Industrial Cleaners Market to increase at a CAGR of 5.2% through 2028

Posted by ankush Nikam on June 7th, 2019

Recovery of Oil & Gas Prices Coupled with Growth in End Use Industries to Propel Demand for Industrial Cleaners

Industrial Cleaners Market: Introduction

Industrial cleaners are specialized chemicals used in various cleaning applications across different manufacturing industries. They are used in cleaning all kinds of equipment and machinery used in manufacturing processes. On the basis of function, industrial cleaners can be classified as surfactants, acidic cleaners, optical effect products, degreasers, disinfectants, de-foaming agents, deodorizers and other refinery specific cleaners. Attributing to their various functions and applications, industrial cleaners are widely used across different industries such as oil & gas, petrochemical, food & beverage, chemical, sugar, textile and other manufacturing industries.

The global industrial cleaners market is estimated to grow at a CAGR of 5.2% between 2018 and 2028, reaching a market value of US$ 32.45 Bn by the end of the forecast period. Growth in various manufacturing industries is expected to drive the growth of the industrial cleaners market during the forecast period.

Industrial Cleaners Market Analysis by Product Type

In terms of product type, the degreasers segment is expected to remain prominent in the global industrial cleaners market, and account for approximately a 35.9% share by 2018 end. The segment is projected to grow at a CAGR of 5.9% between 2018 and 2028. The demand for degreasers is expected to increase and remain prevalent as compared to that for other industrial cleaners, due to the diverse applications of degreasers in numerous end-use industries. Degreasers are commonly used in machinery and equipment with moving parts to remove grease and clean the surface from other impurities.

Industrial Cleaners Market Analysis by End-Use Industry

On the basis of end-use industry, other manufacturing and oil & gas industries are expected to be the prominent segments in the industrial cleaners market, due to the presence of a large number of manufacturing industries. Recovery of oil & gas prices has been contributing towards the growth of the oil & gas industry, which is driving the demand for industrial cleaners in this segment. The other manufacturing segment covers various other consumer goods, automobile and other manufacturing industries, which are witnessing exponential growth, due to the increase in urban population and industrialization across growing economies.

Industrial Cleaners Market Analysis by Region

From a regional standpoint, China is pegged to be a prominent region in the industrial cleaners market, in terms of market growth. The ever-growing Chinese economy, coupled with the growing number of manufacturing industries in the region, is expected to contribute towards the increasing demand for industrial cleaners. South East Asia & Pacific and India are also expected to drive the industrial cleaners market over the forecast period. In terms of market share, North America is expected to be a prominent industrial cleaners market, due to the presence of a large number of industries in the region.

Industrial Cleaners Market Structure                                             

The global Industrial cleaners market is highly fragmented due to the presence of a large number of global and domestic players across various regions. The tier-I players account for approximately 25-27% of the global industrial cleaners market, while other global and domestic players account for the remaining 73-75% of the market share. Some of the global players in the industrial cleaners market are BASF SE, Croda International plc, Huntsman Corporation, Solvay S.A., The Dow Chemical Company, Evonik Industries AG, Mitsubishi Chemical Holdings Corporation, Akzo Nobel N.V., Clariant, Ecolab, 3M Company, Stepan Company, Quaker Chemical Corporation, Kao Chemicals GmbH, Neos Company Limited and WVT Industries.