San Francisco, 20 May 2024: The Report Hydrogen Peroxide Market Size, Share & Trends Analysis Report By Function (Oxidant, Disinfectant, Bleaching), By Application (Healthcare, Wastewater Treatment), By Region, And Segment Forecasts, 2021 - 2028

The global hydrogen peroxide market size is projected to reach USD 2.26 billion by 2028, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.7% from 2020 to 2028. Rising demand for the product from the global healthcare sector to formulate sanitizers and other disinfectant products is projected to remain the key factor driving the industry.

One of the key factors behind the increasing consumption of the product in the healthcare sector across the globe is the recent outbreak of coronavirus. Demand for hand sanitizers and multiple indoor as well as outdoor disinfectant products, such as floor cleaners and metal disinfectant goods, has quadrupled across all major economies as well as in emerging economies of the world. According to governments worldwide, cleaning of the public spaces, such as public restrooms, airports, bus and metro stations, and commercial spaces, has been made mandatory to curb the spread of the virus. This has led to surge in the consumption of hydrogen peroxide in the industry globally due to its excellent disinfecting properties.

The product also witnessed high demand from various personal care products and cosmetic manufacturers, majorly due to its oxidizing abilities and antimicrobial properties. Europe has evolved as a hub for multinational personal care item producers, such as Loreal, Unilever, Procter & Gamble, and Deutschland GmbH, with their presence across the European marketspace including countries, such as France, U.K., Italy, Germany, and Spain.

In terms of the consumption in the textile sector, Asia Pacific, followed by Europe, has been leading the global market due to increased penetration of fabric manufacturers and detergent formulators. The substance finds key application in the sector as a fabric whitening agent as well as disinfecting agent, which is used after apparel cleaning. Growing awareness among the consumers to adapt to cleanliness is projected to remain a key factor behind industry growth across these regions.

Moreover, Asia Pacific is emerging as a key market for food and beverage process from a global standpoint due to increasing consumption of processed food by the natives of China, Indonesia, South Korea, India, and Japan. Demand for the product in packaging food applications due to its ability to prevent antimicrobial contamination is predicted to be a key boost to the substance’s demand in the food and beverage sector.

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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.

Hydrogen Peroxide Market Report Highlights

• The oxidant function segment is expected to expand at a CAGR of 4.4%, in terms of volume, from 2020 to 2028 due to increasing demand from the chemical synthesis industry
• The personal care application segment is expected to register a CAGR of 5.2%, in terms of volume, from 2020 to 2028 due to increasing consumption of the product as an additive due its favorable physical properties
• Asia Pacific is expected to register the fastest CAGR, in terms of revenue, from 2020 to 2028 owing to presence of a large number of end-use industries in China, India, Vietnam, and Indonesia
• Companies such as Solvay, Evonik Industries, and Arkema are the market leaders with their worldwide brand presence, catering to an array of industries, such as textile producers and essential healthcare formulators
• The market is concentrated with multinational brands present globally and established long-term relations with key end-user groups, thereby limiting entry of new industry participants.

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.

For the production of such disinfectants and sanitizing products, hydrogen peroxide is one of the key components. For instance, a typical disinfectant usually comprises 3% to 4% hydrogen peroxide, 0.5% to 1% peroxyacetic acid, a certain amount of isopropyl alcohol, chlorine dioxide, and other components. Moreover, as cited by the Center for Biocide Chemistries, the substance is anticipated to remain in high demand across the industry for a prolonged time period due to its excellent properties to provide resistance against viruses, bacteria, and several other microorganisms.

Moreover, the substance finds a range of applications in the wastewater treatment segment as it is an excellent oxidizing agent and is simultaneously dependable, environmental-friendly, and versatile in nature. Catalyzed form of the product has the ability to destroy oxidize pollutants rapidly and is therefore considered highly effective in the sector. The water treatment industry has witnessed a significant boost in the U.S. market since the country faced prolonged illness related to water-borne sickness, and thus the consumption of the product is projected to reflect steady growth in this segment across North America, especially the U.S.

Hydrogen Peroxide Market Report Scope

Furthermore, Asia Pacific has reflected high demand for processed food since the past decade due to increasing consumer preference to consume packaged edibles, coupled with rise in disposable income among the key economies of the region. The product finds various utilities in the food processing sector, which includes the initial stage treatment of instant food with hydrogen peroxide to enhance the whiteness and clarity of the food products. Moreover, the product is broadly used as a bleaching substance for gums, natural oil, starch, and natural sugar. These factors are anticipated to boost demand for the product in food processing applications across the Asia Pacific.

List of Key Players of Hydrogen Peroxide Market

• Evonik Industries
• Arkema
• Solvay
• Gujarat Alkalies & Chemicals Ltd.
• OCI Company Ltd.