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 widely used in the formulations of dishwashing products, laundry or fabric care agents, surface cleaners, and other institutional, industrial, and household cleaning products. Extensive use of these products is estimated to drive the global home care chemicals market at a modest 4.60% CAGR from 2014 to 2020, according to Persistence Market Research (PMR).
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Mass Urbanization Driving Demand for Home Care Chemicals
One of the primary forces propelling the global home care chemicals market is mass urbanization and the expansion of the middle class. The middle-class population is characterized by an increase in disposable income and growing awareness about hygiene, health, and cleanliness, which in turn boosts the demand for home care chemicals. Other factors responsible for the development of the global market include a rise in the number of product applications, increasing demand from the foodservice and institutional sectors, and growing demand for eco-friendly formulations of home care chemicals. However, restrictions pertaining to input costs and prices and stringent government regulations are likely to impede the growth of the home care chemicals market.
Rapid Growth in Store for Asia Pacific Home Care Chemicals Market
The global market for home care chemicals is geographically segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Amounting to US$6.1 bn in 2014, Asia Pacific emerged as the leading regional segment of the home care chemicals market, followed by North America and Europe. Fueled by growing awareness regarding hygiene among the burgeoning middle-class population, Asia Pacific is anticipated to retain its lead over the coming years, expanding at a healthy 7.30% CAGR from 2014 to 2020.
Surfactants Most Widely Used Home Care Chemical Product
The home care chemicals market is segmented on the basis of product type into surfactants, solvents, pigments, additives, and others. Accounting for a massive 62.0% share of the overall revenue in 2014, surfactants formed the largest product segment of the home care chemicals market. This segment is anticipated to grow to a value of US$13.4 bn in the next five years, developing at a 5.10% CAGR. In terms of revenue, solvents came in second and this segment is projected to register a 4.40% CAGR during the period from 2015 to 2020, according to PMR.
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Laundry and Fabric Care Dominant End-use Application Segments
Based on end-use application, the home care chemicals market is fragmented into hard surface cleaning, dishwashing, fabric and laundry care, and others including air care and auto care. Accounting for a share of more than 53.0% in 2014, laundry and fabric care dominate the home care chemicals market in terms of end-use application. Increasing income levels and growing awareness about cleanliness are responsible for the growth of this segment. Hard surface cleaning is also a major end-use application of home care chemicals and this segment is forecast to rise at a 5.30% CAGR from 2015 to 2020.
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Some of the most prominent companies competing in the global home care chemicals market are BASF SE, Huntsman Corporation, Akzo Nobel N.V., The Dow Chemical Company, Solvay S.A., Evonik Industries, Ashland Inc., Croda International Plc., Lubrizol Corporation, and Clariant AG.
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