SEATTLE--(BUSINESS WIRE)--Hydrogen peroxide (H₂O₂) is a chemical compound used as an oxidizer, antiseptic, and bleaching agent. It is a mild antiseptic used on the skin to prevent infection of minor cuts, burns, and scrapes. Hydrogen peroxide may also be used as a mouth rinse to help remove mucus or to relieve minor mouth irritation. Moreover, it is available in different concentrations in the market and is used for related applications according to the concentration. For instance, highly concentrated hydrogen peroxide are used in industrial applications.
Hydrogen peroxide is a compound that has a combination of hydrogen and oxygen and is widely used across various industrial verticals, such as paper and pulp, chemical synthesis, textile, personal and home care products, wastewater treatment, food, and others. It is widely used in the healthcare industry due to its antiseptic properties.
The global hydrogen peroxide market is estimated to account 6,461.2 Kilo Tons in terms of volume by the end of 2027, witnessing a CAGR of 3.4%
Market Drivers:
1. Increasing demand for hydrogen peroxide products from the healthcare industry is expected to augment the global hydrogen peroxide market growth during the forecast period.
For instance, in March 2020, responding to the growing interest from health professionals, Amcor’s Ultra pouches were certified for vaporized hydrogen peroxide sterilization as well as steam sterilization at 134°C. The accreditation means that Ultra pouches should be able to provide a one-stop system for the sterilization of all reusable medical devices.
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2. Technological advancements in the production of hydrogen peroxide is also expected to drive growth of the global hydrogen peroxide market.
For instance, in January 2019, researchers at the Ulsan Institute of Science and Technology (UNIST) developed a high-performance carbon catalyst that can convert oxygen to hydrogen peroxide by using electricity.
Market Opportunities:
1. The outbreak of COVID-19 is expected to offer various opportunities for the growth of the global hydrogen peroxide market over the forecast period.
Demand for hydrogen peroxide has grown significantly worldwide due to its high consumption in formulation of disinfectant products. In April 2020, scientists at the Sree Chitra Tirunal Institute for Medical Sciences and Technology (SCTIMST), India developed a disinfection gateway that generates hydrogen-peroxide mist and UV-based decontamination facility to fight the Covid-19 pandemic.
2. Increasing use of hydrogen peroxide for wastewater treatment and emerging applications in the mining and metal extraction, semiconductor, and agriculture industries are expected to offer lucrative growth opportunities for players in the global hydrogen peroxide market.
Market Trends:
1. Emerging applications of hydrogen peroxide in the aerospace industry is expected to propel the growth of global hydrogen peroxide market.
For instance, in December 2020, Indian Space Research Organisation (ISRO) started working on green propulsion through hydrogen peroxide, green fuels for rockets, which would take Indians into the space under its 'Gaganyaan' mission.
2. Increasing consumption of hydrogen peroxide as a disinfectant across the globe is the major trend in the global hydrogen peroxide market.
Hydrogen peroxide is being used to manufacture multiple disinfectant products, such as hand sanitizers, floor cleaners, glass cleaners for indoor and outdoor applications, etc. For instance, in April 2020, Trivitron Healthcare’s Kiran Medical Systems launched ‘Kiran Health Shield’ range of hand sanitizers and protective coverall for healthcare professionals.
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Competitive Landscape:
Key players active in the global hydrogen peroxide market are Arkema S.A., Solvay S.A., Evonik Industries A.G., Nouryon, Hansol Chemical, PeroxyChem LLC, Taekwang Industrial Co., Ltd., Thai Peroxide Limited (TPL), Kemira Oyj, and Mitsubishi Gas Chemical Company, Inc., among others.
Key Developments:
In July 2020, Meghmani Finechem Ltd (MFL) started its commercial production of Hydrogen Peroxide (H2O2), after the successful completion of the installation of integrated Hydrogen Peroxide plant in existing Chloralkali and Derivative complex at Gujarat (India).
In November 2018, Indian Peroxide Limited launched hydrogen peroxide manufacturing plant in Gujarat (India). The plant is environment friendly with zero waste discharge.
Market segmentation:
By Product Type
- 35% Hydrogen Peroxide
- 50% Hydrogen Peroxide and Others
By Application
- Paper & Pulp
- Textile
- Chemical Synthesis
- Wastewater Treatment
- Personal & Home Care Products
- Food and Others
By Region
- North America
- Latin America
- Asia Pacific
- Europe
- Middle East
- Africa
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