According to the recent report by IMARC Group, titled “Europe Hydrogen Peroxide Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the Europe hydrogen peroxide market reached a value of US$ 696.6 Million in 2022. Hydrogen peroxide is a pale blue liquid with the chemical formula H2O2. It is slightly more viscous than water and can easily break down into oxygen and water. As a result, this chemical compound is stored in a weak acid solution with stabilizers. Due to the unstable nature of hydrogen peroxide, it plays a vital role in oxidative biosynthetic reactions. It also finds application in personal care, textiles, electronics, and food and beverage industries. Besides this, hydrogen peroxide is widely used as a bleaching agent in the pulp industry and as an antiseptic for minor cuts and burns. The healthcare sector has a strong foothold in Europe, resulting into a continuous demand for hydrogen peroxide due to its antiseptic properties.
Europe Hydrogen Peroxide Market Trends:
The demand for hydrogen peroxide has witnessed a rise in Europe over the past few years, especially in the water treatment and oil and gas industries. This can be accredited to the initiatives by the regional governments promoting the usage of hydrogen peroxide in pollution control and water treatment applications. Due to strict environmental laws against the utilization of chlorine-based bleaching agents in Europe, the demand for hydrogen peroxide has increased as it is environment friendly. Besides this, manufacturers are focusing on the expansion of their existing production facilities in Europe. For instance, Evonik, a German company, decided to expand its hydrogen peroxide production facility by 50% at the Antwerp site, which will increase the efficiency and aid in delivering the products faster after its completion. Furthermore, the outbreak of the coronavirus disease (COVID-19) has compelled the healthcare facilities to utilize hydrogen peroxide for sanitizing equipment, thereby contributing to the market growth. On account of these factors, the market is expected to grow at a CAGR of 4.2% during the forecast period (2023-2028).
- Based on the application, the market has been divided into chemical synthesis, disinfectant, bleaching, cleaning and etching, and others.
- On the basis of the end use, the market has been classified into pulp and paper, water treatment, food and beverages, healthcare, textiles and laundry, electronics, oil and gas, and others.
- Country-wise, the market has been segmented into the United Kingdom, Germany, Spain, Italy, France, and others.
- The competitive landscape of the market has been analyzed in the report with the detailed profiles of the key players operating in the market.
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