Soap and Cleaning Compounds Market 2024-2033: Size, Growth Outlook, and Industry Forecast

The Business Research Company recently released a comprehensive report on the Global Soap And Cleaning Compounds Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The soap and cleaning compounds market size has grown strongly in recent years. It will grow from $190.89 billion in 2023 to $207.75 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth in the historic period can be attributed to hygiene awareness, population growth, urbanization, industrialization, environmental regulations.

The soap and cleaning compounds market size is expected to see strong growth in the next few years. It will grow to $290.33 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to the increasing demand for eco-friendly and sustainable cleaning products, health and safety, e-commerce and digitalization, regulatory changes, globalization. Major trends in the forecast period include natural and organic products, antibacterial and disinfectant products, diy and homemade cleaning solutions, smart and connected cleaning devices, subscription and refill services.

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Market Drivers and Trends:

The growth of the automotive industry is expected to propel the growth of the soaps and cleaning products market going forward. Automobiles, commonly known as cars or vehicles, are self-propelled wheeled vehicles designed for road transportation. Cleaning compounds and soaps have a crucial role within the automotive sector, serving diverse functions in vehicle care, manufacturing, and overall hygiene. For instance, in March 2022, according to the European Automobile Manufacturers' Association (ACEA), the lobbying and standards group for the automobile industry, the sales of passenger cars in the US increased by 5.5% from 2020 to 11.9 million units in 2021. Further, around 6.3 million passenger cars were produced in US auto facilities in 2021, an increase of 3.1% from 2020. Therefore, the growth of the automotive industry is driving the growth of the soap and cleaning products market.

Companies in the industry are replacing triclosan and triclocarban with chemicals such as benzalkonium chloride, benzethonium chloride, or chloroxylenol (PCMX) as they are known to be harmful to both health and the environment. Triclosan and triclocarban are the anti-microbial ingredients used in personal care products to stop or slow the growth of bacteria that cause harm. These agents are used in products such as soaps, lotions, hand washes, toothpaste, mouthwashes, soaps, deodorants, and cleaning compounds. The Food & Drug Administration stated that the manufacturers did not demonstrate the ingredients to be safe for long-term daily use and more effective in preventing illness and the spread of infections. They are also found in water bodies, thus affecting marine life. For instance, P&G and Unilever, consumer product companies, stopped manufacturing and using triclosan and triclocarban agents and are replacing them with other chemical ingredients.

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Major Key Players of the Market:

Procter & Gamble, Unilever plc, SC Johnson & Son Inc, Henkel AG & Co KGaA, Ecolab Inc, BASF SE, Colgate-palmolive co, Kao Corporation, Reckitt Benckiser Group plc, The Clorox Co., Method Products PBC, Ecover, Mrs. Meyer's Clean Day, Dr. Bronner's, L'Occitane International S.A., Crabtree & Evelyn, The Body Shop International Limited, Bath & Body Works LLC, Lush Cosmetics, Natura & Co Holding S.A., Avon Products Inc., Beiersdorf AG, Shiseido Company Limited, L'Oreal S.A., Estee Lauder Companies Inc., JohnsonDiversey Inc., Diversey Inc., Betco Corporation, ZEP Inc., Spartan Chemical Company Inc.

Soap And Cleaning Compounds Market 2024 Key Insights:

• The soap and cleaning compounds market size is expected to see strong growth in the next few years. It will grow to $290.33 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%.
• Growth In The Automotive Industry Boosts The Growth Of The Soaps And Cleaning Products Market
• Shifting From Triclosan And Triclocarban To Safer Alternatives In The Soap Industry
• Asia-Pacific was the largest region in the soap and cleaning compounds market in 2023

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