The global hydrogen peroxide market size is expected to reach USD 2.11 billion by 2028 according to a new study by Polaris Market Research. The report “Hydrogen Peroxide Market Share, Size, Trends, Industry Analysis Report, By Function (Disinfectant, Bleaching, Oxidant, Others); By Application; By Region; Segment Forecast, 2021 - 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The global market is seeing significant growth in recent years, and the major factors behind the growth of the industry include the emergence of the COVID-19 pandemic, increased use in wastewater treatment plants and the healthcare sector, and increasing applications in various industries such as in pulp and paper, electronics, and pharmaceutical industry.
COVID-19 has emerged as a significant healthcare crisis, and countries worldwide are looking to contain the disease's spread further. In the U.S. alone, more than 33 million people are affected by the pandemic. India, too, is going through the worst COVID-19 crisis, with more than 4 lakh cases every day.
Proper sanitization in places like offices, commercial spaces, airports, and others will help in decreasing the transmission of the disease. Hence there is a considerable demand for sanitizers and disinfectants. Most disinfectants consist of 4% hydrogen peroxide, peroxyacetic acid, isopropyl alcohol, and other components. Hence the need for the chemical will increase during pandemic times.
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Hydrogen peroxide is a chemical consisting of both oxygen and hydrogen. Its antiseptic and bleaching properties make it ideal for use in healthcare and other industries such as the paper and textile industry. The product has benefits in the food processing sector, where the chemical is used to increase the whiteness and clarity of the food products such as sugar.
Industry participants 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., are some of the key players operating in the global market.
Polaris Market Research has segmented the hydrogen peroxide market report on the basis of function, application, and region:
Hydrogen Peroxide, Function Outlook (Volume - Kilotons; Revenue - USD Million, 2016 – 2028)
Hydrogen Peroxide, Application Outlook (Volume - Kilotons; Revenue - USD Million, 2016 – 2028)
Hydrogen Peroxide, Regional Outlook (Volume - Kilotons; Revenue - USD Million, 2016 – 2028)