Home care chemicals are used in various home or institutional cleaning applications such as surface cleaning, laundry or fabric cleaning, and dishwashing, among others. Home care chemicals are composed of disinfectants, solvents, pigments, and other additives. Increasing awareness and health consciousness has increased market opportunities for home care chemicals through demand for home care products.
The global home care chemicals market was worth more than US$16 billion in 2014. Due to the strong demand figures, it is expected to grow at a CAGR of 4.6% between 2015 and 2020, according to data released by leading market research firm Persistence Market Research.
Expansion of Middle Class and Growing Product Availability Driving Home Care Chemicals Market
Increase in the disposable income of the growing middle class is dictating market trends for home care chemicals due to the resultant boost in demand. This is particularly evident in APAC nations, where urbanization and economic development is propelling the middle class. Government initiatives for general hygiene awareness and enhanced capabilities of new home care products are all major drivers for the global home care chemicals market.
Earlier, home care chemicals were related only to laundry care, dishwashing, and hard surface cleaning. Novel formulations also relate to air fresheners, waxes related to car care, products for different surfaces including floor, metal, wood, and furniture polishing, among others. There is amplified demand from these applications for home care chemicals, helping the global market post strong sales figures.
By 2020, 61% of the global population is expected to be urbanized. According to World Bank estimates in 2011, the middle class tallied around 72% of the world’s population, in comparison to a relatively paltry 22% in 1990. There is consequent increase in demand for better home care chemicals and this population segment is predicted to become a prominent end user of these products.
Surfactants Lead Global Home Care Chemicals Market with 60% Share
The segments for home care chemicals by product type in the global market are solvents, pigments, surfactants, other chemicals, and additives. Surfactants had a 60% revenue share in the market in 2014 and are estimated to lead the global home care chemicals market, growing at a CAGR of 5.1% between 2015 and 2020. The surfactants segment will account for US$13.4 billion at the end of the forecast period. The segments of solvents and pigments will follow surfactants as the leading product categories. End-use segments of home care chemicals include dishwashing, hard surface cleaning, laundry/fabric care, and auto and air care, among others. Within this segment, laundry/fabric care is estimated to lead the home care chemicals market by accounting for 53% of the market during the period forecasted.
Latin America, APAC to Emerge as Global Leader according to Geography
European nations are forecast to contribute one fourth of the global home care chemicals market in terms of revenue. Underdeveloped living conditions in the MEA region could hamper the growth of home care chemicals companies, whereas Latin America has remarkable growth opportunities in the industry. Like Asia Pacific, the growing middle class population in Latin America is expected to help the home care chemicals market in the region.
The major players in global home care chemicals market set to expand their global presence are Evonik Industries AG, Solvay S.A., Clariant AG, BASF SE, The Dow Chemical Company, Ashland Inc., Croda International Plc., Akzo Nobel N.Z. Lubrizol Corporation, and Huntsman Corporation.
Browse the full Global Home Care Chemicals Market report at https://www.persistencemarketresearch.com/market-research/home-care-chemicals-market.asp