According to the latest report by IMARC Group, titled “Hydrogen Peroxide Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global hydrogen peroxide market size reached US$ 4.2 Billion in 2018. Hydrogen peroxide (H2O2) is a chemical compound that is characterized by a pale blue color. A combination of hydrogen and water, it is a clear liquid in its pure form and is slightly more viscous than water. Although it is non-flammable in nature, it is unstable and readily decomposes into oxygen and water while releasing heat and can cause combustion on contact with organic materials. It is used as a mild antiseptic on the skin to prevent infection caused by scrapes, burns and minor cuts. It is also utilized as a bleaching agent in the paper and pulp industry owing to its strong oxidizing properties. Additionally, it also used across numerous other industry verticals in the manufacturing of various products, such as disinfectants, bleaches, hair relaxers, ear drops, toothpaste, antiseptic mouthwash, and hair relaxers.
Global Hydrogen Peroxide Market Trends:
The significant growth in various end use industries is primarily driving the growth of the market. Apart from being utilized as a bleaching agent, hydrogen peroxide is widely used in the paper and pulp industry for the production of chemical, mechanical and recyclable pulps. The rising demand for paper and pulp from packaging and pharmaceutical industries, along with the escalating demand for high-quality paper from the print media, is creating a positive outlook for the market. Moreover, since this chemical compound is also used in the agricultural sector to improve crop yield, the thriving agricultural industry is expected to impact the market growth favorably. Additionally, the advent of the Hydrogen Peroxide to Propylene Oxide (HPPO) technology is further driving the market toward growth. Developed collaboratively by ThyssenKrupp Industrial Solutions and Evonik Industries, the HPPO technology is an environment friendly process wherein hydrogen peroxide is employed as the primary raw material for the production of propylene oxide. The rising demand for propylene oxide from various industries, such as automotive, construction, and food and beverage industries, thus, in turn, is expected to catalyze the market growth. Furthermore, several initiatives undertaken by governments of various countries have spurred the demand for hydrogen peroxide for water treatment and pollution control applications. On account of the aforementioned factors, the market is projected to reach a value of US$ 5.6 Billion by 2024, expanding at a CAGR of 4.9% during 2019-2024.
- On the basis of the application, the market has been divided into chemical synthesis, bleaching, disinfectant, cleaning and etching, and others. Amongst these, chemical synthesis exhibits a clear dominance in the market.
- Based on the end use, the market has been segregated into pulp and paper, food and beverages, water treatment, textiles and laundry, oil and gas, healthcare, electronics, and others. At present, pulp and paper account for the majority of the total market share.
- On the geographical front, Asia Pacific holds the leading position in the market. Other key regions include Europe, Middle East and Africa, North America, and Latin America.
- The competitive landscape of the market has been studied with the detailed profiles of the key players operating in the market. Some of these players include Solvay, Evonik Industries AG, Arkema Group, Kemira Oyj, FMC Corporation, EkO Peroxide LLC (acquired by AkzoNobel), Mitsubishi Gas Chemical Company, Inc., PeroxyChem LLC, Aditya Birla Group, Kingboard Holdings Limited, BASF SE, Merck & Co., Inc., Chang Chun Group, Guangdong Zhongcheng Chemicals Inc., Ltd. and Hansol Chemical Co. Ltd.
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