Hydrogen Peroxide Market Estimated to Exceed USD 5.6 Billion Globally By 2024: IMARC Group
by Rahul Rastogi Market Research AnalystAccording to the latest report by IMARC Group, titled “Hydrogen Peroxide Market Report: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global hydrogen peroxide market size reached US$ 4.2 Billion in 2018. Hydrogen peroxide (H?O?) is a chemical compound that is characterized by a pale blue color. A combination of hydrogen and water, it is a clear liquid in its pure form and is slightly more viscous than water. Although it is non-flammable in nature, it is unstable and readily decomposes into oxygen and water while releasing heat and can cause combustion on contact with organic materials. It is used as a mild antiseptic on the skin to prevent infection caused by scrapes, burns and minor cuts. It is also utilized as a bleaching agent in the paper and pulp industry owing to its strong oxidizing properties. Additionally, it also used across numerous other industry verticals in the manufacturing of various products, such as disinfectants, bleaches, hair relaxers, ear drops, toothpaste, antiseptic mouthwash, and hair relaxers.
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Global Hydrogen
Peroxide Market Trends:
The significant
growth in various end use industries is primarily driving the growth of the
market. Apart from being utilized as a bleaching agent, hydrogen peroxide is
widely used in the paper and pulp industry for the production of chemical,
mechanical and recyclable pulps. The rising demand for paper and pulp from
packaging and pharmaceutical industries, along with the escalating demand for
high-quality paper from the print media, is creating a positive outlook for the
market. Moreover, since this chemical compound is also used in the agricultural
sector to improve crop yield, the thriving agricultural industry is expected to
impact the market growth favorably. Additionally, the advent of the Hydrogen
Peroxide to Propylene Oxide (HPPO) technology is further driving the market
toward growth. Developed collaboratively by ThyssenKrupp Industrial Solutions
and Evonik Industries, the HPPO technology is an environment friendly process
wherein hydrogen peroxide is employed as the primary raw material for the
production of propylene oxide. The rising demand for propylene oxide from
various industries, such as automotive, construction, and food and beverage
industries, thus, in turn, is expected to catalyze the market growth. Furthermore,
several initiatives undertaken by governments of various countries have spurred
the demand for hydrogen peroxide for water treatment and pollution control
applications. On account of the aforementioned factors, the market is projected
to reach a value of US$ 5.6 Billion by 2024, expanding at a CAGR of 4.9% during
2019-2024.
Market Summary:
·
On the basis of
the application, the market has been divided into chemical synthesis,
bleaching, disinfectant, cleaning and etching, and others. Amongst these,
chemical synthesis exhibits a clear dominance in the market.
·
Based on the end
use, the market has been segregated into pulp and paper, food and beverages,
water treatment, textiles and laundry, oil and gas, healthcare, electronics,
and others. At present, pulp and paper account for the majority of the total
market share.
·
On the
geographical front, Asia Pacific holds the leading position in the market.
Other key regions include Europe, Middle East and Africa, North America, and
Latin America.
·
The competitive
landscape of the market has been studied with the detailed profiles of the key
players operating in the market. Some of these players include Solvay, Evonik
Industries AG, Arkema group, Kemira Oyj, FMC Corporation, EkO Peroxide LLC
(acquired by AkzoNobel), Mitsubishi Gas Chemical Company, Inc., PeroxyChem LLC,
Aditya Birla Group, Kingboard Holdings Limited, BASF SE, Merck & Co., Inc.,
Chang Chun Group, Guangdong Zhongcheng Chemicals Inc., Ltd. and Hansol Chemical
Co. Ltd.
Browse Full Report with TOC & List of Figure: https://www.imarcgroup.com/hydrogen-peroxide-technical-material-market-report
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Created on Dec 8th 2019 23:52. Viewed 348 times.