The global Hydrogen Peroxide Market size is projected to reach USD 2.15 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.7% from 2020 to 2027. Rising demand for the product from the global healthcare sector to formulate sanitizers and other disinfectant products is projected to remain the key factor driving the industry.
One
of the key factors behind the increasing consumption of the product in the healthcare
sector across the globe is the recent outbreak of coronavirus. Demand for hand
sanitizers and multiple indoor as well as outdoor disinfectant products,
such as floor cleaners and metal disinfectant goods, has quadrupled across all
major economies as well as in emerging economies of the world. According to
governments worldwide, cleaning of the public spaces, such as public restrooms,
airports, bus and metro stations, and commercial spaces, has been made
mandatory to curb the spread of the virus. This has led to surge in the
consumption of hydrogen peroxide in the industry globally due to its excellent
disinfecting properties.
The
product also witnessed high demand from various personal care products and
cosmetic manufacturers, majorly due to its oxidizing abilities and
antimicrobial properties. Europe has evolved as a hub for multinational
personal care item producers, such as Loreal, Unilever, Procter & Gamble,
and Deutschland GmbH, with their presence across the European marketspace
including countries, such as France, U.K., Italy, Germany, and Spain.
In
terms of the consumption in the textile sector, Asia Pacific,
followed by Europe, has been leading the global market due to increased
penetration of fabric manufacturers and detergent formulators. The substance
finds key application in the sector as a fabric whitening agent as well as
disinfecting agent, which is used after apparel cleaning. Growing awareness
among the consumers to adapt to cleanliness is projected to remain a key factor
behind industry growth across these regions.
Moreover,
Asia Pacific is emerging as a key market for food and beverage process from a
global standpoint due to increasing consumption of processed food by the
natives of China, Indonesia, South Korea, India, and Japan. Demand for the
product in packaging food applications due to its ability to prevent
antimicrobial contamination is predicted to be a key boost to the substance’s
demand in the food and beverage sector.
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Hydrogen
Peroxide Market Report Highlights
- The oxidant
function segment is expected to expand at a CAGR of 4.4%, in terms of
volume, from 2020 to 2027 due to increasing demand from the chemical
synthesis industry
- The personal
care application segment is expected to register a CAGR of 5.7%, in terms
of volume, from 2020 to 2027 due to increasing consumption of the product
as an additive due its favorable physical properties
- Asia Pacific
is expected to register the fastest CAGR, in terms of revenue, from 2020
to 2027 owing to presence of a large number of end-use industries in
China, India, Vietnam, and Indonesia
- Companies
such as Solvay, Evonik Industries, and Arkema are the market leaders with
their worldwide brand presence, catering to an array of industries, such
as textile producers and essential healthcare formulators
- The market
is concentrated with multinational brands present globally and established
long-term relations with key end-user groups, thereby limiting entry of
new industry participants.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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Grand View Research, Inc
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Email: sales@grandviewresearch.com
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