Hydrogen Peroxide Market Size Worth $2.11 Billion By 2028 | CAGR: 5.8% : Polaris Market Research
NEW YORK, Nov. 10, 2021 /PRNewswire/ -- The global hydrogen peroxide market size is expected to reach USD 2.11 billion by 2028 according to a new study conducted by Polaris Market Research. The market is anticipated to register a CAGR of 5.8% From 2021-2028. A rise in consumption of hydrogen peroxide as a major raw material for the propylene oxide production process is anticipated to drive significant growth for the market. An increase in the application scope of this product in the wastewater treatment and the electronic sector is creating lucrative opportunities for market participants. Moreover, during the period of the COVID-19 pandemic, the global market has witnessed significant growth owing to the rise in the use of this substance in the development of disinfectant products.
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Key Highlights of Hydrogen Peroxide Market
- Based on function, the bleaching segment contributed the largest revenue share and is expected to show promising growth during the forecast period. The product finds widespread application across the industry, such as medical, pulp and paper, and textile industry. Additionally, it aids in enriching the mechanical properties of fibers, and hence it is widely used in fabric manufacturing.
- In terms of application, the pulp & paper segment accounted for the majority of the market share. The bleach is treated as a chlorine-free element and thus recognized as the vital product in the pulp & paper sector across the globe. Its use has increased in the market since it is environmentally friendly and it also lowers manufacturing costs.
- China has the largest and fastest-growing electronics industry in the world. The demand for electronic devices is expected to expand in the near future as the disposable income of the middle-class population is continuously increasing in the country, thereby pushing the hydrogen peroxide market.
- Steris, a leading provider of infection prevention and related services, has released the newest generation of its vaporized hydrogen peroxide (VHP) bio-decontamination systems, which can deliver a 6-log reduction in bioburden in pharmaceutical, medical device, and research environments using good manufacturing practices.
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Regional Developments
Asia Pacific region has dominated the hydrogen peroxide market with its largest revenue share contribution. A huge rise in the product demand coupled with the presence of active manufacturers in the region driving the market growth. To capture the potential local market, local firms in India, China, and Southeast Asia are investing heavily in the hydrogen peroxide industry. The growing demand for various personal care products in the European market has also increased hydrogen peroxide usage in the region.
Competitive Outlook
Manufacturers have been concentrating on developing new products for certain applications owing to continue changes in end-user demand. They've taken the required efforts to increase new product accuracy as well as general functionality. In addition, market-leading manufacturers are focusing on acquisitions, partnerships, and agreements to improve their competitive position.
Some of the major players operating in the market 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.
Target Audience
- Supply Side: Specialty Chemicals Company
- Demand Side: Pulp & Paper Sector, Textile Industry
- Regulatory Side: World Health Organization, Food and Drug Administration
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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)
- Disinfectant
- Bleaching
- Oxidant
- Others
Hydrogen Peroxide, Application Outlook (Volume – Kilotons; Revenue – USD Million, 2016 – 2028)
- Pulp & Paper
- Chemical Synthesis
- Wastewater Treatment
- Mining
- Food & Beverage
- Personal Care
- Healthcare
- Textiles
- Others
Hydrogen Peroxide, Regional Outlook (Volume – Kilotons; Revenue – USD Million, 2016 – 2028)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Austria
- Netherlands
- Asia Pacific
- China
- Japan
- India
- Indonesia
- Malaysia
- South Korea
- Latin America
- Brazil
- Argentina
- Mexico
- Middle East & Africa
- Israel
- Saudi Arabia
- South Africa
- UAE
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About Polaris Market Research
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises. We at Polaris are obliged to serve our diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide our customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to our customers.
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