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The global hydrogen peroxide market size is projected to gain striking growth by reaching USD 2.20 billion by 2028. Fortune Business Insights™, in its report titled “Hydrogen Peroxide Market Size, Share & COVID-19 Impact Analysis, By Grade (<35% and >35%), By Type (Disinfectant, Bleaching Agent and Others), By Application (Pulp & Paper, Chemical Synthesis, Textile Bleaching, Water Purification, Home & Personal Care and Specialty Applications), and Regional Forecast, 2021-2028”, observes that the market size stood at USD 1.64 billion in 2020 and is expected to exhibit a CAGR of 3.8% between 2021 and 2028. Hydrogen peroxide provides a myriad of functions across 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.
Solvay S.A.’s New Hydrogen Peroxide Packing and Dilution Plant in Vietnam to Amplify Market Growth
In June 2020, Solvay Peroxides Vietnam, a business unit of Solvay S.A., commenced production at its new packing and dilution plant in Phuc Lang Industrial Zone. 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. It is the first Vietnam-based industrial facility of the Solvay Group. The company aims to utilize returnable packaging to contribute to the circular economy and sustainability. The plant is built in alignment with environmental and health safety standards.
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A myriad of Applications to Augment Growth of the Market
Hydrogen peroxide 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 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. The myriad of applications is anticipated to bolster the global hydrogen peroxide market growth.
Key Players Adopt Inorganic Strategies to Garner 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.
List of Key Players in the Global Market-
Further Report Findings-
Table of Segmentation
Value (USD Billion) and Volume (Kilo Tons)
Grade, Type, Application and Geography