February 25, 2024

The diversifying demand from healthcare sector driving growth of Surface Disinfectant Market

The global Surface Disinfectant Market is estimated to be valued at US$ 7347.2 Mn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Surface disinfectants are widely used for disinfecting and cleaning various surfaces across several end-use industries including healthcare, hospitality, food & beverage industry, and commercial spaces. These disinfectants are formulated to kill microorganisms like bacteria, viruses, and other pathogens. They come in various forms like liquids, sprays, wipes, and others and are used for disinfecting surfaces in hospitals, clinics, laboratories, hotels, restaurants, and other commercial spaces to curb the spread of infections. The growing healthcare sector and need for maintaining hygiene across various industrial and institutional premises is driving the demand for surface disinfectants.

Market key trends:

One of the key trends in the surface disinfectant market is the shift towards product launches with new formulations and claims. Manufacturers are focusing on developing advanced formulations that are more effective against a wide range of pathogens including viruses. For instance, in 2022, 3M launched 3M Clean & Protect Everywhere Disinfectant Spray, an all-in-one multi-surface disinfectant spray effective against SARS-CoV-2 in 2 minutes. Similarly, companies are introducing products with botanical based formulations or eco-friendly credentials to cater to the rising demand for sustainable products. The growing focus on innovation and new product launches is expected to support the growth of the surface disinfectant market over the forecast period.

Porter’s Analysis

Threat of new entrants: Low barrier of entry in surface disinfectant due to technology and raw material availability. However, established players have strong brand name and distribution network.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and differentiation in product quality.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of raw material suppliers.

Threat of new substitutes: Threat of new substitutes is low as surface disinfectants have well established products however hand sanitizers are substitutes with growth.

Competitive rivalry: Intense competition exists among existing players due to low switching costs. Players differentiate based on product quality, service, and branding.

Key Takeaways

The global Surface Disinfectant Market is expected to witness high growth, exhibiting CAGR of 7.9% over the forecast period, due to increasing awareness about hygiene and control of hospital acquired infections. The market size for 2023 is US$ 7347.2 Mn.

Regional analysis: North America dominates surface disinfectant market owing to stringent regulations regarding hygiene and hospital acquired infections control. Asia Pacific exhibits fastest growth due to improving healthcare infrastructure and rising hygiene concerns in densely populated areas.

Key players: Key players operating in the surface disinfectant market include 3M, Reckitt Benckiser Group PLC, Procter & Gamble, Cantel Medical Corporation, The Clorox Company, Ecolab, SC Johnson Professional, Whiteley Corporation, and Steris PLC. Players focus on product differentiation based on formulation and effectiveness to gain higher market share.

*Note:

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