Disinfectants are chemical substances or mixtures that are applied to non-living objects to destroy microorganisms living on their surfaces. Common examples of disinfectants include hydrogen peroxide, bleach, ethanol, and antimicrobial compounds. They are widely used across households, healthcare facilities, food industry, and other commercial settings to control spread of infectious diseases by eliminating or inhibiting growth of pathogens on surfaces.
The disinfectants market is estimated to be valued at US$ 49.0 Bn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising hygiene awareness among individuals as well as commercial establishments post COVID-19 pandemic is expected to drive the growth of global disinfectants market over the forecast period. The pandemic has increased focus on health and well-being of people and highlighted the importance of disinfection and hygienic practices in daily life as well as different industries such as healthcare, hospitality, food beverage. This has led to increased adoption of disinfectants for surfaces across various end use sectors. Stringent regulations regarding hygiene and infection control particularly in the healthcare industry is another major factor anticipated to boost the market growth.
SWOT Analysis
Strength: Disinfectants kill harmful germs effectively in three easy steps: attack, kill, and remove germs on surfaces. They provide protection from illness-causing germs. The industry benefits from stringent regulations and standards regarding product quality.
Weakness: Overuse of disinfectants can lead to development of resistant strains of bacteria and viruses. Frequent usage of disinfectants can negatively impact the environment as they contain harsh chemicals.
Opportunity: Growth in awareness about importance of hygiene and sanitization during COVID-19 pandemic has increased demand for disinfectants worldwide. Rising healthcare investments and growing middle-class populations in developing regions offer new opportunities.
Threats: Availability of alternative green products without harsh chemicals poses competitive threats. Fluctuations in raw material prices impact overall production costs for manufacturers.
Key Takeaways
The global disinfectants market is expected to witness high growth, exhibiting CAGR of 6.0% over the forecast period, due to increasing health and hygiene awareness among consumers. North America dominates the market currently due to stringent regulations and standards regarding cleanliness.
Regional analysis: Asia Pacific is the fastest growing region in the disinfectants market owing to improving economic conditions and rising living standards. China and India are among the major consumers in the region. North America currently dominates the global market, mainly due to stringent regulations mandating usage of disinfectants in households and commercial spaces.
Key players: 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. 3M Company is a leading manufacturer focusing on product innovation.
