Hydrogen Peroxide Market Insights And Applications Across Multiple Sectors

The global hydrogen peroxide market size was valued at USD 1.44 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 5.7% from 2020 to 2028. Rising demand for the product from the healthcare industry due to its antiseptic properties is projected to remain a key factor fueling market growth. In the healthcare sector, the product is highly demanded as an antiseptic, which is traditionally utilized on skin cuts and bruises to prevent infections. It is also widely used as a mouth rinse as it has the ability to relieve mouth irritation or mucus and other oral infections. Majorly, the substance releases oxygen, which leads to foaming on the bruised and cut skin and eventually leads to effective removal of dead skin as well as keeps the wound safe from infection.

Furthermore, in light of the recent COVID-19 pandemic, demand for hydrogen peroxide has grown significantly worldwide due to its high consumption in the formulation of disinfectant products. According to multiple guidelines issued by governments across the globe, disinfecting public as well as private spaces is extremely necessary to subside the impact of the coronavirus spread. Public areas such as commercial buildings, public stoppages, airports, and railway platforms need to be sterilized for over 60 minutes within closed boundaries. Similar household cleaning protocols have also been issued by several governments and therefore demand for sanitizers and disinfectant products have reflected noteworthy growth.

Gather more insights about the market drivers, restrains and growth of the Hydrogen Peroxide Market

Function Insights

In terms of volume, the bleaching segment dominated the market with a share of 36.4% in 2020. The product finds significant application as a bleaching agent across an array of industries, such as pulp and paper, medical, and textiles. Within the medical sector, the product is immensely useful as a dental bleach, for hair bleaching, as a mouth wash, and for maintaining oral hygiene. A larger portion of the substance as bleach is used in the textiles industry, wherein it is broadly utilized to brighten clothes and remove stains from both synthetic as well as natural fibers. It also aids in enhancing the mechanical properties of fibers and is therefore used in the fabric manufacturing process as well.

Application Insights

In terms of volume, the pulp and paper application segment dominated the market with a share of 34.2% in 2020. The substance, like bleach, is recognized as a chlorine-free element and is therefore considered an essential product in the pulp and paper industry globally, wherein it is appropriately used to improvise mechanical and chemical properties of pulp and increase paper quality and brightness. It has developed an increasing demand in the sector as it reduces the cost of production, provides improved quality, and is easy to use and environmental-friendly.

Regional Insights

The Asia Pacific led the market and accounted for a 39.3% share of the global revenue in 2020. This is attributed to the increasing penetration of chemical formulators, personal care products, and medical industries in the region. China, India, Thailand, South Korea, and Japan have turned into major hubs for multinationals operating in these domains to establish their business practices in the country due to lower land prices, availability of skilled labor, and increased trade balance.

Key Companies profiled:

• Evonik Industries

• Arkema

• Solvay

• Gujarat Alkalies & Chemicals Ltd.

• OCI Company Ltd.

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