Mold remediation plays a critical role in maintaining indoor air quality. It involves the removal of mold and prevention of additional mold growth. Mold remediation services comprise inspection for active mold growth, recommending proper remediation steps, containment to prevent further contamination, personal protective equipment, cleaning and disinfection procedures to remove mold-affected surfaces, moisture source elimination, and post-remediation inspection. The global mold remediation service market is primarily driven by the increasing consumer awareness regarding health hazards of mold growth. Indoor air pollutants and moisture issues resulting from improper ventilation or leaks can cause allergy, asthma, and respiratory infections.
Key Takeaways
The Global Mold Remediation Service Market Size is expected to witness high growth over the forecast period. The global mold remediation service market is estimated to be valued at US$ 1,241.61 billion in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023 to 2030.
The North America region holds the major share in the mold remediation services market due to stringent government regulations regarding indoor air quality in residential and commercial buildings. The U.S. receives the largest share in the region due to frequent hurricanes and flooding causing mold issues in the East Coast and Gulf Coast regions.
The global mold remediation service market is estimated to be valued at US$ 1,241.61 billion in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
The rising number of indoor air quality concerns and awareness regarding health hazards of mold growth are key drivers expected to flourish the global mold remediation service market over the forecast period. As per the World Health Organization (WHO), over 800,000 people die every year due to sick building syndrome, caused by the detrimental effects of damp or moldy environments. This has prompted consumers to take corrective measures like mold remediation services for maintaining better indoor air quality. Further, upgradation of building codes and regulations mandating mold assessment during real estate transactions provide a positive outlook for the market.
Segment Analysis
The Mold Remediation Service Market is dominated by the residential segment. Majority of mold growth occurs in homes with damp areas like basements, bathrooms, etc. Homeowners are increasingly aware of health issues caused by mold and are willing to spend on professional remediation services to remove mold from their homes. This has boosted the demand for residential mold remediation services.
PEST Analysis
Political: Regulations around indoor air quality and tenant rights have increased the need for proper mold removal in residential and commercial buildings. Non-compliance can lead to legal penalties.
Economic: A recovering housing market and rising disposable incomes have increased home improvement spending including on mold testing and remediation services. The commercial sector is also growing slowly stabilizing the demand from that segment.
Social: Growing public awareness about health impacts of toxic black mold like asthma, allergies etc. has increased focus on mold prevention and timely professional remediation. This has positively impacted the market growth.
Technological: Advances in detection equipment, biological agents and cleaning/removal technologies have made the process of identifying and removing mold more effective and less disruptive. This is supporting market expansion.
Key players
Key players operating in the mold remediation service market are Amcor Plc., Aptar Group Inc., Huhtamaki Plc. and Uflex Limited. Amcor Plc. is a leading global provider of packaging solutions. It offers mold testing, assessment and remediation services for commercial and industrial clients across sectors like manufacturing, healthcare and food processing through its Rentokil unit.
