by The global disinfectants market is estimated to be valued at US$30 million in 2019 and is projected to grow at a CAGR of 6.0% during the forecast period 2020-2027, according to a new report by Coherent Market Insights.
Market Overview:
Disinfectants are chemical substances that are used to eliminate or reduce the growth of microorganisms on various surfaces. They play a crucial role in maintaining cleanliness and preventing the spread of infectious diseases. The increasing awareness about hygiene and the importance of disinfection practices in various industries such as healthcare, food processing, and household applications is driving the demand for disinfectants. These products offer advantages such as sanitization, elimination of harmful pathogens, and prevention of cross-contamination.
Market Key Trends:
One key trend observed in the disinfectants market is the growing preference for eco-friendly and sustainable disinfectant products. With increasing environmental concerns and regulations, consumers are seeking more sustainable alternatives that are less harmful to the environment and human health. This trend has led to the development and adoption of disinfectants made from natural or organic ingredients, as well as those that are biodegradable and environmentally friendly.
Porter’s Analysis
Threat of new entrants: The disinfectants market is highly competitive and saturated with a few key players dominating the industry. The high initial capital investment required to set up manufacturing facilities and obtain regulatory approvals makes it difficult for new entrants to penetrate the market. Additionally, the well-established brands and loyal customer base of existing players create a significant barrier to entry.
Bargaining power of buyers: Buyers in the disinfectants market have moderate bargaining power due to the availability of numerous product options and the low switching costs associated with these products. Buyers can easily compare prices and quality among different brands and suppliers, which puts pressure on suppliers to offer competitive prices and high-quality products.
Bargaining power of suppliers: Suppliers in the disinfectants market hold moderate bargaining power. While there are many suppliers of raw materials and chemicals used in the production of disinfectants, some key ingredients may be sourced from a limited number of suppliers. This gives the suppliers leverage in negotiating prices and terms of supply. However, the presence of numerous alternative suppliers and the ability of manufacturers to switch suppliers reduce the supplier’s bargaining power to some extent.
Threat of new substitutes: The threat of new substitutes in the disinfectants market is relatively low. Disinfectants play a crucial role in maintaining hygiene and preventing the spread of diseases, and there are limited alternatives available that can effectively replace disinfectants. Moreover, the stringent regulations and standards set by regulatory bodies make it challenging for new substitutes to enter the market.
Competitive rivalry: The disinfectants market is highly competitive, characterized by intense rivalry among key players. The market is consolidated, with major companies holding a significant market share. These companies engage in aggressive marketing strategies, product innovations, and acquisitions to maintain their market dominance and gain a competitive edge. The competition within the market is expected to remain high, driving further innovation and product development.
Key Takeaways
The global Disinfectants Market Size is expected to witness high growth, exhibiting a CAGR of 6.0% over the forecast period (2020-2027). The increasing focus on hygiene and sanitation, particularly in healthcare facilities, is driving the demand for disinfectants. The recent outbreak of the COVID-19 pandemic has further boosted the demand for disinfectants as individuals and organizations prioritize cleanliness to prevent the spread of the virus.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the disinfectants market. The region has a well-developed healthcare infrastructure and stringent regulations regarding hygiene and sanitation. The increasing consumer awareness regarding cleanliness and rising healthcare expenditure contribute to the growth of the disinfectants market in North America.
Key players operating in the disinfectants market include Solvay S.A., Unilever Group, Evonik Industries AG, 3M Company, Procter & Gamble Corporation, dowdupont Inc., Lanxess AG, BASF S.E., The Clorox Company, and Reckitt Benckiser Plc. These companies have established their presence in the market through extensive product portfolios, strong distribution networks, and continuous innovation. They constantly strive to gain a competitive advantage by introducing new and advanced disinfectant products to meet the evolving consumer demands.
In conclusion, the disinfectants market is poised for significant growth in the coming years, driven by increasing hygiene awareness and the need for effective disease prevention. The market is highly competitive, with key players focusing on innovation and strategic partnerships to gain a larger market share. The regional analysis highlights North America as the fastest-growing region in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
