February 29, 2024
Mold Remediation Service Market

The Mold Remediation Service Market Driven by Growing Public Health Concerns

Mold remediation services are widely required to remove and prevent mold growth in residential and commercial spaces. Mold grows in damp and humid indoor environments and causes various health issues like allergies and asthma in people. Mold spores easily spread through air and settle on surfaces, which is difficult to contain without professional help. Mold remediation involves inspection, cleaning, and preventive measures to eliminate mold infestation. This integrated service effectively removes visible mold and kills mold in hidden areas by using disinfectants and biocides. It further seals any moisture sources and vents indoor air to control humidity levels. The global mold remediation service market is an emerging sector owing to increasing public awareness about health hazards of mold exposure.

The global Mold Remediation Service Market is estimated to be valued at US$ 1241.61 Bn in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the major trends in the mold remediation service market is the adoption of eco-friendly solutions. With growing emphasis on sustainability, companies are focusing on developing green and non-toxic biocide formulations. For instance, Orange Grove Bio has introduced eco-friendly line of botanical-based mold control products that effectively eliminate mold without harming the environment or health. Such environment-friendly products are gaining traction among household and commercial clients.

Porter’s Analysis

Threat of new entrants: Moderate barriers to entry are present, requiring specialized equipment, operational skills, and licenses to perform mold remediation services.

Bargaining power of buyers: Buyers have moderate bargaining power as mold remediation services have no substitutes and buyers must use these services to remediate mold infestations.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power as raw materials required are standardized and available from multiple suppliers globally.

Threat of new substitutes: No direct substitutes exist for mold remediation services since mold removal requires specialized skill and equipment.

Competitive rivalry: High as players compete on service quality, turnaround time, equipment, certifications, customer service and price.

Key Takeaways

The Global Mold Remediation Service Market Share is expected to witness high growth. The global Mold Remediation Service Market is estimated to be valued at US$ 1241.61 Bn in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023 to 2030.

Regional analysis comprising the North America region dominates the market and is expected to grow at a high single digit CAGR owing to increasing incidences of mold infestation, flood damage and rising awareness. Europe is also a major market supported by stringent regulations regarding mold remediation.

Key players operating in the mold remediation service market are Amcor Plc., Aptar Group Inc., Huhtamaki Plc. and Uflex Limited. Amcor Plc. is a leading player focused on innovative packaging solutions. Aptar Group Inc. provides dispensing systems, sealer solutions and active packaging. Huhtamaki Plc. offers sustainable food on-the-go and food on-the shelf solutions. Uflex Limited provides flexible packaging materials across various end use segments.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it