The hydrogen peroxide market will grow at highest pace owing to rising demand for cleaner energy sources. Hydrogen peroxide has wide applications in the chemical industry as an environmentally friendly oxidizing agent and desinfectant. It is used in the production of pulp and paper, textiles, electronics and healthcare sectors. Hydrogen peroxide has the ability to break down into water and oxygen, making it an eco-friendly alternative to other solvents and bleaching agents.
Hydrogen peroxide is an unstable compound that is generally used for its oxidative properties. It is produced both naturally and industrially. It has a wide range of domestic and industrial uses including as a disinfectant or bleaching agent. Notable among its industrial applications includes use as a precursor to rocket fuel, in the production of propylene oxide, synthesis of sodium perborate and as an antimicrobial agent. It also finds use in electronics manufacturing to clean circuit boards and treatment of wastewater.
The Global Hydrogen Peroxide Market is estimated to be valued at US$ 6290.14 Mn in 2024 and is expected to exhibit a CAGR of 4.6% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the hydrogen peroxide market are Novartis AG, Mylan Laboratories Inc., Actavis Generics UK Limited, Sun Pharmaceutical Industries Ltd., Aurobindo Pharma Limited, Zentiva a.s., Sandoz International GmbH, Dr. Reddy's Laboratories Ltd., Teva Pharmaceutical Industries Ltd., and Accord Healthcare Limited. Rising demand from the healthcare and personal care sectors is expected to propel market growth during the forecast period. With growing environmental concerns, companies are focusing on developing eco-friendly and sustainable technologies based on hydrogen peroxide for various industrial applications.
The market is witnessing high growth on account of increasing demand for hydrogen peroxide from the healthcare sector for wound disinfection and purification of medical equipment and devices. Hydrogen peroxide is widely used as an antiseptic for minor cuts and burns as it kills bacteria while causing minimal harm to tissues. It is also used by the personal care industry to manufacture tooth whiteners and hair care products.
Technological advancements have led to the development of improved production processes that are more cost-effective and energy-efficient. Companies are investing in R&D to expand the applications of hydrogen peroxide in industries such as textile bleaching, pulp and paper processing, chemical synthesis and wastewater treatment. New environments-friendly technologies based on hydrogen peroxide can replace toxic alternatives and support sustainable development.
Market Trends
One of the key trends in the market is growing focus on development of bio-based hydrogen peroxide. Researchers are exploring methods to produce hydrogen peroxide from renewable feedstocks such as glycerol and glucose using microbial synthesis or enzyme catalysis. This can help reduce reliance on petroleum-based resources. Another trend is the increasing adoption of hydrogen peroxide in wastewater treatment plants. Hydrogen peroxide is a strong oxidizing agent that effectively kills pathogens and breaks down organic contaminants in wastewater. It produces no toxic by-products and completely decomposes into water and oxygen.
Market Opportunities
One of the major opportunities for hydrogen peroxide manufacturers is the expanding application scope in the textile industry. Hydrogen peroxide-based bleaching and cleaning chemicals offer an eco-friendly substitute for chlorine-based compounds. The growth in organic and sustainable textile production is expected to boost market demand. Another growth avenue is the proliferation of hydrogen peroxide-based cleaners and disinfectants for household and institutional use amid increased awareness about hygiene and healthy indoor air quality. The COVID-19 pandemic has further augmented the sales of surface disinfectants containing hydrogen peroxide.
Impact of COVID-19 on Hydrogen Peroxide Market Growth
The COVID-19 pandemic has significantly impacted the growth of the hydrogen peroxide market. During the initial phase of the pandemic in 2020, lockdowns imposed worldwide led to declines in industrial production across major sectors like pulp & paper, textiles, chemicals, food processing etc. which are key end-use industries for hydrogen peroxide. This resulted in reduced demand from these sectors as operations were suspended and supply chains disrupted. However, demand increased from the health and medical sector as hydrogen peroxide is widely used as a disinfectant and sanitizer. With the resumption of industrial activities from 2021, the market has witnessed steady recovery in demand from applications such as wastewater treatment, mining, and others. However, raw material shortages and supply chain issues continue to pose challenges. As the pandemic situation improves globally with lowering case counts, the hydrogen peroxide market is expected to return to its pre-pandemic growth trends driven by burgeoning end-use applications across industries. Increased hygiene awareness post-COVID is also favoring industry expansion.
Geographical Regions with High Hydrogen Peroxide Market Concentration
In terms of value, the hydrogen peroxide market remains concentrated in North America and Europe. North America currently accounts for over 30% of the global market value led by the US. Wide usage in pulp & paper bleaching, textile processing, mining, and wastewater treatment sustains demand. Europe is another major regional market supported by robust manufacturing industries, stringent environmental regulations and growing environmentalism. Emerging economies in Asia Pacific excluding Japan (APEJ) are increasingly important. China dominates APEJ consumption on account of large bleaching requirements of its expansive paper industry.
Fastest Growing Regional Market for Hydrogen Peroxide
The fastest growing regional market for hydrogen peroxide globally is expected to be Asia Pacific excluding Japan over the forecast period till 2031. This can be attributed to rising population, increasing disposable incomes, rapid industrialization and strong economic growth especially in developing nations such as India and China. Expanding end-use applications in wastewater treatment, food processing and healthcare coupled with growth of downstream sectors will majorly fuel the APEJ market. It is estimated that APEJ currently accounts for over 25% of the global hydrogen peroxide market value and this share is anticipated to increase further in the coming years.
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
Hydrogen Peroxide Market
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