Pune, India, Nov. 25, 2021 (GLOBE NEWSWIRE) -- According to Fortune Business Insights™, the global hydrogen peroxide market size is projected to grow from USD 1.69 billion in 2021 to reach USD 2.20 billion by 2028 and exhibit a CAGR of 3.8% during the forecast period. Hydrogen peroxide (H2O2) provides a myriad of functions across the household, industrial, and commercial applications. The wide applicability of the product due to high versatility is expected to be the prime factor driving the market growth in the upcoming years. has presented this information in its report titled, “Hydrogen Peroxide Market, 2021-2028”. The market size stood at USD 1.64 billion in 2020.
H2O2 is widely utilized by chemical, textile, water, pulp, cosmetics, home care, and specialty applications, including pharmaceuticals, electronics, and food & beverages. The key players’ investments in upscaling the production capacity have increased in recent years and are likely to boost the market's growth in the coming years.
List of Players in the Global Hydrogen Peroxide Market are:
- Solvay S.A. (Belgium)
- Evonik Industries A.G. (Germany)
- Arkema S.A. (France)
- Mitsubishi Gas Chemical Company Inc. (Japan)
- Kemira Oyj (Finland)
- Taekwang Industrial Co., Ltd. (South Korea)
- Thai Peroxide Ltd. (Thailand)
- Hansol Chemical Co. Ltd. (South Korea)
- OCI COMPANY Ltd. (South Korea)
- Nouryan (Netherlands)
- Indian Peroxide Ltd. (India)
- Gujarat Alkalies and Chemicals Ltd. (India)
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Report Coverage:
- Provides a comprehensive analysis of the market.
- Emphasizes key factors, such as applications, leading companies, and others.
- Provides crucial insights into the regulatory scenarios of the market.
- Highlights the key market trends and the latest industry developments.
- Assesses the impact of the COVID-19 pandemic.
Drivers & Restraints:
Myriad of Applications to Augment Growth of the Hydrogen Peroxide Market
H2O2 is widely used across different household, commercial and industrial applications. It is used as an antimicrobial and antiseptic agent in healthcare. Textile and paper industries benefit from its strong bleaching properties. It acts as an exemplary oxidizing and disinfecting agent in food, personal care, water purification, and home care applications. The myriad of applications is anticipated to bolster the global hydrogen peroxide market growth.
The product’s antimicrobial and bleaching properties are useful in instant tea, cheese manufacturing, and other applications in the food industry. Moreover, major businesses such as Mitsubishi Gas Chemicals Company and Solvay S.A. are investing in the production of super-pure grades for electronic applications in Taiwan and China. Hence, the rising product adoption across electronic and food applications is expected to significantly stimulate market growth.
However, the product’s strong oxidizing nature can pose potential health hazards and hinder the market’s growth.
Segmentation:
On the basis of grade, the market is bifurcated into >35% and <35%. On the basis of type, the market is segmented into bleaching agents, disinfectants, and others. On the basis of application, the market is categorized into specialty applications, home & personal care, water purification, textile bleaching, chemical synthesis, and pulp & paper. Geographically, the market is classified into Latin America, North America, Europe, Asia Pacific, and the Middle East & Africa.
Regional Insights:
High Production and Consumption of H2O2 to Boost Growth in Asia Pacific
Asia Pacific is projected to gain the largest portion of the global hydrogen peroxide market share. As per the Food and Agricultural Organization (FAO), Asia Pacific accounts for the largest production and consumption of paperboard and paper. The bleaching properties of the product create huge demand in prospering textile industry across India, Vietnam, Bangladesh, Indonesia, and China. This is likely to boost the hydrogen peroxide industry growth in Asia Pacific.
Europe is expected to grow with the second-largest share in the global market due to the high product demand. The high presence of water purification, textile, paper, personal care, and home care industries create a huge demand for H2O2 and are anticipated to drive the market growth.
North America is expected to gain considerable growth due to the rising R&D activities to develop extended product applications across healthcare, and specialty applications are expected to drive the region’s growth.
The Middle East & Africa, and Latin America are likely to witness high growth by the end of the forecast period.
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Competitive Landscape-
Key Players Adopt Inorganic Strategies to Graner Growth
The key players emphasize upscaling their production capacities to fulfill the increasing product demand globally. The businesses operating in the market are devising innovative growth strategies such as new product launches, technological developments, mergers, partnerships, acquisitions, and collaborations to accumulate growth in the market. For instance, Evonik Industries A.G. acquired PeroxyChem in February 2020 for USD 640 million. The company aims to strengthen its sustainable disinfectants portfolio across North America and the world.
Key Industry Developments-
- June 2020: Solvay S.A. commenced production, packing, and dilution of H2O2 at its plant in Vietnam. The plant has a capacity of approximately 24 kilotons per year and will provide international standard quality products for specialty and textile applications across Vietnam.
Detailed Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Key Emerging Trends – For Major Countries
- Industry SWOT Analysis
- Regulatory Analysis
- Recent Industry Developments - Policies, Partnerships, New Grade Launches, and Mergers & Acquisitions
- Qualitative Insights – Impact of COVID-19 on Global Hydrogen Peroxide Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
TOC continued
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