NEWARK, Del, March 13, 2024 (GLOBE NEWSWIRE) -- The global industrial cleaning solvent market size is poised for significant growth, achieving US$ 1.3 billion in 2024. The industrial cleaning solvent sales is expected to witness a CAGR of 4.8% from 2024 to 2034. By 2034, the demand for industrial cleaning solvent is anticipated to reach a valuation of US$ 2.0 billion.
The demand for industrial cleaning solvents continues to rise due to end-use industry demand, rapid industrial development, and workplace hygiene programs. The industrial cleaning solvent market has expanded globally owing to all these factors.
The primary factor propelling the demand for industrial cleaning chemicals in the healthcare sector is the rising costs incurred by individuals for healthcare.
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Using specially designed, safe cleaning agents is necessary to ensure that hospitals always maintain the most stringent standards of sanitization and sanitation. Innovative and secure premium cleaning chemical products are developed due to the sharp increase in demand for industrial cleaning solvents in the healthcare industry.
Regional Outlook
- The demand for eco-friendly industrial cleaning solvents is steadily rising in Asia Pacific due to strict policies supporting sustainable practices. Asia Pacific industrial cleaning solvent market growth is attributed to increasing investments in the electronics and automotive industries.
- Safer and more environmentally friendly solvents are in high demand in Europe as people become increasingly aware of the harmful consequences of traditional solvents. The Europe market is witnessing increased demand for industrial cleaning solvents designed for particular uses in industries such as pharmaceuticals and aerospace.
- Growing corporate social responsibility and sustainability agendas in North America are stirring demand for industrial cleaning solvents and boosting demand for eco-friendly solvent substitutes. Increasingly, North America providers are compelled by strict safety and environmental restrictions to invest in research and development of industrial cleaning solvents that are both non-toxic and biodegradable.
“Due to expanding industrialization, stricter regulations, and an increased focus on sustainable practices, the industrial cleaning solvent market is expected to rise steadily. The increasing need for effective cleaning solutions across various industries prompts growth and innovation in the industrial cleaning chemical market.”, says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
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Key Takeaways
- The manufacturing and commercial offices segment in the end use industry category is envisioned to evolve at a CAGR of 4.4% between 2024 and 2034.
- In the application category, the general and medical device cleaning segment is likely to exhibit a CAGR of 4.6% from 2024 to 2034.
- South Korea industrial cleaning chemical market is anticipated to boost at a CAGR of 6.5% between 2024 and 2034.
- Japan industrial cleaning solvent market is likely to exhibit a CAGR of 6.3% through 2034.
- The United Kingdom industrial cleaning chemical market is envisioned to develop at a CAGR of 6.0% from 2024 to 2034.
- China sales of industrial cleaning solvent are expected to strengthen at a CAGR of 5.5% through 2034.
- The United States industrial cleaning solvent market is anticipated to thrive at a CAGR of 5.1% through 2034.
Competitive Landscape
Technological improvements, regulatory demands, and environmental concerns are some factors that propel the fierce competition in the industrial cleaning solvent industry. Prominent industrial cleaning solvent providers seek market supremacy by forming lucrative partnerships, expanding distribution networks, and developing innovative formulas.
Market forces such as pricing tactics, supply chain efficiency, and customer service significantly shape the competitive edge. The market is becoming more viable as industrial cleaning solvent manufacturers prioritize sustainability and safety while investing more in environmentally friendly solutions to suit changing customer needs and regulatory requirements.
Noteworthy Developments
- At its Ludwigshafen Verbund facility, BASF launched a new methane sulfonic acid production facility in May 2022.
- The tertiary amine capacity expansion at Eastman Chemical Company was completed in February 2022. Its manufacturing facility in Ghent grew as a result, becoming the leading tertiary amine facility on the planet.
Industrial Cleaning Solvent Market Key Players
- Royal Dutch Shell Plc
- Eastman Chemical Company
- LyondellBasell Industries Holdings B.V
- Ashland Global Holdings Inc
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Key Segmentation of the Industrial Cleaning Solvent Market
By Application:
- General and Medical Device Cleaning
- Metal Cleaners
- Disinfectants
- Commercial Laundry
- Food Cleaners
- Others
By End-use industry:
- Manufacturing and Commercial Offices
- Healthcare
- Retail and Food Service
- Hospitality
- Automotive and Aerospace
- Food Processing
- Others
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Authored By
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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