November 25, 2021 09:00 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, November 25, 2021 (GLOBE NEWSWIRE) - According to Fortune Business Insight™, the global hydrogen peroxide market is expected to grow from USD 1.69 billion in 2021 to USD 2.20 billion in 2028, a compound annual The growth rate is 3.8% during the forecast period. Hydrogen peroxide (H2O2) provides countless functions in household, industrial and commercial applications. Due to its versatility, the wide applicability of this product is expected to be the main factor driving market growth in the next few years. This information has been introduced in its report entitled "Hydrogen Peroxide Market 2021-2028". The market size in 2020 is 1.64 billion U.S. dollars.
H2O2 is widely used in chemistry, textiles, water, pulp, cosmetics, home care and special applications, including pharmaceuticals, electronics, and food and beverages. In recent years, major players have increased their investment in increasing production capacity and may drive market growth in the next few years.
The list of participants in the global hydrogen peroxide market are:
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Countless applications used to promote the growth of the hydrogen peroxide market
H2O2 is widely used in different household, commercial and industrial applications. It is used as an antibacterial agent and preservative in healthcare. The textile and paper industries benefit from its powerful bleaching properties. It is a typical oxidizer and disinfectant in food, personal care, water purification and home care applications. Countless applications are expected to promote the growth of the global hydrogen peroxide market.
The antibacterial and bleaching properties of this product can be used in instant tea, cheese making and other applications in the food industry. In addition, major companies such as Mitsubishi Gas Chemicals Company and Solvay SA are investing in Taiwan and China to produce ultra-pure grades for electronic applications. Therefore, increasing product adoption in electronics and food applications is expected to significantly stimulate market growth. However, the strong oxidizing properties of this product can cause potential health hazards and hinder market growth.
According to the level, the market is divided into >35% and <35%. According to the type, the market is divided into bleach, disinfectant, etc. According to the application, the market is divided into professional applications, household and personal care, water purification, textile bleaching, chemical synthesis and pulp and paper making. Geographically, the market is divided into Latin America, North America, Europe, Asia Pacific, and the Middle East and Africa.
High production and consumption of H2O2 will promote growth in the Asia-Pacific region
The Asia-Pacific region is expected to receive the largest share of the global hydrogen peroxide market. According to the Food and Agriculture Organization (FAO), the Asia-Pacific region has the largest production and consumption of cardboard and paper. The bleaching properties of this product have created huge demand for the thriving textile industries in India, Vietnam, Bangladesh, Indonesia and China. This may promote the growth of the hydrogen peroxide industry in the Asia-Pacific region.
Due to strong product demand, Europe is expected to grow with the second largest share of the global market. The proliferation of water purification, textile, paper, personal care and home care industries has created a huge demand for H2O2, which is expected to drive market growth.
Due to the increasing R&D activities in the development of expanded product applications in the healthcare sector, North America is expected to achieve considerable growth, and professional applications are expected to drive growth in the region.
By the end of the forecast period, the Middle East and Africa and Latin America are likely to experience rapid growth.
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Major players adopt inorganic strategies to achieve greater growth
The main players emphasized on improving production capacity to meet the growing global demand for products. Companies operating in the market are formulating innovative growth strategies, such as new product launches, technology development, mergers, partnerships, acquisitions and cooperation, to accumulate growth in the market. For example, Evonik Industries AG acquired PeroxyChem for USD 640 million in February 2020. The company aims to strengthen its sustainable disinfectant product portfolio in North America and globally.
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