Increasing inclination of the masse towards health and hygiene has offered significant opportunities for the global home care chemicals market. Surfactants, pigments, solvents, and many other additives and chemicals comprise various types of home care chemicals products, which find application in various home care items and institutional cleaning products. Rising purchasing power parity among the middleclass section further boosts the demand for enhanced home care chemicals in the global market. Attributed to such factors, home care chemicals products have gained significant prominence in the home care industry. The global home care chemicals market is projected to expand at a CAGR of 5% over the forecast period of 2020 to 2030.
Home Care Chemicals Market Drivers
Cleanliness is an imperative process of our daily routine, which has led to an increasing inclination toward health and hygiene. Primarily, rising consumer preference toward home care chemicals for maintaining a healthy lifestyle, the global market is estimated to witness significant growth over the coming years. In addition, mass urbanization and improved and healthy lifestyles have further led to increased demand for home care chemical products. Application of a range of home care chemical products are found across hospitals and clinics for dual purposes of cleanliness and as disinfectants. Such factors are estimated to contribute significantly toward the growth of the home care chemicals market in the coming years.
Increasing media penetration and literacy, in parallel to government initiatives toward the application of advanced technologies in the home care industry is expected to support the growth of the global market. Moreover, application of home care chemicals in floor, metal, and polishing products is predicted to fuel the growth of the market. Furthermore, domestic areas where the process of food preparation is conducted daily are required to be kept clean and hygiene, as ignorance of such practices could adversely affect our health. Such factors are projected to lead to the expansion of the home care chemicals market size over the coming years.
Home Care Chemicals Market Restraints
Stringent government regulations and limitations on prices and input costs are anticipated to restrain the demand for home care chemicals products, which, in turn, are projected to inhibit the growth of the market. In addition, increase in the application of eco-friendly formulations and green products is set to gain pace in the global home care chemicals market, which is estimated to pose challenges throughout the forecast period.
Regional Outlook of Home Care Chemicals Market
On the basis of region, Europe and North America are predicted to be dominant regions in the home care chemicals market over the coming years, and together hold 45% of the global home care chemicals market share. Owing to rapid increase in population in Asia, the region is estimated to progress at a fact face over the next decade. However, owing to poor living conditions and imposition of unfavorable policies by governments in the MEA region, the growth of the home care chemicals market in this region is sluggish. Latin America is estimated to provide tremendous growth opportunities for the home care chemicals market through 2030.
COVID-19 Impact on Home Care Chemicals Market
The COVID-19 pandemic has hit the world hard, with most economies and sectors being adversely affected. However, to combat the spread of the virus, hygiene and cleanliness have gained utmost importance among the masses. As such the demand for home care chemical products has spiked across the world, thereby boosting the growth of the global home care chemicals market as we speak.
Stakeholders in the global home care chemicals market can look to Europe and North America for large returns, as these regions hold a major share in the market space. Laundry, fabric, and hard surface cleaning will experience the most prominence in the home care chemicals market.
Home Care Chemicals Market – Report Scope
Persistence Market Research (PMR) recently published a study report on the global home care chemicals market. The report provides detailed valuation on key market dynamics, such as the drivers, trends, opportunities, and restraints, along with detailed information about the home care chemicals market structure. This market research report presents exclusive facts and figures about how the home care chemicals market will grow over the forecast period (2020 to 2030).
Key indicators of market growth, such as value chain analysis, compounded annual growth rate (CAGR), and year-on-year (Y-o-Y) growth of the market are explained in PMR’s study in a comprehensive manner. This information can help readers understand the quantitative development projections of the home care chemicals market over the forecast period.
The study is relevant for stakeholders in the home care chemicals market, as well as manufacturers, distributors, suppliers, and investors, as it can help them to understand the applicable strategies to grow in the market. Stakeholders, investors, industry experts, researchers, and journalists, as well as business researchers in the home care chemicals market can leverage the information and statistics presented in PMR’s research report.
The report includes facts and figures related to the macro- as well as micro-economic factors that are impacting the growth of the home care chemicals market. The study also offers actionable insights based on the future trends in the home care chemicals market. Furthermore, regional players and new entrants in the home care chemicals market can also use the information presented in this report to make business decisions and gain momentum in the market space.
Key Segments of Home Care Chemicals Market
PMR’s study on the home care chemicals market is divided into three significant segments - product, application, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters related to these categories.
Key Questions Answered in PMR’s Home Care Chemicals Market Report
Home Care Chemicals Market: Research Methodology
In PMR’s research report, an exclusive research methodology is utilized to conduct comprehensive research on the development of the home care chemicals market, and reach conclusions on the future growth factors of the market. In this research methodology, secondary and primary research is utilized by analysts to ensure precision and reliability of the conclusions.
Secondary resources are referred to by analysts during the evaluation of the home care chemicals market study, which comprise facts and figures from the World Bank, OEM websites, government websites, white papers, trade journals, and external and internal databases. Analysts have thoroughly interviewed several industry experts, such as sales supervisors, sales operation managers, product portfolio managers, senior managers, market intelligence managers, marketing/product managers, and production managers to provide insightful information.
Comprehensive information acquired from primary and secondary resources is validated from companies operating in the market, to make PMR’s projections on the growth prospects of the home care chemicals market more accurate and reliable.