The Surface Disinfectant Market is estimated to be valued at US$ 7347.2 Mn In 2023 and is expected to exhibit a CAGR Of 7.9% Over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Surface disinfectants are chemical agents that are applied to hard surfaces like floors, tables, doorknobs, etc. to destroy or inhibit the growth of microorganisms including viruses, bacteria, and fungi. These disinfectants help eliminate pathogens in healthcare settings and other commercial spaces. They are available in various forms including liquids, wipes, and sprays. Key end-users include hospitals, diagnostic laboratories, pharmaceutical companies, and food processing units.
Market Dynamics:
Increasing healthcare associated infections (HAIs) are expected to drive the growth of surface disinfectant market during the forecast period. HAIs affect hundreds of thousands of people each year, lengthening hospital stays and requiring treatment with expensive and powerful antibiotics. Proper disinfection of hospital surfaces can help lower the risk of HAIs.
Another factor aiding the market growth is the increasing demand from the food processing industry. Strict regulations regarding hygiene and sanitation in the food industry has boosted the adoption of surface disinfectants. Proper disinfection of surfaces, equipment, and packaging helps destroy bacteria and prevents food spoilage and foodborne illnesses.
SWOT Analysis
Strength: The surface disinfectant market has high growth potential due to rising health awareness. Surface disinfectants effectively kill germs and prevent the spread of illnesses. Many companies offer innovative product formulations for disinfecting various surfaces.
Weakness: Certain chemicals used in disinfectants can cause harm if ingested. Extended exposure to disinfectants may also lead to health issues. Due to presence of many local players, the market is highly fragmented.
Opportunity: Growing incidence of hospital acquired infections is driving demand for advanced surface disinfectants. Rising consumer awareness about benefits of regular disinfecting is creating new opportunities.
Threats: Stringent regulations pertaining to use of chemicals may restrict revenue growth. Volatility in raw material prices can increase product costs.
Key Takeaways
The global surface disinfectant market is expected to witness high growth, exhibiting CAGR of 7.9% over the forecast period, due to increasing prevalence of infectious diseases. Rising cases of hospital acquired infections and growing awareness about importance of sanitization are fueling market revenue.
Regional analysis: North America dominated the market, accounting for over 30% revenue share in 2023. Presence of major industry players and significant healthcare spending are driving the North America market. Asia Pacific is projected to exhibit fastest growth during the forecast period owing to rising hygiene standards, growing med-tech industry and increasing per capita healthcare expenditure in countries such as India and China.
Key players operating in the surface disinfectant market are 3M, Reckitt Benckiser Group PLC, Procter & Gamble, Cantel Medical Corporation, The Clorox Company, Ecolab, SC Johnson Professional, Whiteley Corporation, and Steris PLC. Leading players are focusing on new product launches with advanced formulations to consolidate their market position.
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