Selbyville, Delaware, Aug. 11, 2021 (GLOBE NEWSWIRE) -- According to a recent research report published by Global Market Insights Inc., the organic peroxide market is anticipated to be worth over USD 2.5 billion by 2027, registering a CAGR of 4.2% from 2021 to 2027. The report offers an in-depth analysis of the market size & estimations, top winning strategies, the competitive scenario, major investment pockets, drivers & opportunities, and wavering market trends.
Soaring consumption of plastic, polymers, coatings, and adhesives in varied industry verticals has accelerated the organic peroxide market share in recent years. Polymers that are typically synthesized with organic peroxides include polystyrene (PS), polyvinyl chloride (PVC), low-density polyethylene (LDPE), and polyvinyl acetate (PVA). Notably, persistent construction activities across the globe have boosted the penetration of paints and coatings, which has fostered market adoption in key regions. Moreover, escalating demand for personal care & textiles products is augmenting the revenue growth of the sector.
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Organic peroxides are organic compounds with multifunctional applications, such as in manufacturing percarbonates. Percarbonate is created through a reaction between carbonates and hydrogen peroxide. It has several properties like water-solubility and is hygroscopic and colorless, and consequently, finds extensive usage in the laundry & cleaning sector. Subsequently, the organic peroxide market from the percarbonates product segment is set to witness substantial growth at a CAGR of around 3.5% through the analysis timeline due to booming demand for percarbonate as a cleaning agent.
Key reasons for organic peroxide market growth
- Soaring penetration in the paint & coatings sector.
- Rising demand for personal care and textile products.
- Prominent construction projects in key regions.
2027 forecasts show the ‘healthcare’ segment retaining its dominance
Based on the application, the healthcare segment accounted for more than 8% of the market in terms of revenue in 2020. In the healthcare sector, organic peroxides are known to be vital in the treatment of moderate to mild acne and in several other pharmaceutical products, which are likely to support the growth of the segment through the forecast period.
Europe to continue its top status in terms of revenue
In terms of region, Europe is calculated to hold more than 20% revenue share in the overall industry by 2027. The presence of major chemical industry players would primarily drive the region’s growth in the near future. Additionally, growing product utilization in paint & coatings is a key factor bolstering the regional market growth. Simultaneously, the Asia Pacific organic peroxide market would also observe steady growth owing to the expanding building & construction industry in the region.
Impact of COVID-19 pandemic on organic peroxide market
The COVID-19 outbreak disrupted the global supply chain, resulting in a shortage of raw materials and the shutdown of businesses around the world, which hampered industry growth to a certain extent. However, increasing consumer demand for cleaning products and disinfectants has supplemented the revenue streams through the course of the pandemic. Hydrogen peroxide was recommended as an effective disinfectant against the novel coronavirus by leading health agencies, which positively influenced market uptake. Now, with ongoing immunization drives across the globe, the industry is slated to regain pre-COVID momentum.
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Leading market players
Key players operating in the organic peroxide industry include Arkema, AkzoNobel, Solvay, Suzhou Hualun Chemical Co., United Initiators, NOF Corporation, Pergan GmbH, Chinasun Specialty Chemicals, Jiangsu Yuanyang Pharmaceutical Co., Zibo Zhenghua Auxiliary Co., and NOVICHEM. Industry players are focused on product development, merger & acquisition, strategic partnership & joint venture, and R&D investment strategies over the long run.
About Global Market Insights Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting, and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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