaces to destroy or inhibit the growth of disease-causing microorganisms. Disinfectants help kill pathogenic microorganisms or temporarily retard their growth. Typical disinfectant products include disinfectant sprays, disinfectant wipes and disinfectant liquids which are used across various applications such as healthcare facilities, households and industries. Disinfectants provide protection against infection, assists in the prevention of contagious diseases and helps maintain hygiene. With increasing awareness regarding hygiene and health, the demand for disinfectants has surged globally.
Market key trends
One of the key trends spurring growth in the disinfectants market is the increased awareness towards hygiene and sanitation owing to outbreaks of infectious diseases such as COVID 19 pandemic. Strict guidelines issued by healthcare agencies regarding hygiene and sanitization has propelled the demand for disinfectants in healthcare facilities as well as households. Consumers are increasingly taking preventive measures by frequently disinfecting surfaces to curb the spread of pathogens. Moreover, the trend of healthy and germ-free surroundings at homes, public areas and workplaces is driving the market growth. Manufacturers are launching innovative product formulations with advanced cleaning and disinfecting technologies to cater to changing consumer preferences. The trend signifies the increased consciousness regarding hygiene, cleanliness and health, thereby accelerating revenue opportunities for disinfectant market players.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the disinfectants market is low as it requires huge capital investments and established distribution channels. Moreover, existing key players have strong brand recognition and economies of scale.
Bargaining power of buyers: The bargaining power of buyers is moderate as disinfectants are essential products and buyers have numerous brands to choose from. However, switching costs are low.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as key raw materials such as alcohols, hydrogen peroxide, and surfactants have many substitutes available. However, regulatory standards create supplier switching challenges.
Threat of new substitutes: The threat of new substitutes is low as disinfectants are essential for hygiene and have well-established use cases. However, advancements in sterilization technologies pose a potential threat.
Competitive rivalry: Intense due to presence of global key players.
SWOT Analysis
Strengths: High demand for disinfectants owing to COVID-19 pandemic and increasing hygiene standards. Established brands and economies of scale.
Weaknesses: Strong regulations around formulation, packaging, and claims approval. Heavy reliance on few key raw materials.
Opportunities: Product innovations and focus on natural/plant-based ingredients to tap into health-conscious demographics. Expansion in emerging markets.
Threats: Price fluctuations in raw material costs. Growing consumer preference for eco-friendly products.
Key Takeaways
The Global Disinfectants Market Growth is expected to witness high, exhibiting CAGR of 6.9% over the forecast period, due to increasing awareness regarding hygiene and cleaning. The COVID-19 pandemic further augmented the demand for disinfectants globally.
Regional analysis: North America dominates the global disinfectants market, with a share of over 35% in 2023. However, Asia Pacific is expected to be the fastest growing market during the forecast period owing to increasing spending on healthcare infrastructure and surging cases of hospital-acquired infections in countries such as China, India, and Japan.
Key players operating in the disinfectants market are Solvay S.A., Unilever Group, Evonik Industries AG, 3M Company, Procter & Gamble Corporation, dowdupont Inc., Lanxess AG, BASF S.E., The Clorox Company, and Reckitt Benckiser Plc. These players are focused on new product launches and facility expansion strategies to strengthen their presence in the global market.
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