Korea Industrial And Institutional Cleaning Chemicals Market To Reach $1.61 Billion By 2030

Korea Industrial And Institutional Cleaning Chemicals Market Growth & Trends

The Korea industrial and institutional cleaning chemicals market size is expected to reach USD 1.61 billion by 2030, growing at a CAGR of 6.3% during the forecast period, as per a new report by Grand View Research, Inc. The industry growth is majorly driven by the high prevalence of diseases in Korea and the emerging usage of plant-based chemicals in the country.

According to the World Health Organization (WHO), cancer is considered to be the deadliest disease causing approximately 10 million deaths in a year. The common types of cancers are lung, breast, colon, rectum, and prostate cancers. Hepatitis and human papillomavirus (HPV) are responsible for around 30% of cancer cases in middle and low-income countries worldwide. Unhealthy and unhygienic diets coupled with high alcohol consumption are the key causes of cancer.

Healthcare-associated infections are primarily associated with failure in the adoption of infection control practices, weak immune status, and the presence of numerous infectious agents all over healthcare units. Other factors include immunosuppression, longer stays in hospitals and intensive care units, and old age. Approximately, 20% of these infections occur in ICUs. The key pathogens responsible for healthcare-associated infections are Staphylococcus aureus, Clostridium difficile, and Escherichia coli, among others. The transmission of these types of pathogens can occur through uninterrupted interaction with contaminated environment or healthcare workers. Thus, resulting in an increased demand for industrial and institutional cleaning chemicals from the healthcare sector.

However, the pressure to maintain competitive pricing while managing costs is a major market challenge. Fluctuations in raw material prices, energy costs, and manufacturing expenses can impact profitability. Additionally, price-sensitive customers and intense competition can lead to pricing pressures, leading manufacturers to find a balance between controlling cost and maintaining product quality.

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Korea Industrial And Institutional Cleaning Chemicals Market Report Highlights

• The market is estimated to advance with a CAGR of 6.3% from 2023 to 2030. This is attributed to the increasing demand for the product from healthcare, institutional buildings, food service, and laundry care industries in the country

• Solvent in the raw material segment emerged as the fastest-growing segment with a CAGR of 6.8% in 2022. This growth is attributed to the fact that solvents play a crucial role in the majority of industries worldwide including paints & coatings, personal care & cosmetics, and pharmaceuticals

• Solvents in the cleaning industry largely include the utilization of glycol ethers, which are effective in hard-surface cleaning, floor cleaning, and heavy-duty glass cleansing applications. These solvents reflect good solvency for oils & greases, are highly compatible with water, and display good biodegradable properties, which directly leads to hefty demand for these cleaning solvents across multiple industries.

• Disinfectants & sanitizers in the product segment emerged as the fastest-growing segment with a CAGR of 6.7% in 2022. This growth is attributed to the fact that Disinfectants and sanitizers are integral components of the cleaning industry as they are used to clean surfaces, making them free of hard-to-kill microbes, bacteria, and spores

• Manufacturing in the end-use segment emerged as the fastest-growing segment with a CAGR of 6.5% in 2022. This growth is attributed to the fact that South Korea has established itself as a prominent manufacturing economy in recent decades and has maintained its competitive edge in the global market.

• As per the International Trade Organization, the manufacturing industry plays an important role in the Korean economy, contributing around 30% to the country's GDP and driving 90% of its total exports. The manufacturing industry receives substantial investment for research & development, with over 80% of such efforts dedicated to advancing manufacturing fields. Consequently, the demand for I&I chemicals is rising, driven by the continuous growth of the manufacturing industry in the country.

• South Korea emerged as the fastest-growing country with a CAGR of 6.5% in 2022. This growth is attributed to the advancing manufacturing sector in the country. Furthermore, the country announced the Green New Deal in response to COVID-19 which indicates their intention to invest in green industries and businesses, This in turn is projected to foster the demand for biodegradable cleaning chemicals in the country.

Korea Industrial And Institutional Cleaning Chemicals Market Segmentation

Grand View Research has segmented the Korea industrial & institutional cleaning chemicals market based on raw material, product, end-use, and country:

Korea Industrial & Institutional Cleaning Chemicals Raw Material Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Chlor-Alkali

  • Caustic Soda

  • Chlorine

  • Soda Ash

• Surfactants

  • Non-Ionic

  • Cationic

  • Amphoteric

  • Anionic

• Solvent

  • Alcohols

  • Hydrocarbons

  • Chlorinated

  • Ethers

  • Others

• Phosphate

• Biocides

• Other

Korea Industrial & Institutional Cleaning Chemicals Product Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• General Purpose Cleaners

• Disinfectants & Sanitizers

• Laundry Care Products

• Vehicle Wash Products

  • Commercial Vehicles

  • Private Vehicles

• Other Products

Korea Industrial & Institutional Cleaning Chemicals End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Commercial

  • Food Service

  • Retail

  • Healthcare

  • Laundry Care

  • Institutional Buildings

  • Other Commercial End-Uses

• Manufacturing

  • Food & Beverage Processing

  • Metal Manufacturing & Fabrication

  • Electronic Components

  • Other Manufacturing End-Uses

Korea Industrial & Institutional Cleaning Chemicals Country Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• South Korea

• North Korea

List of Key Players in Korea Industrial And Institutional Cleaning Chemicals Market

• 3M

• BASF SE

• Procter & Gamble

• The Clorox Company

• Reckitt Benckiser Group Plc

• Croda International Plc

• Eastman Chemical Corporation

• Huntsman International LLC

• Solvay

• Dow

• Sasol

• DDC Dolphin Ltd.

• Kook Je Industry

• Fireball

• Luminus KOREA

• ISU Chemical