According to the latest report, the global surface disinfectant market, valued at US$802.9 m in 2016, is projected to reach US$1.77 bn by 2024 at a CAGR of 10.4% from 2016 to 2024
The report by Transparency Market Research says the surface disinfectant market has been expanding at a faster pace over the past few years on the back of increased awareness about cleanliness and hygiene among the population.
This awareness has also led to higher spending on healthcare infrastructure and services, thereby further helping to expand the market for various types of surface disinfectants like sodium hypochlorite, phenols, quaternary ammonium compounds (QACs), hydrogen peroxide, peracetic acid, biguanides, amphoterics, and aldehydes.
Contrary to the high demand for sodium hypochlorite- and phenol-based surface disinfectants till now, the forecast period is expected to witness higher growth rate for quaternary ammonium compounds (QACs) and peracetic acid.
In terms of the form of surface disinfectants, the liquid form is most commonly used, followed by spray and wipes. Hospitals and clinics, and outpatient surgical centres are the most common users of surface disinfectants. However, the 'Restaurants & Food' sector is likely to witness the higher growth rate during the forecast period.
Sodium hypochlorite- and phenol-based surface disinfectants occupy a large market share, driven by their low price, and highly stable but low reactive nature as compared to other products.
During the forecast period, quaternary ammonium compounds (QACs) and peracetic acid-based surface disinfectants are expected to witness a higher growth because of their cost-competitive pricing combined with their effectiveness. There also exists considerable scope for further development because these products are relatively new in the market.
On the other hand, biguanides and amphoterics owe their lower share to the high product price. Meanwhile, the highly reactive nature of aldehydes has led to its lower market share.
The most-commonly used form of surface disinfectants is liquid, aided by ease of use, as well as pricing and availability. While the liquid form accounts for the majority of sale, it is followed by sprays and wipes respectively. Liquid surface disinfectants are likely to maintain their high growth rate during the forecast period.
The medical industry, with hospitals, clinics and outpatient surgical centres account for the majority usage of surface disinfectants. It is followed by the 'Restaurants & Food' sector and households industry.
The new market report is titled "Surface Disinfectant Market for Hospital & Clinics, Outpatient Surgical, Restaurants & Food, Households and Other Applications - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016-2024."