iCrowd Newswire – Jul 2, 2020
The coronavirus outbreak is a major driver for the growth of the sanitizers market during the period. Hygiene is a crucial part of safety against the coronavirus and to stay healthy. Therefore, the demand for sanitizers has grown tremendously post the COVID-19 outbreak globally. The Center for Disease Control (CDC) recommends the use of alcohol-based hand sanitizers, with greater than 60% ethanol or 70% isopropanol, as the preferred form of hand hygiene in healthcare settings. According to the U.S. Food & Drug Administration, more than 1,500 additional manufacturers have registered with the agency to meet the increased demand for hand sanitizers. Hence, the COVID-19 pandemic coupled with growing concerns for hygiene is anticipated to escalate the demand for sanitizers during the year 2020 and in years to come ahead.
The global hand sanitizers market is expected to grow from $1.52 billion in 2019 and to $3.04 billion in 2020. The markable growth is mainly due to the surge in the demand for hand sanitizers as a measure to contain COVID-19. The market is expected to stabilize and reach $3.34 billion in 2023 at a rate of 3.21%.
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Global Hand Sanitizers Market Segmentation
The sanitizers market covered in this report is segmented by type into quartenary ammonium compounds based, alcohol based, tridosan based, others and by product into gel, foam, liquid, others. North America was the largest region in the sanitizers market in 2019, while Asia Pacific is expected to be the fastest growing region in the forecast period.
Matching The High Demand With Production Expansion
The expansion of production capacities and revamping of companies to meet the higher demand for hand sanitizers is a major trend shaping the sanitizers industry. For instance, in March 2020, Bell International Laboratories, a vertically integrated cosmetics manufacturer, announced the expansion of their production for alcohol-based hand sanitizers (gels and sprays). Moreover, companies such as Radio Khaitan and Bacardi, manufacturers of alcoholic drinks, have turned into sanitizer producers amid the COVID-19 outbreak. This step was taken for companies’ contributions during the coronavirus pandemic in order to meet the increasing demand for health and hygiene. Therefore, increasing production capacities and companies entering into the production of hand sanitizers is a key trend for sanitizer market growth.
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Restraints In The Hand Sanitizers Industry
Health hazards associated with occupational exposure of chemicals used in sanitizers manufacturing are expected to limit the growth of the sanitizers market. According to Reuters’s health news on chemicals, sanitizers and disinfectants linked to thyroid cancer, the workers who are exposed to chemicals or biocides used in the production of sanitizers, disinfectants, and deodorizers are likely to be diagnosed with a 65% higher risk of thyroid cancer. Thus, the occupational risk of exposure to chemicals during the production of chemical-based sanitizers is forecast to restrict the development of the sanitizers market over the forecast period.
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