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The global hydrogen peroxide market size was USD 1,613.8 million in 2019 and is projected to reach USD 2,122.1 million by 2027, exhibiting a CAGR of 3.7% during the forecast period.
Versatility in terms of applications is fueling the demand for hydrogen peroxide in the paper and pulp industry, chemical manufacturing, the textile industry, water treatment, home care, cosmetics, and specialty applications such as food and beverages, electronics, and pharmaceuticals. In order to tap these opportunities, leading players operating in the global market are investing to increase their production capacity. For instance, in July 2019, Solvay S.A. raised its production capacities in Belgium, Germany, Finland, and the Middle East to meet increasing demand from its consumers in Europe, Middle East & Africa (EMEA) region.
COVID-19 Pandemic to Surge the Demand for Chemical Disinfectants
The rapid surge in the need for chemical disinfectants amid the COVID-19 outbreak has considerably increased demand to prepare disinfectant solutions. It has been proven effective in bactericidal and virucidal activities. Therefore, it is in high demand in the healthcare industry, with healthcare professionals pulling all stops to combat the COVID-19 pandemic. Moreover, in April 2020, the US Food and Drug Administration (FDA) issued the second emergency use authorization to decontaminate respirators for reuse. The FDA will allow the decontamination of N-95 respirators by using vaporized hydrogen peroxide sterilizers.
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Increasing Adoption of H2O2 in Food and Electronic Applications to Drive Growth
Food-grade hydrogen peroxide is used as a bleaching and antimicrobial agent in applications such as cheese manufacturing, instant tea, etc. Moreover, it is also approved as a sterilizing agent in aseptic packaging. Therefore, companies are introducing new grades to meet the changing market trends. For instance, Arkema S.A. launched ‘Valsterane S-HP,’ with 25% and 35% concentration for spray aseptic packaging in May 2018. Moreover, companies such as Solvay S.A. and Mitsubishi Gas Chemicals Company are investing in the manufacturing of super-pure grades for electronic applications in China and Taiwan, respectively.
Wide Applicability of Hydrogen Peroxide to Boost Market Growth
This chemical offers multiple functions in different industrial, commercial, and household applications. Strong bleaching properties make it suitable for paper and textile bleaching. In healthcare, it is used as an antiseptic and antimicrobial agent. In water purification, home care, personal care, and food applications, it acts as an excellent disinfecting and oxidizing agent. In electronics, it is used as a high-quality cleaning agent. It is also used in the production of detergent bleaches such as sodium percarbonate and sodium perborate. Therefore, such versatility in terms of applicability is fueling the growth of the global market.
Potential Health Hazards May Hinder Product Adoption
Due to its strong oxidizing nature, hydrogen peroxide can be corrosive to the respiratory system, eyes, and skin. If not handled carefully, prolonged exposure irritates the skin & the eyes and causes hair bleaching. Moreover, it is not compatible with most of the raw materials such as copper alloys or heavy metals, which leads to self-accelerated thermal decomposition. Therefore, it should be carefully stored and handled to avoid potential health hazards.
>35% Segment to Hold the Largest Share in the Global Market
Based on grade, the global hydrogen peroxide market is categorized into Different concentrations of hydrogen peroxide are marketed according to their applications. In general, lower concentrations, less than 35%, are used in home care products, personal care products, and in specialty applications. Higher concentrations of more than 35% are generally used in paper, textile, chemical, and wastewater treatment applications. Pure grades or more than 90-95% concentrations are used as fuel in rocket propellants. High adoption of products with more than 35% concentration to obtain optimized results is the key factor driving the growth of this segment.
Bleaching Agent Segment to Lead the Market Share
Based on type, the global market is classified into disinfectant, bleaching agents, and others. Hydrogen peroxide offers high bleaching effects at reasonable costs and keeps the fiber quality intact. Furthermore, it also provides the benefit of alkaline extraction with bleaching in paper and textile manufacturing. Single-stage bleaching can be possible in short term bleaching processes such as cotton bleaching. This process can also help obtaining stable and higher whiteness. Besides, no unpleasant smell is produced and its environment-friendly nature makes it the ideal bleaching agent for paper and textiles. Moreover, the product is an excellent disinfectant that has the potential to combat virucidal activities. Therefore, with increasing awareness about self-hygiene, the demand for disinfectant solutions such as H2O2 is expected to increase in the foreseeable future.
