Hydrogen Peroxide Market Size Worth Over $6.2 billion by 2026
Published Date: May 12, 2020 Authors: Kiran Pulidindi, Hemant Pandey
According to a new research report by Global Market Insights Inc., the Hydrogen Peroxide Market size is forecast to exceed $6.2 billion by 2026. The growing demand in the chemical and the paper & pulp industries is projected to generate substantial revenue to the overall market during the forecast period.
The growing paper production mainly in the Asia Pacific region is anticipated to positively contribute to the overall market. China and Japan are among the largest producers of paper globally and accounted for the largest hydrogen peroxide market share in the Asia Pacific. China accounted for a market share of over 50% in 2019 and is anticipated to grow at a CAGR of over 5.8% throughout the forecast period.
The water treatment end user industry is another major application segment in the hydrogen peroxide market and is projected to grow at a CAGR of around 6% in terms of revenue throughout the assessment period. Excellent chemical properties of hydrogen peroxide, along with the environment friendly nature makes the product chemical highly preferable in various water treatment facilities.
It is similar to chlorine in oxidation properties however, it does not leave any traces of chemical by products hence are preferable over chlorine. The product is an excellent oxidizing agent, faster than chlorine and can work over wider pH range. Hydrogen peroxide when injected in water reduces odors and effectively destroys impurities.
Hydrogen peroxide is used for dichlorination purposes to prevent corrosion and chlorinated compounds formation by chlorine producers, users, and chlorinated polymer manufacturers. It is also used in drinking water purification, where it is added to destroy the ozone residues so that the drinking water meets the established standards.
Browse key industry insights spread across 115 pages with 91 market data tables & 10 figures & charts from the report, “Hydrogen Peroxide Market By End-User (Paper & Pulp, Chemical, Waste Water Treatment, Mining), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020-2026” in detail along with the table of contents:
Mining end user industry will witness growth
Mining is another major end user industry and is projected to grow at a CAGR of over 5.4% during the review period 2020-2026. Hydrogen peroxide market growth in the mining segment will be credited to its use as a source of oxygen or recovery agent or as an oxidant in the metallurgy industry. Depending on the composition of ore and leaching condition, the usage of hydrogen peroxide results in the efficient management of chemicals and aids in improvement of overall process control.
For example, it is widely used in gold production. Major market players such as Evonik produces a brand HYPROX which is widely used in the cyanidation process in gold manufacturing.
North America and Europe to exhibit steady growth during the forecast period
North America hydrogen peroxide market share will surpass $1 billion in 2026. The region is a mature market for the and is anticipated to grow at a moderate CAGR of close to 5% during the assessment period. The prevalence of digitalization has led to shrinking paper consumption in this region, which is a major factor attributing to the slowing down product demand in North America.
Europe has remained a huge market for hydrogen peroxide over the past few years, although it is projected to grow at a steady pace throughout the assessment period. Europe held a market share of over 20% in 2019 and shall exhibit similar trends throughout he reviews period.
The global hydrogen peroxide market is consolidated on nature where proficient player controls a larger chunk of the market. The major players are seen to adopt various organic and inorganic growth strategies to gain a competitive edge over their competitors in the market. For instance, in 2017 Evonik industries announced the expansion of its hydrogen peroxide manufacturing sites in Europe.
The major players operating in the hydrogen peroxide industry include Akzo Nobel, Kemira Oyj, Evonik Industries, Solvay, Aditya Birla Chemicals Ltd and Gujarat Alkalies among others.