Yahoo Finance Global and Regional Electrical Contact Cleaner Market Report 2022: A $1,022.21 Million Market by 2031 - Industry Dynamics Defining the Future Trends
Global Electrical Contact Cleaner Market
Dublin, Aug. 09, 2022 (GLOBE NEWSWIRE) -- The "Electrical Contact Cleaner Market - A Global and Regional Analysis: Focus on Application, Product, Functionality, and Region - Analysis and Forecast, 2022-2031" report has been added to ResearchAndMarkets.com's offering.
The global electrical contact cleaner market was valued at $561.41 million in 2021, which is expected to grow with a CAGR of 6.45% and reach $1,022.21 million by 2031
The growth in the global electrical contact cleaner market is expected to be driven by rising safety hazards due to the presence of electrical resistance on the contact surfaces caused by dirt, grease, oil, and others. The presence of volatile organic compounds (VOCs) in electrical contact cleaners is the key restraining factor in the industry.
Market Lifecycle Stage
The electrical contact cleaner market is in the developing phase. The rising demand for non-ozone-depleting cleaners is expected to provide growth to the market. Further, the rising health concerns and government regulations related to the presence of volatile organic compounds are expected to hamper the growth of the electrical contact cleaner market.
Impact
Electrical contact cleaners are used to protect the device from untimely failure during its lifecycle due to the presence of oil, dirt, greases, and others, as these increase the electrical resistance on the contact surface. The current flowing potential can affect the device's performance and lead to safety hazards. An increase in focus on the prevention of safety hazards brings significant growth opportunities for the electrical contact cleaner market.
Impact of COVID-19
The impact of COVID-19 on the electrical contact cleaners market was moderate. Due to a temporary shutdown of the manufacturing units across different regions of the world, the volume of production declined. Further, the opening of the markets post-COVID-19 and rising operations of the MRO industries are expected to provide significant growth to the market.
Market Segmentation
The battery terminals segment dominated the electrical contact cleaner market in 2021 and is the largest segment due to the rising applications of electrical contact cleaners in industries such as automotives, manufacturing, aviation, and others for the removal of dirt, grease, corrosion, and other contaminations.
The non-flammable segment dominates the electrical contact cleaner market and is the largest segment owing to adverse effects and handling risks associated with flammable electrical contact cleaners.
The corrosion removal segment dominated the electrical contact cleaner market in 2021 and is the largest segment owing to growing demand from end-use industries such as MRO, automotive, consumer electronics, etc., to remove corrosion from battery terminals, switchboards, connectors, and other parts.
The Asia-Pacific region is the fastest-growing region due to the presence of electronics manufacturers. Also, the rising maintenance, repair, and operations industry is expected to boost the region's growth in the electrical contact cleaner market.
Growth/Marketing Strategy
Business expansion, partnership, collaboration, and joint venture are some of the key strategies adopted by the key players operating in the space.
For instance, in May 2021, Henkel AG & Co. KGaA announced the construction of an innovation center for the adhesive technologies segment in Shanghai. The new site would help the company to strengthen its adhesive technologies portfolio in the region, thereby driving the growth of the electrical contact cleaner market.
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts and analysis of company coverage, product portfolio, and market penetration.
Some of the prominent names established in this market are:
Henkel AG & Co. KGaA
3M
Chemtronics
Ulbrich Group
Techspray
WD-40
Sprayway Inc.
Sprayon
Chem-Verse Consultants (India) Private Ltd.
MG Chemicals
Aerol Formulations Private Limited
WEICON GmbH & Co. KG
Valvoline Inc.
CRC Industries
Penray Inc.
AK Info Tools
MRO Infra LLP
AABCOOLING LLC
Guangzhou VESLEE Chemical Co., Ltd.
Akfix
Key Topics Covered:
1 Markets
1.1 Industry Outlook
1.1.1 Trends: Industry Dynamics Defining the Future Trends of the Electrical Contact Cleaner Market
1.1.1.1 Material Properties and Compatibility Enhancement
1.1.1.2 Regulations Regarding Minimizing Ozone Depletion Chemicals and Volatile Organic Compounds (VOCs)
1.1.1.3 Growing Trend for Online Cleaning
1.1.2 Supply Chain Network
1.1.3 Ecosystem/Ongoing Programs
1.1.3.1 Consortiums and Associations
1.1.3.2 Industry Standards, Regulatory Lists, and Acts
1.2 Business Dynamics
1.2.1 Business Drivers
1.2.1.1 Performance Enhancement of Electrical and Electronic Equipment
1.2.1.2 Rising Demand for Consumer Electronics Worldwide
1.2.1.3 Increasing Usage in the Automobile Industry
1.2.2 Business Challenges
1.2.2.1 Presence of Volatile Organic Compounds (VOCs) in Electrical Contact Cleaners
1.2.2.2 Use of Flammable Chemical Compounds
1.2.3 Business Strategies
1.2.3.1 Product Development
1.2.3.2 Market Development
1.2.4 Business Opportunities
1.2.4.1 Increasing Focus on Non-Flammable Product Development
1.2.4.2 Rising Usage in the MRO industry
1.3 Start-up Landscape
1.3.1 Key Start-ups in the Ecosystem
1.4 Impact of COVID-19 on the Electrical Contact Cleaner Market
2 Application
2.1 Electrical Contact Cleaner Market - Applications and Specifications
2.1.1 Connectors
2.1.2 Switches
2.1.3 Battery Terminals
2.1.4 Circuit Boards
2.1.5 Others
2.2 Electrical Contact Cleaner Market - Demand Analysis (by Application), Value, 2021-2031
3 Products
3.1 Electrical Contact Cleaner Market- Products and Specifications
3.1.1 Flammable
3.1.2 Non-Flammable
3.2 Electrical Contact Cleaner Market- Demand Analysis (by Product), Value, 2021-2031
3.3 Electrical Contact Cleaner Market - Functionality and Specifications
3.3.1 Dust and Particulate Removal
3.3.2 Oil and Grease Removal
3.3.3 Corrosion Resistance
3.3.4 Others
3.4 Electrical Contact Cleaner Market - Demand Analysis (By Functionality), Value, 2021-2031
3.5 Product Benchmarking: Growth Rate - Market Share Matrix, 2021
3.6 Patent Analysis
4 Regions
4.1 North America
4.1.1 Markets
4.1.1.1 Key Manufacturers/Suppliers in North America
4.1.1.2 Business Challenges
4.1.1.3 Business Drivers
4.1.2 Application
4.1.2.1 North America Electrical Contact Cleaner Market (by Application), Value, 2021-2031
4.1.3 Products
4.1.3.1 North America Electrical Contact Cleaner Market (by Product), Value, 2021-2031
4.1.3.2 North America Electrical Contact Cleaner Market (by Functionality), Value, 2021-2031
4.1.4 Countries
4.1.4.1 North America Electrical Contact Cleaner Market (by Country), Value, 2021-2031
4.1.4.2 North America Electrical Contact Cleaner Market (by Country), Volume, 2021-2031
4.1.5 North America: Country Level Analysis
4.2 Europe
4.3 U.K.
4.4 China
4.5 Asia-Pacific and Japan
5 Markets - Competitive Benchmarking & Company Profiles
5.1 Competitive Benchmarking
5.1.1 Competitive Position Matrix
5.1.2 Market Share Analysis
5.1.3 Product Matrix of Key Companies
5.2 Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/eww0qi
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