In 2032, it is anticipated that the Industrial Degreaser market share will be worth US$ 14,817.6 Mn. During the anticipated period, market growth is anticipated to be supported by the rising demand for a variety of End Use Industries, including automotive, aviation, electrical, energy & power, and others. The Industrial Degreaser Market, according to FMI, is anticipated to reach US$ 8,674.7 Mn in 2022 and is expected to grow at a CAGR of 5.5% from 2022 to 2032.
Degreaser is a cleaning compound that removes water insoluble substances from hard surfaces. Industrial degreasers are generally used to remove grease, oil or similar materials from machine parts, tools, hard surface, etc. They protect machines from getting damaged by removing contaminants and undesired materials from machine parts.
There are two types of industrial degreaser – water-based and solvent-based degreaser compounds. Water-based degreasers are possess better characteristic properties as compared to solvent based degreasers.
For instance, they are non-flammable, contain less number of chemical additives and are cheap and non-reactive towards working surfaces. Solvent-based degreasers are made from natural oils or petroleum and possess high di-electric strength and perform better than water-based degreasers.
However, they are hazardous to users. Rapid Industrialization, growth of power utility units, growing automobile production and sales are some of the factors that will bring about the growth of the industrial degreasers market around the globe.
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Global Industrial Degreaser Market Dynamics
Degreasers make an indispensable component of the maintenance process of machines as they prevent machines from getting damaged by removing contaminants as well as other undesirable depositions from machine parts.
Also, high efficiency industrial degreasers result in minimization of manpower requirement and maintenance. This is precisely why the demand for high efficiency industrial degreasers is increasing form end use industries and the trend is likely to continue over the coming years.
However, strict regulations laid down by various organizations such as EPA, REACH, etc. might hamper the growth of the industrial degreaser market in near future. Manufacturers are focusing on the development of new products such as bio-based industrial degreasers to comply with the aforementioned regulations and to support the sustainable development agenda of organizations.
This, in turn, is expected to create opportunities for the growth of industrial degreaser market.
Global Industrial Degreaser Market: Regional outlook
The North American market share in the said market is anticipated to dominate in the upcoming years as consumers, in particular, the industrial workers, are exhibiting higher preference towards using these products in their day to day activities. North America Industrial degreaser market is expected to register healthy growth over the forecast period.
Similarly, the European region, particularly the western part of the region, is also expected to grow at a steady pace owing to the growing number of large manufacturing units being set up in many countries of the region.
Low awareness and general lack of attention towards hygiene displayed by industrial workers in the Asia Pacific region might hamper the growth of the industrial degreasers market in years to come. However, some relief may be provided by the manufacturing sector in the region.
With the rapidly growing manufacturing sector in developing countries such as China and India, the Industrial degreaser market is also anticipated to grow and register a healthy CAGR over the forecast period.
Lastly, the slow growth of the industrial sector in the Middle East and Africa region will affect the industrial degreaser market is a negative way. This region is anticipated to register sluggish growth in the Industrial degreaser market over the forecast period.
Global Industrial Degreaser Market Players
Examples of some market participants in the Global Industrial Degreaser market, identified across the value chain, include Carroll Company, Nyco Products Company, Elevance Renewable Sciences, Inc., Baron-Blakeslee Sfc Inc., Stepan Company, NGCT Cleansys Pvt. Ltd., ABRO Industries, Inc., BG Products, Inc., Auto Industrial Marine Chemicals, Inc., 3M Company, BASF SE, The Dow Chemical Company, Radiator Specialty Company, Cox Industries, CRC Industries and others.
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Global Industrial Degreaser Market Segmentation
On the basis of type, the global Industrial degreaser market is segmented into:
- Water-based
- Solvent-based
On the basis of grade, the global industrial degreaser market is segmented into:
- Synthetic
- Bio-based
On the basis of end use industries, the global Industrial degreaser market is segmented into:
- Automotive
- Aviation
- Electrical
- Chemical & pharmaceuticals
- Energy & power
- Paint
- Marine
- Others
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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