Hydrogen Peroxide Market valuation to exceed $6.2 billion by 2026, Says Global Market Insights Inc.
The growth of the hydrogen peroxide market is driven by its exceptional properties, leading to its wide usage as an antiseptic, bleaching agent, and oxidant, along with rising demand from key end-user industries like mining, water treatment, and paper & pulp, says this report.
SELBYVILLE, Del., May 14, 2020 (Newswire.com) - According to the report published by Global Market Insights Inc., the Hydrogen Peroxide Market was valued at $4.8 billion in 2019 and is projected to surpass $6.2 billion by 2026, registering a CAGR of 5.7% from 2020 to 2026. The report delivers a broad analysis of the top winning strategies, market size & estimations, major investment pockets, drivers & opportunities, competitive scenario, and wavering market trends.
The growing paper & pulp and chemical industries across developing countries along with the increasing penetration of the product throughout the medical sector are likely to make a positive impact on the market growth over the forecast time period. In addition to this, rising demand for the product in the F&B industry is likely to add to the hydrogen peroxide market demand over the projected time period.
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Based on the end-user industry, the hydrogen peroxide market share is bifurcated into mining, chemicals, paper & pulp, and others. The other segment is comprised of electronics, textile, medical & personal care, and food. In the food and beverage industry, the product is majorly used in the sterilization of machinery & equipment utilized in the food packaging as well as treatment and in the packaging of food like tetra packs, cans, and pouches among others.
The product is also utilized as an antimicrobial agent in tin food, particularly in milk, as well as a preservative in fruits and vegetables. Hydrogen peroxide helps in decreasing the bacterial growth in food products, which leads to its use by distributors to reduce the spoilage of food products during shipment.
Hydrogen peroxide is also utilized in the textile industry as a bleaching agent. Arkema, known as a key manufacturer of hydrogen peroxide, develops a special grade of Albone hydrogen peroxide in the concentration range of 35% and 50% which are specifically designed for bleaching of both natural and synthetic textile fibers.
Key reasons for hydrogen peroxide market growth:
- Growing demand from the paper & pulp industry.
- Increasing penetration of chemical industries across the Asia Pacific.
- Rising focus on strategies like capacity expansion by key market players to expand their geographical presence.
The Asia Pacific held the major market size and generated a revenue of approximately $2.5 billion in 2019. It is expected to grow at the highest CAGR of about 6% through the projected time period. The strong presence of prominent paper & pulp producing countries in the region along with rising penetration of chemical industries will contribute to the hydrogen peroxide market value in a positive way.
Latin America & the Middle East are likely to exhibit steady growth over the forecast timeframe. The Middle East market is likely to witness a CAGR of about 5.5% through the analysis period. This can be ascribed owing to the rising demand for the product in the chemical industry and water treatment.
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The market size for hydrogen peroxide in North America is likely to exceed approximately $1 billion by 2026. The region is also expected to grow at a respectable CAGR of nearly 5% over the forecast time period.
Leading market players analyzed in the hydrogen peroxide market research include National Peroxide Limited, Solvay, Aditya Birla Chemicals Ltd, and Evonik Industries among others. They have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting, and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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Source: Global Market Insights Inc.
