Rise in demand from pulp & paper industry, wide applications of hydrogen peroxide, and surge in demand for the product from the healthcare industry drive the growth of the global hydrogen peroxide market.
PORTLAND, Ore., Aug. 1, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Hydrogen Peroxide Market by Application (Pulp and Paper, Chemical Synthesis, Wasterwater Treatment, Mining, Food and Beverage, Personal Care, Textile, Healthcare, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global hydrogen peroxide industry generated $5.4 billion in 2021, and is anticipated to generate $8.9 billion by 2031, witnessing a CAGR of 5.2% from 2022 to 2031.
Prime determinants of growth
Rise in demand from pulp & paper industry, wide applications of hydrogen peroxide, and surge in demand for the product from the healthcare industry for its antiseptic properties drive the growth of the global hydrogen peroxide market. However, health and environmental hazards associated with hydrogen peroxide are projected to hamper the steady growth of the market. Contrarily, rise in demand for hydrogen peroxide in the wastewater treatment industry is anticipated to present new opportunities in the coming years.
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- The outbreak of the Covid-19 pandemic has had a negative impact on the global hydrogen peroxide market, owing to decrease in demand for hydrogen peroxide from a wide range of end-use sectors, including pulp & paper, chemical synthesis, food processing, textile, water & wastewater treatment, and electronics & semiconductor.
- On the other hand, hydrogen peroxide is primarily used as an antibacterial agent in food such as milk, and as a sterilizing agent for food packaging materials. In countries such as the U.S., Canada, Australia, and New Zealand, hydrogen peroxide is used as a bleaching agent in foods such as wheat flour, edible oil, and egg white. Sales increased as customers' concerns about food safety and their health pushed purchases.
- However, as a result of the pandemic, several industries were compelled to temporarily halt operations, prompting various industry to restrict the use of bleaching chemicals and oxidants, thereby cutting the demand for hydrogen peroxide.
- Disruptions in the supply chain, unavailability of raw materials, and shortage of labor force were major challenges faced by manufacturers.
- Rise in demand from the paper and pulp industry as well as increase in use of hydrogen peroxide in various end-use sectors are expected to drive market growth in the post-pandemic.
The pulp & paper segment to maintain its leadership status throughout the forecast period
Based on application, the pulp & paper segment held the highest market share in 2021, accounting for nearly half of the global hydrogen peroxide market, and is estimated to maintain its leadership status throughout the forecast period. The pulp and paper industry is continuously adapting to evolving consumer demand and trends. Rise in usage of hydrogen peroxide in industrial applications as well as increase in use of hydrogen peroxide as disinfectants are anticipated to provide enormous development prospects. The report also analysizes segments including chemical synthesis, mining, textile, healthcare, food & beverage, wastewater treatment, and personal care.
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Asia-Pacific to maintain its dominance by 2031
Based on region, Asia-Pacific held the highest market share in terms of revenue 2021, accounting for nearly half of the global hydrogen peroxide market. Moreover, the same region is expected to witness the fastest CAGR of 6.0% from 2022 to 2031. The increased use of hydrogen peroxide in the pharmaceutical industry and healthcare facilities led to increased demand for chemicals and contributed to the growth of the hydrogen peroxide market in the Asia-Pacific region. The research also analyzes regions including North America, Europe, and LAMEA.
Leading Market Players:
- Evonik industries
- Akzo Nobel
- Kemira Oyj
- National Peroxide Limited
- Arkema S.A.
- cleartech industries
- gujarat alkalies and chemical ltd
- Hansol Chemicals
- Indian Peroxide Ltd.
- meghmani finechem limited
- Mitsubishi Gas Chemical Company
- Taekwang Industrial Co. Ltd
The report provides a detailed analysis of these key players of the market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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