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 colorless liquid organic compound with the formula H2O2. It is commonly used as a bleaching agent and disinfectant in the pulp and paper industry. Hydrogen peroxide is also used in the production of other chemicals like propylene oxide and acrylic acid.
Market Dynamics:
The hydrogen peroxide market is expected to grow at a significant rate during the forecast period owing to rising demand from the pulp and paper industry. Hydrogen peroxide is widely used as a bleaching agent in the production of paper products like printing paper, tissue paper, etc. According to Europapaer, paper production worldwide increased by 2% in 2021. Moreover, the increasing applications of hydrogen peroxide in wastewater treatment and electronics manufacturing are further expected to aid the market growth over the forecast period. However, the high storage and transportation cost of hydrogen peroxide may hamper the market growth.
SWOT Analysis
Strengths:
- Hydrogen peroxide is environment friendly as it decomposes to water and oxygen thus eco-friendly in nature.
- It is effective as a bleaching and cleaning agent for industries like pulp and paper, textile, chemical synthesis, etc. due to its oxidizing property.
- Growing demand from end use industries like agriculture, food processing and healthcare is pushing the market growth.
Weaknesses:
- Hydrogen peroxide is toxic in its concentrated form and causes irritation if comes in contact with skin or eyes. Proper safety measures are required during its production and handling.
- Vulnerable to global economic trends as its demand is dependent on industries like pulp & paper and textile.
Opportunities:
- Rising environmental concerns and stringent regulations regarding wastewater discharge from industries are forcing them to use hydrogen peroxide as an efficient disinfectant.
- Growing usage of hydrogen peroxide in agricultural applications like sanitization of farming and food processing equipments is opening new avenues.
Threats:
-Availability of substitute chemicals that can be used as bleaching and cleaning agents pose threat to the hydrogen peroxide market.
-Volatility in raw material prices directly impacts the production cost of hydrogen peroxide.
Key Takeaways
The Global Hydrogen Peroxide Market Size is expected to witness high growth, exhibiting CAGR of 3.4% over the forecast period, due to increasing demand from pulp & paper industry. Chemical synthesis especially for propylene oxide and epichlorohydrin contributes majorly to the market growth.
Regionally, Asia Pacific dominates the global hydrogen peroxide market and is expected to continue its dominance during the forecast period. Rising pulp & paper production in China and India along with increasing usage in wastewater treatment applications is driving the market in Asia Pacific region.
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 development catering to various end-use industries.
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