The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry.
The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
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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.
Market Drivers and Restraints
The global home care chemicals market is primarily driven by factors such as mass urbanization, expanding the middle class population, broadened product applications, growing demand for home care products in institutional and foodservice sectors and increasing awareness about health and hygiene. However, restraints faced by the global home care chemicals market are stringent government regulations and limitations on input costs and prices. Moreover, increasing use of green products and eco-friendly formulations is set to gain pace in global home care chemicals market.
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The global home care chemicals market is valued at US$ 16.1 billion in 2014 and is projected to grow at a CAGR of 4.6% during the forecast period and reach a value of US$ 21.1 billion by 2020. The global home care chemicals market is segmented on the basis of region, by product type, and by the end use application.
By product type, the global home care chemicals market is segmented into surfactants, solvents, pigments, other additives and other chemicals. Among these, surfactants accounted for approximately 62.0% of revenue market share in 2014. Surfactants segment is expected to dominate the global home care chemicals market and accounts for US$ 13.4billion by 2020, exhibiting a CAGR of 5.1% between 2015 and 2020, followed by solvents and pigments. Solvents segment is the second-largest product type in terms of revenue and is expected to retain its position at a CAGR of 4.4% through the forecast period.
By end-use application, the global home care chemicals market is segmented as Laundry/Fabric care, hard surface cleaning, dishwashing and other end use applications such as air care, auto care and so on. Among all the aforementioned segments, Laundry/Fabric care is expected to dominate the home care chemicals market with over 53% market share through the forecast period. This growth is attributed to rising awareness about cleanliness and increasing income levels. Hard surface cleaning application is projected to witness a CAGR of 5.3% between 2015 and 2020.
Region-wise, Asia Pacific dominated the global home care chemicals market and accounted for US$ 6.1 billion in 2014 and is expected to continue its dominance during the forecast period, followed by Europe and North America. Asia pacific owing to its population explosion is projected to witness a CAGR of 7.3% during the forecast period.
Key players in the global home care chemicals market include:
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