Dublin, Nov. 02, 2023 (GLOBE NEWSWIRE) -- The "Industrial Cleaning Solvents Market by Application (General & Medical Device Cleaning, Metal Cleaners, Disinfectants, Food Cleaners), End-use Industry (Manufacturing and Commercial Offices, Healthcare,), & Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global Industrial Cleaning Solvents market is poised for substantial growth, with a projected value of USD 1.4 billion by 2028, up from USD 1.1 billion in 2022. This estimated growth reflects a Compound Annual Growth Rate (CAGR) of 4.3% from 2022 to 2028. Key factors driving this expansion include rapid global industrial development and a renewed emphasis on maintaining meticulous workplace hygiene.
Key Points:
- Fast-Growing General & Medical Device Cleaning: The General & Medical Device Cleaning sector is expected to experience the fastest growth within the Industrial Cleaning Solvents market. Strict government regulations regarding medical device disinfection have led to increased demand for high-quality cleaning solvents that leave no residue and ensure cleanliness.
- Asia Pacific at the Forefront: Asia Pacific is the largest and projected to be the fastest-growing region for the Industrial Cleaning Solvents market. The region's growing population, improving living standards, and rapid industrial development are driving the demand for cleaning solutions.
General & Medical Device Cleaning in the Spotlight: The General & Medical Device Cleaning segment is expected to be the fastest-growing application within the Industrial Cleaning Solvents market, both in terms of value and volume. This growth is primarily attributed to government regulations and standards regarding the disinfection and cleaning of medical devices in hospitals, industries, and commercial offices. Industrial cleaning solvents are well-suited for this application due to their residue-free cleaning and effectiveness.
Asia Pacific Leading the Way: Asia Pacific is positioned as the largest and fastest-growing region for the Industrial Cleaning Solvents market in terms of value. The region's increasing population and improving living standards have accelerated industrial development, which, in turn, has driven the demand for cleaning solutions. Moreover, the relatively less strict government regulations in the Asia Pacific, as compared to North America and Europe, contribute to the market's growth. Access to raw materials and rapid urbanization further fuel the demand for industrial cleaning solvents.
This market report provides in-depth insights into key industry players, emerging market segments, and regions. It offers comprehensive product development details and equips businesses with robust knowledge to make strategic decisions backed by a deep understanding of market drivers, constraints, and emerging opportunities.
Competitive landscape
The key players profiled in the report include Exxon Mobil Corporation (US), Shell plc (UK), BASF SE (Germany), Dow Inc. (US), LyondellBasell Industries N.V. (US), Evonik Industries AG (Germany), Solvay S.A. (Belgium), Clariant AG (Switzerland), Ashland Inc. (US), and among others.
Premium Insights
- Asia-Pacific to Lead Industrial Cleaning Solvents Market During Forecast Period
- Asia-Pacific to Lead Market During Forecast Period
- China Accounted for Largest Market Share in 2022
- General & Medical Device Cleaning Dominates Industrial Cleaning Solvents Market Across Regions
- India to be the Fastest-Growing Market in Asia-Pacific During Forecast Period
Market Dynamics
Drivers
- Rapid Industrial Growth
- Increasing Demand from End-use Industries
- Workplace Hygiene Initiatives
Restraints
- Stringent Government and Environmental Regulations
Opportunities
- Growing Demand for Green & Bio-based Industrial Cleaning Solvents
- Advanced Cleaning Technologies
Challenges
- Toxicity of Solvents
- Reduced Production Capacity and Lack of Workforce for Industrial Cleaning
- Volatility in Raw Material Prices
Company Profiles
- AGC Chemicals
- Akzo Nobel N.V.
- Ashland Inc.
- BASF SE
- Braskem SA
- CRC Industries
- Dow Inc.
- Eastman Chemical Company
- Evonik Industries AG
- Exxon Mobil Corporation
- Hitachi High-Tech Corporation
- Honeywell International Inc.
- INEOS Group Holdings SA
- Innospec Inc.
- Johnson Matthey PLC
- LG Chem, Ltd.
- LyondellBasell Industries N.V.
- Merck & Co. Inc.
- Mitsui Chemicals Inc.
- Monarch Chemicals Ltd.
- Olin Corporation
- PPG Industries, Inc.
- Sasol Limited
- Royal Dutch Shell PLC
- Shin-Etsu Chemical Co. Ltd.
- Solvay SA
- Stepan Company
- The Chemours Company
- Westlake Corporation
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 280 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $1.1 Billion |
| Forecasted Market Value (USD) by 2028 | $1.4 Billion |
| Compound Annual Growth Rate | 4.3% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/1y4mj4
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