The Global Surface Disinfectant Market was estimated at USD 4.95 Bn in 2020 and is expected to grow with a CAGR of 9.2% during the forecast period.
The surface disinfectant market is majorly experiencing traction owing to growing incidences of healthcare-associated infections (HAI) contracted by patients at the time of receiving surgical or medical treatment for chronic diseases in many developing as well as developed nations across the globe. As per the 2018 National Health Interview Survey (NHIS) 51.8% of adults in U.S. suffered at least 1 of 10 selected diagnosed chronic conditions including arthritis, chronic obstructive pulmonary disease, cancer, coronary heart disease, diabetes, asthma, hepatitis, stroke, failing or weak kidneys, and hypertension and 27.2% of adults in the U.S. faced multiple chronic conditions. The increasing prevalence of these chronic health disorders is anticipated to create awareness among individuals regarding maintaining cleanliness and personal hygiene, thereby creating an exponential increase in the demand in the surface disinfectants industry.
Another major factor driving the growth in the surface disinfectant industry is the rising demand for bio-based surface disinfectants by consumers across the globe. Bio-based disinfectants are environment-friendly & green products that are effective in killing germs without consisting of the toxicity of chemicals and eliminating the hazardous effects on skin, eyes, nervous & respiratory systems. Owing to this, several key manufactures are heavily investing in R&D for developing innovative & advanced bio-based formulations for staying competitive in the surface disinfectant market. For instance, Thymox, which is a Canada-based company has formulated several products based out of Thymol which is a natural plant-based compound such as Thymox Surface, Thymox Hoof, and Thymox AG disinfectants. Hence, increasing R&D activities by key market players is expected to positively drive the market growth.
Based on region, the Asia-Pacific region is expected to grow at a high growth rate in the surface disinfectant market during the forecast period. This high share is attributed to the growing elderly population in several economies in the region such as Japan, India, China, and Singapore among others. For instance, according to the world bank, in 2020, an estimated 28.002% of the total population in Japan was older than 65 and is expected to rise to 40% by 2060. As this age of the population has a higher chance of getting chronic diseases that require an extended hospital stay, there is growing concern regarding health and hygiene which is leading to increased product demand in this region. In addition, increasing healthcare spending, and growing R&D activities by key manufactures are also contributing to driving the surface disinfectant industry in this region. Furthermore, the wide spread of coronavirus has also proliferated the industry growth across the region.
The key players operating in the Surface Disinfectant market are: