June 22, 2024
Hydrogen Peroxide Market

Hydrogen Peroxide Market Expected To Boost The Green Technology Adoption

The global Hydrogen Peroxide Market is estimated to be valued at US$ 5460.19 KT 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.

Hydrogen peroxide is a colorless liquid which is commonly used as a bleaching agent or antibacterial agent. It is marketed as a 3-6% solution in water. It is used as an industrial oxidizer and disinfectant mainly in the pulp and paper, chemical, mining and electronics industries. Hydrogen Peroxide has the ability to sterilize without leaving toxic residues and it breaks down into oxygen and water, making it an eco-friendly alternative to many traditional sterilization methods.

Market Overview:

Hydrogen peroxide is used as a bleaching agent in the pulp and paper industry and for cleaning and disinfecting textiles, linens, and other fabrics in the healthcare industry. It is also used for water treatment as it eliminates odors and kills bacteria, viruses and other microorganisms present in water. Hydrogen peroxide is finding increasing usage as an environment-friendly alternative to chlorine bleach in numerous applications such as bleaching wood pulp, disinfecting swimming pools and spas.

Market key trends:

The major trend driving the hydrogen peroxide market is the increasing adoption of green technologies across industries. Hydrogen peroxide offers environmental benefits compared to other chemicals like chlorine due to its decomposition into only water and oxygen. Moreover, concerns regarding toxicity and health hazards associated with chlorine are shifting focus towards adopting safer alternatives such as hydrogen peroxide. Growing environmental regulations especially in Europe and North America are further propelling the demand for eco-friendly bleaches and disinfectants. The food and beverage industry is also substituting chlorine with hydrogen peroxide for applications such as meat processing and vegetable washing owing to its food grade characteristic.

Porter’s Analysis

Threat of new entrants: Low capital requirement and easy availability of raw materials may attract new players. However, established brands, economies of scale of existing players, and need for technical expertise act as barriers.

Bargaining power of suppliers: Few global players control supply. Suppliers have moderate bargaining power due to availability of substitutes.

Bargaining power of buyers: Large buyers such as paper & pulp and chemical industries can negotiate prices. However, differentiated uses of hydrogen peroxide provide suppliers some control over prices.

Threat of new substitutes: Potential bio-based substitutes from renewable resources. However, purity, costs, and multi-purpose uses maintain hydrogen peroxide’s advantage.

Competitive rivalry: Intense competition among major global players. Competition based on product differentiation, pricing, and efficient production & distribution.

Key Takeaways

The global Hydrogen Peroxide Market Share Size is expected to reach US$ 8290.29 KT by 2030, exhibiting a CAGR of 3.4% during the forecast period. Wide application in paper & pulp bleaching, chemical syntheses, environmental protection, electronics, and healthcare is expected to drive the growth.

The Asia Pacific region dominated the market in 2019 and projected to grow at the fastest CAGR during the forecast period. This is attributed to robust growth of end-use industries including paper & pulp, chemicals, food processing in countries like China, India, Japan, and South Korea.

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. Major players are focusing on technological advancements and capacity expansions to cater to growing demand and gain a competitive edge 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