| The report “Industrial Cleaning Solvents Market by Application (General & Medical Device Cleaning, Metal Cleaners, Disinfectants, Food Cleaners), End-use Industry (Manufacturing and Commercial Offices, Healthcare,), & Region – Global Forecast to 2028″, In terms of value, the 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%.
The main drivers which are driving the industrial cleaning solvents market are fast industrial development, hygiene initiative at place of work, and mounting demand from end-use industries for cleaning applications.
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Some of the prominent key players are: · Exxon Mobil Corporation (US) · Shell plc (UK) · BASF SE (Germany) · Dow Inc. (US) · Lyondellbasell Industries N.V. (US) Driver: Mounting demand from end-use industries for cleaning applicationsBased 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. General & medical device Cleaning was the largest application of the industrial cleaning solvents market, in terms of value, in 2022 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.
Asia Pacific is estimated to be the largest market for the industrial cleaning solvents market, in terms of value, during the forecast period 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 Exxon Mobil Corporation (US), Shell plc (UK), BASF SE (Germany), Dow Inc. (US), and Lyondellbasell Industries N.V. (US). The major market players given a high priority on incorporating new technologies to keep up with the changing demands of the industrial cleaning solvents around the world. To develop their market position in the industry, these players have adopted a range of growth strategies such as initiating new product development, forming collaborations and partnerships, acquiring other companies, and expansions. These tactics have been utilized to develop their market share in the industrial cleaning solvents industry. BASF SE is one of the world’s largest chemical company BASF SE is one of the world’s largest chemical company, with a broad range product portfolio. Overall, its product range serves various industries including agriculture, automotive & transportation, chemicals, coating solutions, furniture & wood, home care and cleaning, nutrition, packaging & prints, paint & coatings, leather & footwear construction, electronics & electric, energy & resources, pharmaceuticals, plastics & rubber, pulp & paper, textile, and personal care & hygiene industries. Exxon Mobil Corporation is one of the world’s largest publicly traded oil & gas company. Through its chemical products business segment, it offers industrial cleaning solvents. These cleaning solvents are used in various end-use industries such as manufacturing & commercial offices, automotive & aerospace, food processing, healthcare, hospitality and others. Likewise, the company has strong R&D capabilities, which help know customers well. |
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