Rising demand for domestic cleaning products for floors, walls, washing dishes, cleaning clothes, etc., is expected to boost sales of home care chemicals over the coming years. Surfactants, solvents, and additives are the key types of home care chemicals that are used in the production of dishwashing, surface cleaning, and laundry care products. Further, growing population and rising urbanization are also expected to boost demand of home care chemicals over the coming years. The global home care chemicals market is expected to expand at a CAGR close to 5% over the assessment period of 2021 and 2031.
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Key Takeaways from Market Study
- Demand for home care chemicals is anticipated to increase at a significant growth rate over the coming years due to increasing demand from laundry care, surface cleaning, and dishwashing product manufacturing industries.
- Surfactants are anticipated to remain a key product type in the market, owing to high consumption in laundry and dishwashing applications.
- With growing demand for proper washing of clothes and fabric, consumption of home care chemicals is also expected to witness considerable growth during the assessment period.
- Asia pacific is expected to remain a key region across the global market. Presence of a fair share of key manufacturers is also driving market expansion in this region.
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Competitive Landscape
The global home care chemicals market has been identified as a moderately fragmented space, with prominent market participants accounting for a significant share. However, they do not single-handedly dominate the market. Some of the leading players included in the report are BASF SE, Ashland Inc., Solvay S.A., DOW Chemicals, Evonik Industries AG, Clariant AG, Croda International, Lubrizol Corporation, and Huntsman Corporation. The presence of a large number of local and regional market participants is expected to create a tough competitive environment at the global level.
Conclusion
Growing demand for cleanliness and rising awareness regarding maintaining hygiene are anticipated to drive the market of home care chemicals. Increasing laundry care facilities across the globe are also expected to consume a substantial amount of home care chemicals. Rising purchasing power of the middle-class population all over the globe is anticipated to further drive demand for home care chemicals over the coming years.
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