May 18, 2024
Hydrogen Peroxide Market

Automotive Segment Is The Largest Segment Driving The Growth Of Hydrogen Peroxide Market

The global Hydrogen Peroxide Market is estimated to be valued at US$ 5460.19 KT or Mn in 2023 and is expected to exhibit a CAGR of 3.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Hydrogen peroxide is an oxidizing substance that is commonly used as a bleach or disinfectant. It has various applications including bleaching of paper and textiles, chemical synthesis, and cleaning. Its ability to destroy harmful microbes makes it ideal for disinfection purposes.

Market key trends:

One of the key trends in the hydrogen peroxide market is its increasing use in the production of propylene oxide. Propylene oxide is an important raw material used in making polyurethane foam. Rising demand for polyurethane foam from industries such as furniture, bedding, and automotive is augmenting the consumption of hydrogen peroxide. Additionally, propylene oxide made using hydrogen peroxide technology has lower capital and operating costs compared to other propylene oxide production methods such as chlorohydrin process. This is expected to drive the adoption of this technology thereby supporting market growth over the forecast period.

SWOT Analysis

Strength: Hydrogen peroxide is an environment-friendly oxidizer that does not produce harmful by-products on decomposition. It is widely used in industries such as pulp & paper, textiles, chemicals, mining, food processing, etc.
Weakness: Hydrogen peroxide is highly unstable and corrosive in its pure form. Its transportation and storage require specialized equipment and safety protocols to be followed. Improper handling can cause adverse health effects.
Opportunity: Increasing usage of hydrogen peroxide in water treatment applications is an opportunity. Its disinfectant properties allow its usage in municipal as well as industrial water treatment plants. Growing environmental concerns are also boosting its adoption.
Threats: Availability of substitute chemicals acting as disinfectants and oxidizing agents pose a threat. Development of new technologies reducing demand from end-use industries can impact the market.

Key Takeaways

The global Hydrogen Peroxide Market Share Size is expected to witness high growth, exhibiting CAGR of 3.4% over the forecast period, due to increasing demand from pulp & paper industry. The pulp bleaching process requires hydrogen peroxide to produce bright and high-quality paper, thus driving the market.

Regional analysis: Asia Pacific dominates the global hydrogen peroxide market and is expected to grow at the fastest rate during the forecast period. Expanding manufacturing sectors along with growing consumption from water treatment applications in countries like China and India is propelling the regional market.

Key players operating in the hydrogen peroxide market are Arkema S.A., Evonik Industries A.G., Solvay S.A., Mitsubishi Gas Chemical Company Inc., Kemira Oyj, Thai Peroxide Limited (TPL), Taekwang Industrial Co. Ltd., PeroxyChem LLC, Hansol Chemical, and Nouryon. The players are focusing on capacity expansion and new product launches to strengthen their position in the market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it