According to the latest report by IMARC Group, titled “Hydrogen Peroxide Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global hydrogen peroxide market reached a value of US$ 4.0 Billion in 2017. Hydrogen peroxide is a pale blue liquid with the chemical formula H2O2. Due to its high reactivity, hydrogen peroxide is stored with a stabiliser in a weak acidic solution. It acts as a mild antiseptic when applied on the skin so as to prevent any infection caused by minor burns, cuts and scrapes. Hydrogen peroxide releases oxygen on the affected area and produces foam which helps in removing the dead cells. It finds usage in the manufacturing of consumer products such as hair bleaches, hair perming products, hair relaxers, ear drops, antiseptic mouth washes and toothpastes.
Global Hydrogen Peroxide Market Drivers:
Hydrogen peroxide finds numerous applications across diverse end-use industries such as chemical, electronics, paper and pulp, mining, etc. In the paper and pulp industry, hydrogen peroxide is increasingly being used as a bleaching agent since it is chlorine-free as well as environment-friendly in nature. Rising demand for improved quality of paper is driving the growth of the paper industry, in turn, bolstering the hydrogen peroxide market growth. Besides this, several governments have initiated environmental laws and regulations which has resulted into a heightened demand for hydrogen peroxide in a number of applications some of which include water treatment and pollution control. In addition to this, Canada’s Pest Management Regulatory Agency (PMRA), under the authority of the Pest Control Products Act and Regulations, is granting permission for the sale and use of hydrogen peroxide-based fungicide and algaecide in order to control agricultural diseases, and prevent the accumulation of fungi and algae on the surfaces of greenhouse irrigation equipment. Due to the abovementioned factors, the market is projected to reach a value of US$ 5.5 Billion by 2023, expanding at a CAGR of 5% during 2018-2023.
Global Hydrogen Peroxide Market Summary:
- The market has been segregated on the basis of application into bleaching, chemical synthesis, cleaning and etching, disinfectant, and others. Amongst these, chemical synthesis currently holds the largest share, representing the leading application segment.
- Based on end-use, the pulp and paper industry represents the largest end-use segment, accounting for the majority of the total share. Some of the other major end-use industries include water treatment, textiles and laundry, food and beverages, oil and gas, electronics, and healthcare.
- Region-wise, Asia Pacific is the biggest market for hydrogen peroxide, holding the dominant share. Increasing demand from the end-use industries and growing need for chlorine-free bleaches stimulate the growth of the market in the region. Some of the other major markets include Europe, North America, Middle East and Africa, and Latin America.
The competitive landscape of the market has also been analysed with some of the major players being FMC Corporation, EkO Peroxide LLC (AkzoNobel), Solvay, Evonik, Arkema, Kemira Oyj, Mitsubishi Gas Chemical Company, PeroxyChem LLC, Aditya Birla Chemicals Limited, BASF SE, Merck, Chang Chun Petrochemical, Guangdong Zhongcheng Chemicals, Kingboard Chemical Holdings Ltd. and Hansol Chemical.
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