by The Hydrogen Peroxide Market is estimated to be valued at US$ 5460.19 KT in 2023 and is expected to exhibit a CAGR of 3.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Hydrogen peroxide is a chemical compound which is commonly used as a bleaching agent and disinfectant. It is majorly produced and consumed in textile, pulp & paper, chemical synthesis, and water treatment industries. It helps in whitening fibers and dissolving wood lignin in paper manufacturing. The compound is also used as an antiseptic and disinfectant in healthcare sector.
Market Dynamics:
The surging demand from pulp & paper industry is one of the key drivers propelling the growth of hydrogen peroxide market. Hydrogen peroxide acts as an eco-friendly substitute to chlorine-based bleaches in paper production. It breaks down into water and oxygen, thereby producing no dioxins or AOX in waste water. Moreover, the growing focus on wastewater treatment is also augmenting the market growth. Hydrogen peroxide is commonly used for oxidation of organic compounds in wastewater. It effectively removes toxic contaminants such as phenols, cyanides and sulfides, thus helping in increasing water reusability. These factors are expected to fuel the demand for hydrogen peroxide over the forecast period.
Segment Analysis
The global hydrogen peroxide market is segmented by application into pulp & paper, textiles, chemical synthesis, food processing and healthcare & personal care. The pulp & paper segment is dominating the market currently due to rising demand for bleached paper across the world. Hydrogen peroxide is majorly used as a bleaching agent in the manufacturing of paper which is driving the pulp & paper segment.
PEST Analysis
Political: Stringent regulations regarding wastewater discharge from manufacturing facilities can impact the market. However, policies supporting green chemistry and sustainable practices can create growth opportunities.
Economic: Growth in end-use industries such as pulp & paper, food processing is fueling the demand for hydrogen peroxide. Rise in disposable income is positively impacting the personal care industry.
Social: Increasing health awareness and focus on hygiene is driving the usage of hydrogen peroxide in pharmaceutical and healthcare applications. Preference for sustainable and eco-friendly products is another key factor.
Technological: Advancements in membrane technology have improved the production process and reduced manufacturing costs. New applications in wastewater treatment and food processing are emerging.
Key Takeaways
The Global Hydrogen Peroxide Market Size is expected to witness high growth, exhibiting CAGR of 3.4% over the forecast period 2023 to 2030, due to increasing demand from pulp & paper industry. The market size for 2023 is estimated to be US$ 5,460.19 KT.
The Asia Pacific region is projected to be the fastest growing as well as the dominating regional market during the forecast period. This can be attributed to rising pulp & paper production and expanding end-use industries in India and China.
Key players operating in the hydrogen peroxide market are Arkema S.A., Evonik Industries A.G., Solvay S.A., Mitsubishi Gas Chemical Company Inc., Kemira Oyj, Thai Peroxide Limited (TPL), Taekwang Industrial Co. Ltd., PeroxyChem LLC, Hansol Chemical, and Nouryon. These players are focusing on capacity expansion and new product launches to strengthen their market position.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
