The global market for commercial cleaning products is expected to grow to around C$45 billion by 2028 with a compounded annual growth rate (CAGR) of 9.7 per cent, according to a new report from market research firm Research and Markets.
The study found the growth is mainly attributed to rising urbanization in developing economies. Growing investments by countries in constructing office buildings, hotels, retail stores, and other commercial infrastructure are predicted to result in the subsequent increased demand for various types of cleaning products.
The surface cleaning products segment, in particular, accounted for the largest share of 44 per cent in 2020 and is expected to expand at a CAGR of over 10 per cent during the forecast period, according to the report. That is due to a large variety of surface tops being introduced in modern construction projects and the consequential need for different cleaning solutions.
Another recent report from Fact.MR suggested that the North American surface cleaning products market is expected to lead the way, and accounted for approximately 30 per cent of global sales in 2021. That analysis’ conclusions reflected the fact that the cleaning products market has gained massive importance due to the onset of the COVID-19 pandemic.
Meanwhile, yet another report, this one from MarketsandMarkets, predicted that the industrial cleaning chemicals market will reach C$77 billion by 2026, at a CAGR of 5.1 per cent. This spans not only commercial facilities but other sectors including hospitals and hotels. That report predicted that surfactants will be the fastest-growing ingredient type in the industrial cleaning chemicals market, while the general cleaning and medical device cleaning segment will be the fastest-growing product type.
Additionally, the Research and Markets report found that during the forecast years, cleaning products that act as disinfectants and sanitizers are likely to see a significant increase in demand from well-publicized epidemics, such as the Ebola virus, swine flu, the Zika virus, and coronavirus.
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The report additionally notes there has been a shift in terms of economic growth from the West to potential emerging markets in the past decade, substantially increasing the growth of new businesses across the globe.
