According to the latest report by IMARC Group, titled "Hydrogen Peroxide Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global hydrogen peroxide market reached a value of US$
3.2 Billion in 2022. Hydrogen peroxide (H2O2) is a mild, colorless chemical compound formulated by the electrolysis of ice-cold sulfuric acid. It can also be prepared in a laboratory by evaporating water after the acidification of barium peroxide. It is unstable in nature, owing to which it is usually combined with weak acidic solutions and stored in wax-lined glass or plastic containers. Hydrogen peroxide comprises antiseptic, oxidation, and bleaching properties, due to which it is extensively used in paper whitening applications and disinfectants to deal with wounds while mitigating the growth of bacteria. Along with this, hydrogen peroxide is utilized in tooth whitening products in the carbamide peroxide (CH6N2O) form.
Global Hydrogen Peroxide Market Trends:
The global hydrogen peroxide market is mainly driven by the widespread product adoption across various industrial verticals owing to its broad applicability and versatility. In line with this, rising environmental concerns have prompted governments of several nations to promote the uptake of eco-friendly chemicals, such as hydrogen peroxide, to reduce carbon emission, which is acting as another growth-inducing factor. Additionally, the increasing need for sterilizing agents and sanitizing products across various commercial complexes, including airports, railways, and public stoppages, especially during the COVID-19 pandemic, is further supporting the market growth. Moreover, with the significant expansion in the healthcare sector, there has been a growing requirement for over-the-counter (OTC) first aid antiseptics to clean and disinfect wounds, which, in turn, is facilitating the utilization of hydrogen peroxide as an antimicrobial and oxidizing agent. Moreover, manufacturers in the paper and pulp industry are extensively utilizing the compound as a bleaching agent to recycle paper into various value-added products, which is propelling the market growth. Apart from this, extensive product utilization in chemical manufacturing, water treatment, food and beverage (F&B), electronics, textile, home, and personal care applications is creating a positive outlook for the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$
4.1 Billion by 2028, growing at a CAGR of
3.8% during 2023-2028.
- Based on the application, the market has been segregated into chemical synthesis, bleaching, disinfectant, cleaning and etching, and others. Amongst these, chemical synthesis dominates the market, holding the largest share.
- On the basis of the end use, the market has been segmented into pulp and paper, food and beverages, water treatment, textiles and laundry, oil and gas, healthcare, electronics, and others. Amongst these, pulp and paper represent the largest segment.
- On a regional basis, the market has been segmented into North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
- The competitive landscape of the industry has also been examined, with some of the key players being Solvay, Evonik, Arkema, Kemira Oyj, FMC Corporation, EkO Peroxide LLC (acquired by AkzoNobel), Mitsubishi Gas Chemical Company, PeroxyChem LLC, Aditya Birla Chemicals Limited, Kingboard Chemical Holdings Ltd, BASF SE, Merck, Chang Chun Petrochemical, Guangdong Zhongcheng Chemicals and Hansol Chemical.
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