Industrial Cleaning Solvents Market worth $1.4 billion by 2028 Globally, at a CAGR of 4.3%, says MarketsandMarkets™
Chicago, Oct. 13, 2023 (GLOBE NEWSWIRE) — The Global Industrial Cleaning Solvents Market is estimated to grow from USD 1.1 billion in 2022 to USD 1.4 billion by 2028, at a CAGR of 4.3%, as per the recent study by MarketsandMarkets™. The demand for industrial cleaning solvents is increased due to speedy industrial development, increased demand in end-use industries, and hygiene initiatives at place of work. These factors have all impacted to the global expansion of the industrial cleaning solvents market.
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Browse in-depth TOC on “Industrial Cleaning Solvents Market”
273 – Market Data Tables
59 – Figures
290 – Pages
List of Key Players in Industrial Cleaning Solvents Market:
- Exxon Mobil Corporation (US)
- Shell plc (UK)
- BASF SE (Germany)
- Dow Inc. (US)
- Lyondellbasell Industries N.V. (US)
Drivers, Opportunities and Challenges in Industrial Cleaning Solvents Market:
- Drivers: mounting demand from end-use industries for cleaning applications
- Restraint: strict government and ecological regulations
- Opportunity: Growing need for bio-derived cleaning solvents
- Challenge: Harmfulness of some solvents
Key Findings of the Study:
- General & medical device Cleaning was the largest application of the industrial cleaning solvents market, in terms of value, in 2022
- Manufacturing and commercial offices is estimated to be the largest end-use industry segment of the industrial cleaning solvents, in terms of value, during the forecast period.
- Asia Pacific is estimated to be the largest market for the industrial cleaning solvents market, in terms of value, during the forecast period.
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Based on application, the industrial cleaning solvents market is segmented into general & medical device cleaning, metal cleaners, disinfectants, commercial laundry, food cleaners, and others. The general & medical device cleaning segment accounted for the largest market share, in terms of both value and volume, in 2022. Solvents are used in general & medical device cleaning, due to their effectiveness and antimicrobial properties. Also, they are safe, evaporates quickly, and leaves no residue on surfaces which makes the solvents more suitable for cleaning in general & medical device cleaning. Due to which the general & medical device cleaning account for the majority of the market share.
Based on end-use industry, the industrial cleaning solvents are segmented into manufacturing & commercial offices, food processing, automotive & aerospace, retail & food service, healthcare, hospitality and others. Manufacturing and commercial offices was the largest end-use industry in 2022, in terms of value. This is mainly due to solvents are extensively used in cleaning applications in manufacturing and commercial offices for metal cleaning, general cleaning, commercial laundry, food cleaning and others. Thus, the among other end-use industry segments manufacturing and commercial offices hold the largest share in industrial cleaning solvents.
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Based on region, Asia Pacific dominated the industrial cleaning solvents market, in terms of both value and volume, in 2022 due to the development of end-use industries, favorable government regulations, and growing demand from commercial sector. Thus, the demand for industrial cleaning solvents is increased. Likewise, the Asia Pacific is projected to be the fastest growing market, in terms of value, during the forecast period 2023 to 2028.
The key players profiled in the report include Exxon Mobil Corporation (US), Shell plc (UK), BASF SE (Germany), Dow Inc. (US), and Lyondellbasell Industries N.V. (US). The requirement of industrial cleaning solvents is raising due to growing population and rising environmental concerns, and technological advancements. Also, the growing demand for bio-derived and green industrial cleaning solvents and developed cleaning technologies industry are the key opportunities for the key players. Likewise, to tap these opportunities key players should focuse on new innovations and manufacturing of bio-derived cleaning solvents.
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CONTACT: About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 Email: [email protected]
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