The global hydrogen peroxide market was valued at USD 1.47 billion in 2020 and is expected to grow at a CAGR of 5.8% over the forecast period. Due to its antimicrobial effects, increasing market demand for the product from the healthcare sector is expected to be a significant driver of market expansion.
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The environmental laws and regulations play an important role in driving the market development due to hydrogen peroxide's emission-free and eco-friendly properties. As a result, customers increasingly prefer to use this chemical for various pollution control and water treatment applications.
Furthermore, hydrogen peroxide is used in various end-use industries, including pharmaceutical, electronics, paper and pulp, mining, and so on. It has also seen an increase in market demand for bleach products, which are used to remove chlorine compounds using bleaching processes. Furthermore, the cost-effectiveness of hydrogen peroxide and the growing preference for recycled paper has positively affected this market.
In addition, due to the emergence of the COVID-19 pandemic, the need for hydrogen peroxide has increased considerably owing to its widespread use in disinfectant product formulation. According to recommendations provided by governments around the world, disinfecting public and private areas is important to reduce the effects of the coronavirus spread.
Public spaces such as airports, public stations, commercial buildings, and railway platforms must be sterilized within closed limits for more than 60 minutes. Several governments have released specific household cleaning guidelines, resulting in a significant increase in market demand for disinfectant and sanitizers products. All these factors are expected to fuel the growth of the market.
The major driving factors for the growth of the global hydrogen peroxide market include wastewater treatment plants, the healthcare sector, and industries such as paper and pulp. Hydrogen peroxide has valuable properties such as efficient bleaching and antiseptic properties, making it a valuable commodity in all these industries. The emergence of COVID-19 is expected to further drive the growth of the market during the forecast timeframe.
The application of hydrogen peroxide in drinking water is minimal, but it is used to treat wastewater produced in industries. Hydrogen peroxide is a good antiseptic agent as it can kill all the germicidal and also by the release of oxygen will cure the skin cuts and bruises. It is also extensively used in oral healthcare because it can help overcome mouth irritation due to dentures, gingivitis, and orthodontic appliances.
The emergence of COVID-19 has resulted in the increasing demand for sanitization and disinfection agents. COVID-19 has affected more than 155 million global populations by May 2021. One of the efficient ways to control transmission is by properly sanitization of public places such as airports, railway stations, schools, commercial buildings, and others. Hydrogen peroxide is widely used in many disinfectants and sanitizing solutions by adding 3% to 4% of hydrogen peroxide in the solution.
Hydrogen peroxide is very effective against bacteria, viruses, bacteria, and many other microorganisms. Many new products based on hydrogen peroxide are frequently launched in the market. For instance, in November 2020, “Libman Multi-Surface Disinfecting Cleaner” was launched by the company. It contains hydrogen peroxide that can kill 99.9 percent of germs, including viruses.
The market is primarily segmented on the basis of function, application, and region.
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The bleaching market segment generated the highest revenue in 2020. The product is widely used as a bleaching agent in various industries, including medical, pulp and paper, and textiles. The substance is extremely useful in the medical field as a mouth wash for hair bleaching, dental bleach, and preserving oral hygiene.
Most of the product is used as bleach in the textile industry, where it is widely used to brighten garments and eliminate stains both from natural and synthetic fibers. Also, it helps to improve the mechanical properties of fibers and is thus used during the fabric manufacturing process.
The disinfectant market segment is expected to grow at the fastest rate in terms of volume during the forecast period. This is due to the product's high indulgence in formulating various hygiene products and cleaning agents.
The market for hydrogen peroxide for this purpose has increased dramatically in early 2020, following a worldwide coronavirus outbreak that has significantly increased the production of various disinfectant products, including floor cleaners, hand sanitizers, and glass cleaners for outdoor and indoor applications. This has increased the use of hydrogen peroxide as a disinfectant across the globe, and the trend is expected to continue for the near future.
The pulp and paper application market segment generated the highest revenue, in terms of revenue, in 2020 and is expected to maintain its share during the forecast timeframe. Bleach is identified as a chlorine-free element, making it an important commodity in the pulp and paper industry across the globe. It is used to improve the chemical and mechanical properties of pulp and improve the brightness and quality of the paper. It has grown in popularity in the industry since it lowers manufacturing costs, improves efficiency, and is simple to use and environmentally friendly.
In terms of volume, the healthcare application segment is projected to grow at a high rate during the projected period. This is due to the high market demand for the commodity stemming from the rapid production of disinfectant and sanitization goods by many multinational corporations worldwide. Owing to increased understanding among the public about the importance of these healthcare necessities in their day-to-day lives due to the global pandemic, the market demand for these items will rise significantly worldwide over a long time.
The Asia Pacific hydrogen peroxide market is expected to be the biggest region for the global market during the forecast period due to increased medical and chemical industries in the region. China is one of the largest producers of hydrogen peroxide in the world. The emergence of the pandemic will also increase the use of hydrogen peroxide in countries like India for sanitization and disinfectant applications.
North American hydrogen peroxide industry will also significantly contribute to the growth of the global market during the forecast period owing to the increased focus on wastewater treatment. Developed countries have strict environmental norms, and wastewater needed to be adequately treated before discharge. The use of sanitizers also increased in the region during pandemic times.
Companies across the globe are looking to increase the production of hydrogen peroxide due to improved environmentally friendly practices and huge demand in the healthcare sector. Governments of many countries are looking to promote the production of disinfectants locally to meet the demand during the COVID-19 crisis.
Some of the major players operating in the market for hydrogen peroxide include Evonik Industries, Arkema, Solvay, Gujarat, Alkalies & Chemicals Ltd., Airedale Chemical, Taekwang Industrial, National Peroxide Limited, Zaklady Azotowe Pulawy, CJSC Orgsyntes Group, OCI Company Ltd.
Market size value in 2020
USD 1.47 billion
Revenue forecast in 2028
USD 2.11 billion
5.8% from 2021 - 2028
2016 - 2019
2021 - 2028
Revenue in USD million and CAGR from 2021 to 2028
By Function, By Application, By Region
North America Europe Asia Pacific Latin America; Middle East & Africa
Solvay SA, Evonik Industries AG, Arkema SA, Akzonobel N.V., BASF SE, The DOW Chemical Company, Ecolab Inc. (Nalco Company), Kemira OYJ, Merck Group, Mitsubishi Gas Chemical Company, Taekwang Industrial Co., Ltd., FMC Corp, Thai Peroxide Co. Ltd., OCI Chemical Corporation, Christeyns, National Peroxide Limited, Shandong Huatai Paper Co. Ltd., Guangdong Zhongcheng Chemicals Inc., Kingboard Chemical Holdings Ltd., Khimprom