Hydrogen Peroxide Market

Hydrogen Peroxide Market Size (2023-2028)

The Hydrogen Peroxide Market is expected to reach USD 5.1 billion by 2028 from USD 3.6 billion in 2023, registering a CAGR of 5.1% from 2023 to 2028. 

Hydrogen Peroxide Market Overview:

Hydrogen peroxide is an important substance in the chemical industry as it has various industrial and manufacturing value chains. Industries like textiles, food & beverages, and others use this product differently. Hydrogen peroxide is available in two forms such as diluted and concentration form. The concentration form has an odor depending on the formation, whereas the diluted form has no odor. Hydrogen peroxide is highly used in paper & pulp and hospital industries due to its properties such as antiseptic and efficient bleaching properties. 

Hydrogen Peroxide Market Drivers:

Rising in the wide applications of hydrogen peroxide in hospitals:

An increasing number of hospitals is a major driving factor for the hydrogen peroxide market. Owing to the properties of hydrogen peroxide, the demand for this product is increasing in hospitals, which is surging the market's growth rate. In addition, there is an increasing prevalence of surface disinfectants to reduce the spread of the HAIs (Hospital Acquired Infections), which is ascribed to boost the market size to the extent. Globally, the mortality rate is rising due to poor hygiene and a lack of regular cleaning and disinfectants. In recent research by the Centre for Disease Control and Prevention (CDC), 1.7 million infections were acquired with HAIs in the US. 99,000 deaths have been reported so far due to a lack of hygiene in the hospitals. Many industries are introducing various disinfectants with different compositions to lower the spread of HAIs globally. With the rise in COVID-19 cases, WHO (World Health Organization) urged end-user industries to expand the production of disinfectants across the world. 

The rising prevalence of health and safety is attributed to the market's demand level. In addition, the growing need for sanitizations in hospitals during surgeries and increasing awareness of sanitization are prompting the demand for the hydrogen peroxide market. 

Pulp and paper industries have increased the usage of hydrogen peroxide as a bleaching agent. Hydrogen peroxide helps in decreasing the effluent color while re-pulping wastewater. Hence, the growing prevalence of the pulp and paper industry is surging the demand of the market. 

Hydrogen Peroxide Market Restraints:

High concentration can lead to permanent loss of vision:

When concentrated over 5%, hydrogen peroxide may lead to permanent vision loss. Furthermore, American International Agency on Cancer Research study revealed that the tests conducted on the animals showed hydrogen peroxide was carcinogenic. Also, higher exposure to hydrogen peroxide irritates the skin and can cause burns and skin whitening. Additionally, the inhalation of hydrogen peroxide leads to lung irritation. Hence, these factors are restraining the growth rate of the hydrogen peroxide market. Furthermore, the availability of other products for disinfection and rising environmental safety measures by government authorities are likely to limit the demand of the market. In addition, the rising cost of raw materials is impeding the market's demand. 

Hydrogen Peroxide Market Opportunities

The trend toward a high level of cleanliness in semiconductor industries is to set up new growth opportunities for the hydrogen peroxide market. In semiconductors, there is a high need to reduce contamination levels by using high-purity-grade chemicals like hydrogen peroxide. The use of high-purity grade chemicals like hydrogen peroxide is set to show various changes in the output of the semiconductor industries positively as they have the highest possible yield with no environmental pollution. 

Along with this, the hydrogen peroxide market opportunities continue at a higher rate with the growing demand for this chemical substance from mining industries. 

COVID-19 Impact on the Hydrogen Peroxide Market:

COVDI 19 pandemic disrupted the supply chain of many industries. However, the hydrogen peroxide market shares started rising from the start of COVID-19 as there is an increasing demand from the hospital sectors to follow strict hygiene conditions to lower the spread of COVID-19. The government authorities spread the need for disinfectants to curb the transmission of the virus. During lockdown times, every place was disinfected with sanitizers for safety, surging the demand for the hydrogen peroxide market during COVID-19. Similarly, household cleaning protocols were also followed by every individual to enhance the market growth. 

HYDROGEN PEROXIDE MARKET REPORT COVERAGE:

Key developments in the market:

• In 2022, Arkema increased the price range of hydrogen peroxide to meet the demand with the constantly growing energy prices in Europe.  

• In July 2022, Solvay announced the plan to begin high-grade production facilities for electronic-grade hydrogen peroxide in the US. 

Hydrogen Peroxide Market Segmentation

Hydrogen Peroxide Market, By Grade

• 90% H2O2

• 35% H2O2

• 6 TO 10% H2O2

• 3% H2O2

The 3% H2O2 segment has had significant growth opportunities in the past few years, whereas the 6 to 10% H2O2 segment is to witness the highest CAGR in the near future. 

Hydrogen Peroxide Market, By End-use Industry

• Pulp And Paper

• Food And Beverages

• Water Treatment

• Textiles and Laundry

• Oil And Gas

• Healthcare

• Electronics

• Others

The healthcare sector has the dominant share and is expected to continue at the same growth rate during the forecast period. The water treatment segment is next in leading the shares of the hydrogen peroxide market owing to the increasing need for quality water management solutions. The food and beverage sector is also registering noteworthy shares in the hydrogen peroxide market. The growing need to use chemical substances like hydrogen peroxide to protect food from microbial degradations for a longer time is lavishing the market shares. Also, food and beverage companies are enhancing their portfolio by using strategies likely to gear up their market shares.

Hydrogen Peroxide Market, By Application

• Chemical Synthesis

• Bleaching

• Disinfectant

• Cleaning and Etching

• Others

The disinfectant segment is ruling with the dominant shares of the market. The rising prevalence of HAIs and other infections in hospitals is accelerating the demand for this segment. On the other hand, the bleaching segment is to have a faster growth rate in the foreseen years. Therefore, the chemical synthesis segment is set up with growth opportunities from 2023 to 2028. 

Hydrogen Peroxide Market– By Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Asia Pacific hydrogen peroxide market has the highest shares in the forecast period. The rising population and increasing popularity of disinfectants with the growing mortality rate due to transmission of various infections are leveraging the demand for the hydrogen peroxide market in Asia. Asia Pacific led 39.9% shares of global revenue in 2020. In addition, the penetration of chemical substances into various industries like personal care products and medical industries is fuelling market growth. 

The North American hydrogen peroxide market is deemed to have significant shares, followed by Asia Pacific. The presence of top key players and growing investments in end-user industries solely promote the market's growth rate in this region. The rise in the number of waterborne diseases is escalating the market demand in the US. The demand to supply quality water for the people in the US has become a key factor for the water treatment industries. Hydrogen peroxide has excellent properties in removing phosphorus and nitrogen from water sources that are elevating market demand. 

Europe's hydrogen peroxide market is projected to hit the highest CAGR in the foreseen years. Growing demand for hydrogen peroxide personal care products industries is driving the growth rate of the European market. Emerging countries like UK, Spain, and Italy are focusing on manufacturing high-quality cosmetics, leading the shares of the European market. 

Hydrogen Peroxide Market Key Players

Companies are focusing on developing products by adopting new technologies. The increased competition between multinational companies is enhancing the demand to launch new products. Key participants are making long-term agreements with the competitors’ sights, establishing great business opportunities for both companies.

• Evonik Industries AG

• Taekwang Industrial, CO., LTD.
• Arkema
• Grupa Azoty
• Solvay
• Akzo Nobel N.V.
• Gujarat Alkalies & Chemicals Ltd.
• National Peroxide Limited
• OCI Company Ltd.
• Airedale Chemical