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Pulp & Paper Segment to Account for the Largest Share of the Global Market
On the basis of application, the global market is segmented into pulp & paper, chemical synthesis, textile bleaching, water purification, home & personal care, and specialty applications. Pulp & paper industries utilize hydrogen peroxide as an ideal bleaching agent for chemical, mechanical, and recycled pulp. It improves the paper quality and lowers production costs by increasing production yield. Moreover, its eco-friendly nature plays an important role in developing sustainable solutions in the paper recycling industry. The rising demand for high-quality paper for packaging and sanitary applications is expected to boost the growth of the market during the forecast period. According to the Food & Agricultural Organization (FAO), paperboard, the wrapping & packaging paper, and sanitary tissue segments account for more than 60% share in the global paper production every year.
Asia Pacific Hydrogen Peroxide Market Size, 2019 (USD Million)
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On account of favorable growth of end-use industries such as paper, textiles, and chemicals, among others, Asia Pacific led the market share (value & volume) in 2019. According to the Food and Agricultural Organization (FAO), Asia Pacific is the largest producer and consumer of paper & paperboard in the world and accounts for more than 45% share in the global paper industry. Moreover, the flourishing textile industry in China, India, Bangladesh, Vietnam, and Indonesia is creating a huge demand for hydrogen peroxide as a bleaching agent. According to the India Brand Equity Foundation, the production of fiber in India was 1.44 million tons in FY2019 and increased to 1.60 million tons in FY 2020.
Europe is the second-largest consumer of hydrogen peroxide in the world, followed by North America. Owing to the high presence of paper, textile, water purification, home care, and personal care industries, Germany is a prime contributor to the growth of the market in Europe. Moreover, the strong presence of leading players such as Solvay S.A., Evonik Industries A.G., and Arkema S.A. is creating a competitive environment for the growth of the market in this region.
Increasing research & development activities to extend applications of H2O2 in specialty and healthcare applications is driving the growth of the market in North America. For instance, in 2019, a new process developed by the Massachusetts Institute of Technology could lead to the development of a cost-effective device to produce H2O2 and sterilize water supplies, wounds, or even food preparation surfaces.
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Owing to the significant growth of end-use industries, Latin America and the Middle East & Africa are expected to indicate high growth during the forecast period. Latin America is projected to register the second-fastest growth in the global market, followed by Africa.
Key Players to Focus on Expanding Their Existing Production Capacities
With increasing demand and utilization of the highly-versatile hydrogen peroxide, key manufacturers are investing to expand their production capacities globally. For instance, Solvay S.A., a global leader in peroxide technologies, has heavily invested in its production sites in Europe, Asia, and the Middle East in the past ten years. With increasing demand globally, the company aims to strengthen its market reach as well as to improve distribution networks to better serve its customers. Other key players are also focusing on extending their footprints with additional production capacities.
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The hydrogen peroxide market research report provides both qualitative & quantitative insights into the global market. Quantitative insights include the global market sizing in terms of value (USD Million) & volume (Kilo Tons) across each segment, sub-segment, and region profiled in the scope of the study. Also, the report covers market share analysis and growth rates of segment, sub-segment, and key countries across each region. Qualitative insight covers elaborative market analysis of drivers, restraints, growth opportunities, key trends related to the market. The competitive landscape section covers detailed company profiling of the key players operating in this market.
Value (USD Million) and Volume (Kilo Tons)
Grade, Type, Application and Geography
Fortune Business Insights says that the global market size was USD 1,613.8 million in 2019 and is projected to reach USD 2,122.1 million by 2027.
The global market is expected to grow at a compounded annual growth rate (CAGR) of 3.7% during the forecast period (2020-2027).
The bleaching agent segment is expected to be the leading application segment in the market during the forecast period.
Various benefits and increasing demand for the same in home & personal care products are the key factors driving market growth.
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 (The Netherlands), Indian Peroxide Ltd. (India), Gujarat Alkalies and Chemicals Ltd. (India) are the leading players in the global market.
Asia Pacific dominated the global market in 2019.
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