ALBANY, New York, Jan. 23, 2018 (GLOBE NEWSWIRE) -- The vendor landscape of the global wipes market is largely competitive and features a high scale of concentration in developed markets such as North America and Europe, observes Transparency Market Research in a recent report. Owing to the vast product portfolio comprising a vast variety of wipes serving numerous industrial sectors and strong presence across numerous regional market, Procter & Gamble held the dominant share in the market in 2016.
However, as the market features a large number of companies, the company did not represent a massive share in the market and faces intense competition from vendors such as Johnson & Son, Reckitt Benckiser Group plc, E.I. du Pont de Nemours and Company, and Kimberly-Clark Corporation. To outpace peers, companies are focusing on innovation and development of more effective varieties of products for specific applications in emerging end-use industries. Geographical expansion with the aim of tapping growth opportunities in emerging economies has also emerged as a leading growth strategy.
According to TMR analysts, the global wipes market will register a healthy CAGR of 4.1% over the period between 2017 and 2025, rising from a valuation of US$30,438.4 mn in 2015 to a revenue opportunity of US$44,580.7 mn by 2025.
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Emerging Markets to Account for Rising Share in Consumption
For the past many years, the markets in North America and Europe cumulatively accounted for over half of the global wipes market, while also taking up the top two spots in terms of revenue opportunity. The scenario has remarkably changed in the recent years and the market in Asia Pacific held the top spot in terms of revenue contribution to the global market. Valued at US$ 9314.1 mn in 2015, the market in Asia Pacific has majorly benefitted from rising disposable incomes, a rapid pace of industrialization, increased numbers of urban dwellings, and busy lifestyles. The trend is expected to remain strong over the report’s forecast period as well, with the regional market continuing to command the leading spot.
Of the key areas of application, the demand for wipes in the household sector is expected to remain the highest over the report’s forecast period as well.
Rising Demand for Convenience Products across Emerging Economies to Drive Growth
The vast rise in demands for cleaning and disinfecting wipes across hospitals, household applications, manufacturing industry, and commercial spaces as wipes save time and mitigate the need for water are some of the key factors expected to drive the global wipes market in the next few years. Uptake of wipes is also massively driven by their features such as hygiene, performance, convenience, cost, and disposability. While these factors hold true for consumers across the globe and should reflect as proportionate share of key regional markets in global revenue, the reality shows a different picture.
Wipes of most varieties, including dry, wet, disposable, non-disposable, woven, and non-woven, are considered convenience products instead of a necessity in several emerging and low-income nations. Thus the market presently grosses a large share of its overall revenue from sales across developed economies in the developed regions North America and Europe. While the scenario is not likely to witness a major upheaval in the near future, factors such as rising disposable incomes and the increased availability of a variety of wipes in emerging economies could help the market for wipes gain traction in regions such as Asia Pacific and Latin America over the forecast period.
The report is titled “Wipes Market (Type - Disposable wipes and Non Disposable wipes; Material - Woven and Non-Woven; Other Cleaning Tools - Sourcing Pads, Scrubbers and Sponges, Brooms and Mops, Cleaning Brushes; Application - Household Sector, Industrial Sector (Manufacturing Sector Automotive Sector, Transportation, Food Industry, Education Sector, and Health Care)) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025.”
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