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Strategic Analysis of the Home and Fabric Care Specialty Ingredients Markets in Europe
Frost & Sullivan, July 2009, Pages: 173
Rise of the ‘Green’ Consumer Catalyses European Home and Fabric Care Specialty Ingredients Market
The chemicals industry has been one of the worst-hit by the current recession, as has been reflected in the shutting down of manufacturing plants, laying off of personnel and bankruptcies of some of the major names in this market. However, the market for specialty ingredients in home and fabric care formulations is still dynamic, driven foremost by the necessity to minimise risks from bacteria and germs, reduce the time and effort required for household chores and improve further the quality of life while addressing the environmental concerns of consumers. 'The rise of the ‘green’ consumer who prefers natural products that are derived from renewable or recycled sources, have an environmentally friendly profile in terms of toxicity and, are safe to use is the catalytic driving force,' notes the analyst of this research. 'The growing demand for more efficient and technically novel chemicals to assist in daily home and fabric care tasks has rejuvenated this mature market as producers focus on addressing the evolving demands of consumers.'
Specialty ingredients with an improved environmental profile are pulling the market and influencing demand. At the same time, there is also a market push in the form of European Directives, with regulators increasingly insisting on reduced toxicity and enhanced biodegradation of such products. Increasing consumption in emerging European markets will further assist in the growth of home and fabric care specialty ingredients, while in the developed markets of Western Europe, green products and innovation are crucial. Also important to growth is the fact that companies active in the market are focusing on reducing the average product development time as product life cycles are being shortened.
Innovative and Technically Sound ‘Green’ Products to Meet with Success
However, sustaining capital and resources investment in research and development in order to maintain healthy pipelines of innovative products, while at the same time controlling the cost, will be the key challenge for suppliers to this market. Moreover, the current economic crisis is eating into consumer products demand, particularly in Europe and the United States, highlighting temporarily consumer price consciousness. 'In 2008 the chemicals sector was the only one among the top 15 sectors in the world showing an investment decrease in research and development of 1.3 per cent, while the household goods sector experienced a decrease in research and development investment of 6.1 per cent,' explains the analyst. 'When combined with plant shutdowns, recently introduced legislative frameworks that increase costs (such as REACH) and the ongoing economic uncertainty, it becomes clear that the suppliers to the home and fabric care industry are facing a challenging environment.'
Strategic acquisitions, focus on key market segments, promotion of product differentiation and green innovation are critical in overcoming market challenges and addressing evolving market and consumer needs. However, the completion of strategic acquisitions can only be realised by market participants with strong cash flows. 'Some of the leading chemicals companies have opted for strategic acquisitions continuing the consolidation trend, while others have focused on strategic alliances,' says the analyst. 'However, the key to growth remains innovation and addressing the needs of the ‘green’ consumer without compromising the technical performance of products.'
This Frost & Sullivan research service titled Strategic Analysis of the Home and Fabric Care Specialty Ingredients Markets in Europe provides market units and market revenues by major application types and end application area. In this research, Frost & Sullivan's expert analysts thoroughly examine the following markets: specialty surfactants, functional polymers, fabric enhancers, active ingredients and rheology modifiers in home and fabric care as well as hard surface cleaners, car interior and upholstery cleaners, fabric care, furniture, shoe and leather polishes and dishwashing products.
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