LONDON--(BUSINESS WIRE)--The global sponge and scouring pads market is expected to post a CAGR of over 3% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the evolving middle-class population and increasing disposable income. In the last few years, emerging economies such as India and China have witnessed a major expansion in the middle-class population base. The rise in urbanization rate, coupled with the growing number of dual-income households. has led to an increase in the spend on home care and cleaning products. Also, this rising middle-class category has created an opportunity for key vendors to expand their presence across the globe. Therefore, it is expected that such factors will drive the market for sponges and scouring pads across the globe.
As per Technavio, the wide portfolio of products for different applications will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global sponge and scouring pads market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global sponge and scouring pads market: Wide portfolio of products for different applications
With the increasing use of sponges and scouring pads for both residential and non-residential purposes, vendors have actively started to focus on rapid product innovations. In the last few years, the market has witnessed the launch of different types of sponges and scouring pads, including multi-use scrub sponges, heavy-duty scrub sponges, natural sea sponges, cleaning pads, microfiber magic sponges, multi-purpose scrub sponges, and ultra-microfiber miracle sponges. This portfolio expansion by leading vendors has also provided buyers with a wide range of options. For instance, in 2018, 3M launched Low Scratch Scour Pad 2000HEX and Scotch-Brite Low Scratch Scour Sponge 3000HEX, with POWER DOT technology. Thus, such technologies are expected to boost market growth during the forecast period.
“Apart from the wide portfolio of products for different applications, the availability of customized sponges is one other factor that is expected to boost market growth. For instance, Sponge Technology offers customized sponges by allowing customers to choose the cellulose, color, adhesiveness of the scrubber, and shape of the sponge. This has immensely captured the interest of buyers. The introduction of customized sponges is the latest trend in the market and hence it will provide an immense opportunity for new and existing vendors to introduce this concept in their product portfolio which will further fuel market growth,” says a senior analyst at Technavio.
Global sponge and scouring pads market: Segmentation analysis
This market research report segments the global sponge and scouring pads market by distribution channel (offline and online), by end-user (residential and non-residential), and by geographical regions (APAC, Europe, North America, MEA, and South America).
The APAC region led the market in 2018, followed by Europe, North America, MEA, and South America respectively. However, during the forecast period, the North American region is expected to register the highest incremental growth due to the growth of the food service industry, coupled with the steady rise in the number of tourist arrivals.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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