NEW YORK, Aug. 20, 2020 /PRNewswire/ — The Global Home Care Chemicals Market is primarily driven by factors such as mass urbanization, growing middle-class population, broadened product application, rising demand for home care products in institutional and foodservice sectors, and increasing awareness about health and hygiene. With the ongoing COVID-19 pandemic, focus on cleanliness and hygiene has skyrocketed across the world, which has surged the demand for home care chemicals. However, restraints faced by this market are stringent government regulations and limitations on input costs and prices. Over the coming years, the use of green products and eco-friendly formulations is set to gain pace in global home care chemicals market.
As per PMR analysis, the Global Home Care Chemicals Market Is Set To Expand At A Cagr Of 5% Over The Next Ten Years, To Be Valued At Over Us$ 31 Bn By 2030-end.
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Key Takeaways from Home Care Chemicals Market Study
- On the basis of product, the global market for home care chemicals is segmented into solvents, pigments, surfactants, and other additives and chemicals. Out of these, the surfactant segment is projected to dominate the global home care chemicals market through 2030.
- On the basis of application, the global home care chemicals market is segmented as hard surface cleaning, laundry/fabric care, dishwashing, and various other applications such as auto care, air car, and such others. The laundry/fabric care segment is projected to retain its dominance with over 50% market share throughout the forecast period.
- North America and Europe are projected to dominate the global home care chemicals market, together holding around 45% market share.
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“Due to the current COVID-19 outbreak, the need for hygiene has never been so high, thereby propelling the demand for home care chemicals across the world,” says a PMR analyst.
Home Care Chemicals Market: Competitive Landscape
Currently, the key focus of major players in the global home care chemicals market is mergers and acquisitions to expand their geographical presence. Key players operating in the global home care chemicals market include BASF SE, Solvay S.A., Clariant AG, EvonikIndustries, Croda International Plc., Ashland Inc., The Dow Chemical Company, Lubrizol Corporation, Huntsman Corporation, and Akzo Nobel N.V.
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What Does the Future Hold?
Over the coming years, investments in research & development will increase so as to formulate innovative products. The introduction of eco-friendly formulations will see a rise, and market players will strengthen their position in this space mainly through mergers and acquisitions. The markets in Europe and North America will continue to hold sway over the global home care chemicals market through 2030.
Want to Know More?
Persistence Market Research has published a market research report on the home care chemicals market, which contains global industry analysis of 2015–2019 and opportunity assessment for 2020–2030. The report provides insightful analysis of the home care chemicals market through different segments, namely, product, application, and region. The home care chemicals market report also provides supply and demand trends, import-export scenario, and a comprehensive list of suppliers and distributors in the market, along with a detailed overview of the parent market.
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