The growth of alcohol based disinfectants market is ascribed to the rising awareness about health and the connection between health and cleanliness, says this report.
Selbyville, Delaware, July 29, 2020 (GLOBE NEWSWIRE) -- Based on Global Market Insights Inc., report, the alcohol based disinfectants market was estimated at $1.75 billion in 2019 and is expected to exceed $3.75 billion by 2026, registering a CAGR of 11% from 2020 to 2026. The report provides a thorough analysis of the drivers and opportunities, key winning strategies, market estimations as well as size, major investment avenues, competitive scenarios, and wavering industry trends.
According to industry analysis, alcohol-based disinfectants is observing unprecedented demand across the world owing to the rapidly expanding COVID-19 pandemic. According to the precautionary measures published by the WHO, the general population is purchasing hand sanitizers more frequently. In addition, the trend of panic bulk buying has also been observed in the past two quarters. This, in turn, is likely to significantly drive the alcohol based disinfectants market growth till the time virus is contained, which might take the next five to six quarters.
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Even after controlling the spread of the virus, the YOY (year over year) growth trend for the estimated period is projected to be more than the historical trend because of the rising level of awareness among consumers regarding hygiene.
Key reasons for alcohol-based disinfectants market growth:
- Favorable government initiatives towards improving public health.
- Rising demand for hand sanitizers and disinfectants.
- Growing health awareness among individuals.
2026 forecasts anticipate the ‘residential’ application segment showing appreciative growth:
In 2019, the residential sector represented a market share of nearly 24% with projections estimating that it is set to witness high growth owing to rising penetration of disinfectants for sanitizing and cleaning purposes in household products. With rising health awareness among individuals, the alcohol based disinfectants market demand is likely to increase over the coming years.
Asia-Pacific & Europe to witness remunerative growth:
On the regional front, the Asia Pacific region secured the highest sales in the alcohol based disinfectants market and the it is further estimated to show significant growth due to the increasing health awareness in the region. Moreover, in terms of market value share, APAC is anticipated to lead the industry.
The alcohol disinfectant market in Europe was valued at approximately $455 million and likely to exhibit substantial gains of over 10.5% through the analysis timeframe.
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Leading market players:
Prominent market players analyzed in the alcohol based disinfectants industry report include Acuro and Organics, Johnson & Johnson, BODE Chemie GmbH, Ecolab Inc., and 3M Company among others. They have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.
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