Analysis of Potential Impact of COVID-19 on Surface Disinfectant Market
Transparency Market Research states the global surface disinfectant market is prophesized to witness a notable growth in the future years due to the increasing implementation of hygiene and cleanliness rules as per implemented by the state authorities. The competitive landscape of the market is largely fragmented with the presence of many players in the market. Major players are focusing on new marketing strategies in order to strengthen their base and use advanced technology so as to generate more revenue in the future.
Some of the leading players of the global surface disinfectant market are Johnson & Johnson Services Inc., Procter & Gamble, Reckitt Benckiser Group plc, The Clorox Company, GOJO Industries, Inc., and Whiteley Corporation. Players are looking for merger and acquisition strategies in order to achieve better hold of the market and generate better revenue figures which ultimately will lead to dominance all over the globe.
According to reports by TMR, the global surface disinfectant market is anticipated to be valued at US$1.77 bn by 2024. The forecast period considered for this report is 2016 – 2024 and the market is projected to witness a notable 10.40% CAGR.
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As per the segmentation by products, the market may generate more revenue from the sodium hypochlorite-based disinfectants segment and is prognosticated to continue its dominance over the next years. On the basis of end user, the global market for surface disinfectants is expected to be dominated by the hospitals segment. This is because of the continuous need for cleanliness and hygiene maintenance in the hospital premised at all times in order to stay away from germs that are usually more in number in places like hospitals as compared to other places.
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Geographically, the global surface disinfectant market is anticipated to be dominated by the Asia Pacific region. This is owing to the increase in disposable income of people along with the rising awareness and importance of cleanliness in and around the surroundings. Besides, the rise and demand of the construction sector in the region is also expected to drive the growth of surface disinfectants market in the region. It is estimated that the Asia Pacific region could take the lead in the market while exhibiting an 11.3% CAGR during the forecast period.
Rise in Geriatric Population and Following Chronic Diseases to Fuel Market Growth
The rise in number of chronic diseases and their henceforth coming surgical procedures is among the main factors boosting the growth of the surface disinfectant market in the long run. The rise in the number of geriatric population and the surge in the number of chronic diseases are also envisaged to fuel the market in the future years. Moreover, new product development and innovative inventions in the field of disinfectants are also attracting consumers in the market.
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Apart from that, the emerging nations are focusing more in construction of better healthcare infrastructures like specialty clinics and hospitals where there is the constant need for cleanliness and hygiene. Other than that, the growing awareness of cleanliness is next to godliness and government imposing such rules and safety measures are also creating high requirement of surface disinfectants in the market. Such strict cleanliness regulations is more likely to boost the overall market globally.
Advanced Medical Instruments and Rise in Sterilization to Hamper Market Growth
The increase in the number of sterilization and disinfection of many advanced medical instruments may act as a hindrance to the overall growth of the market. However, increasing awareness regarding infection control may positively help the market to generate more to the most revenue in the years to come.
The review presented above is based on a TMR report, titled, “Surface Disinfectant Market (Product – Sodium Hypochlorite, Phenols, Quaternary Ammonium Compounds, Hydrogen Peroxide, Peracetic Acid, Biguanides, Amphoterics, and Aldehydes; Type – Liquids, Sprays, and Wipes; Application – Hospitals & Clinics, Outpatient Surgical Centers, Restaurants & Food Chains, and Households) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 – 2024”.
