Alcohol based disinfectants, which are known to be the fast-acting chemical agents that inactivate or kill microorganisms on inert surfaces, have gained massive traction in the recent times of COVID-19 crisis. Significantly increasing hygiene concerns among people and growing need to address the pandemic has accelerated the application of alcohol-based disinfecting solutions across the globe.
The product adoption has drastically increased in residential, commercial and industrial spaces for equipment sterilization such as office accessories, electronics, furniture, etc. The rising product application will provide lucrative opportunities to alcohol-based disinfectants market in coming years. As per a new report by Global Market Insights, Inc., the market size is estimated to exceed USD 3.75 billion by 2026.
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How has COVID-19 pandemic stimulated the growth graph for alcohol based disinfectants market?
During the ongoing COVID-19 pandemic, shipments of essential products are at priority which is positively influencing the market space. Various government and regulatory bodies are now focusing on increasing the supply of healthcare essentials, such as disinfectants and hand sanitizers to ensure safety of the citizens during the lockdown. According to DATALAB (an official portal of the U.S. government) statistics, as of June 2021, USD 4.6 trillion of total budgetary resources have been allocated by the U.S. government. This is the total amount of funding that the government agencies will spend in accordance with the legislation passed by the congress.
Amid the sudden rise in the number of infections around the world, as observed by pharmaceutical and medical industries, the demand for disinfecting chemicals has increased to a large extent. In this regard, isopropyl alcohol disinfectants are witnessing huge demand in the market. In 2019, isopropyl alcohol segment had captured a sizeable share of 44% and is expected to observe a CAGR of 10.7 % over 2020-2026 with increasing demand for hand sanitizers and medical disinfectants.
Elaborating further on these disinfectants, the product is known to efficiently kill harmful microbes and evaporate easily and find wide application in residential, commercial and industrial sectors. They are in huge demand in hospitality and food industries for sanitization purposes. Besides, Immense application of isopropyl alcohol in wipe form is fueling its usage in personal care products.
Alcohol-based disinfectants are observing mounting application in the commercial sector for disinfecting and cleaning surfaces. Besides, it is also used for cleaning electronic equipment, societies, street and municipalities which is complementing the growth of commercial application segment. Reportedly, the segment is estimated to register a robust CAGR of over 12.1% through 2026.
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In terms of regional outlook, Asia Pacific is emerging as a strong growth avenue for the industry owing to the increasing product application driven by high cases of infectious diseases in the region. Rising prevalence of various health issues resulting from unhygienic living condition and presence of dense population especially in China and India, is fueling the adoption of alcohol-based disinfectant. Even during the pandemic, countries like China, India and Indonesia have been severely affected, which is favoring the product demand. On account of the elevating demand, Asia Pacific alcohol-based disinfectants market is anticipated to record an appreciable valuation of over USD 646.6 million by 2026.
The growth of the market is being further supported by the ongoing initiatives by major regional players geared towards the research and development of enhanced offerings that can effectively meet the consumer demand. Quoting an instance, in 2020, prominent Indian FMCG firm ITC’s health hygiene brand Savlon launched a surface disinfectant spray that has been claimed to kill 99.99% germs such as bacteria, viruses, molds & fungi. According to the company, this spray also kills contagious viruses like Rotavirus, Norovirus and H1N1.
New product launches, rising consumer awareness regarding hygiene, coupled with the supportive government initiatives is strongly favoring the market progression. Application in commercial, residential and industrial premises as well as personal usage of alcohol-based disinfectants will enhance the market space over the foreseeable future.
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