Persistence Market Research (PMR) announces the release of its latest report titled, “Global Market Study on Home Care Chemicals: Asia Pacific to Witness Highest Growth by 2020”. According to the report, the global home care chemicals market was valued at US$ 16.1billionin 2014. The global home care chemicals market is expected to reach US$ 21.1billionby 2020, registering a compounded annual growth rate of 4.6% through the forecast period.
Home care chemicals are a class of chemicals that are used in formulations of surface cleaning, fabric care or laundry, dishwashing products among others. Home care chemicals are used in household and institutional cleaning products. Surfactants, solvents, pigments, other additives and other chemicals are typed of home care chemicals. Increasing the inclination of masses towards health and hygiene has created substantial opportunities for home care products, thus driving the demand for home care chemicals. Also, expansion of the middle class, characterized by rising purchasing power parity owing to increasing disposable income, has driven demand for enhanced home care products. Home Care Chemicals has a remarkable presence in the home care industry.
The global Home Care Chemicals market was worth US $ 16.1 billion in 2014 and is expected to register CAGR of 4.6% during the forecast period 2015 and 2020. The expanding middle-class population across the world, particularly APAC nations will positively affect the Home Care Chemicals market. Also increasing media penetration and literacy coupled with government initiatives to boost the use of advanced technologies in the home care industry is a major driver to the global Home Care Chemicals market.
Home care chemicals usage has expanded beyond laundry care, hard surface care and dishwashing products formulations to air fresheners and waxes used in air care and car care applications. Moreover, rising uptake of home care chemicals in metal, floor, and furniture polishing products is expected to fuel the growth of this market over the forecast period.
Consumer chemicals are the parent market of Home Care Chemicals. The consumer chemicals market was valued at around US$ 570.5 billion in 2013.Asia Pacific is forecast to hold half the global home care chemicals market revenue and market share by 2020.Among key regions for Home Care Chemicals, APAC is projected to witness impressive growth in Home Care Chemicals market. The high middle-class population of APAC countries is expected to drive the region’s Home Care Chemicals market by a CAGR double the global Home Care Chemicals market CAGR. According to the World Bank, the global middle-income class population was around 72% of the world’s population in 2011, as compared to 22% in 1990. The middle class worldwide contributed 45% to the world GDP in 2011, as compared to 21% in 1990. Approximately, 61% of the population will be urbanised by 2020 compared to 52% in 2012, demanding better healthcare, foodservice solutions in the near future which are prominent users of home care products.
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European nations are set to contribute a major share towards the Home Care Chemicals market. Europe is forecast to hold a quarter of the global home care chemical market share in terms of revenue. Though EMEA holds immense potential for companies operating in the Home Care Chemicals domain, the poor living conditions and unfavourable government policies in the MEA region can create hurdles in the growth of these companies. With a flourishing healthcare business, Latin America offers tremendous growth opportunities for the Home Care Chemicals industries and is projected to witness a CAGR equal to that of global home care chemicals market.
Currently, the key focus of the major players in the global Home Care Chemicals market is on mergers and acquisitions to expand their geographical presence. Key competitors covered are BASF SE, The Dow Chemical Company, Evonik Industries AG, Solvay S.A., Clariant AG, Lubrizol Corporation, Huntsman Corporation, Croda International Plc., Akzo Nobel N.Z. and Ashland Inc.
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