Cleaning Companies See Gains as Market TumblesFebruary 28, 2020
Even with the U.S. Dow Jones Industrial Average having its biggest one-day point drop ever due to increasing concerns about the global coronavirus outbreak, some cleaning companies are thriving.
A recent study by market research firm Meticulous Research predicts the global market for infection control products will reach US$30.9 billion by 2027 with a compounded annual growth rate—or CAGR—of more than 6%. The report cites companies such as 3M and Ecolab Inc. as being key players in the growing infection control market.
Stock market analysis firm Melius Research recently upgraded its rating on 3M stock to a buy due to the coronavirus outbreak. 3M is one of the largest producers of N95 respirators, the mask recommended by many health experts to prevent the spread of SARS-CoV-2. 3M has increased production of its respirators and offered assistance to distributors in areas hit hard by the outbreak. The company has also committed to keep prices of its personal protective equipment steady.
The Clorox Co. also reported a 2.7% rise in the value of its stock lately. The parent company of Clorox Professional Products Co. attributed the rise to a growing demand for hand sanitizers and other disinfectant products spurred by coronavirus worries.
Keep abreast of the latest coronavirus developments in the cleaning industry at issa.com/coronavirus.