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 an inorganic compound with the chemical formula H2O2. It is a colorless liquid, which is unstable and slowly decomposes in the presence of light or heat. Hydrogen peroxide is used as a disinfectant and bleach in many household and industrial products such as cleaning solutions, disinfectant products, hair lightening products, and textile bleaching. Its unique property of producing oxygen when disassociated makes it ideal for various industrial applications.
Market key trends:
Increasing application of hydrogen peroxide in the wastewater treatment industry is driving the market growth. Hydrogen peroxide has wide applications in the wastewater treatment industry for purification of water and removal of organic contaminants. It is used as an oxygen carrier and oxidant for oxidation of organic contaminants in wastewater. Stringent regulations regarding the discharge of industrial effluents coupled with growing awareness about water conservation is boosting the usage of hydrogen peroxide in wastewater treatment plants. Growing concerns about water pollution and scarcity of clean water are further augmenting the demand for hydrogen peroxide from wastewater treatment industry.
The global hydrogen peroxide market is segmented based on application and region. Based on application, the bleaching segment dominated the market in 2022 and this trend is expected to continue over the forecast period. Hydrogen peroxide is widely used as a bleaching agent for pulp and paper, textiles, and hair. It offers high bleaching efficiency at low costs, which has driven its demand from the bleaching segment over the years.
The Global Hydrogen Peroxide Market Size is expected to witness high growth, exhibiting CAGR of 3.4% over the forecast period, due to increasing demand from the pulp and paper industry.
Asia Pacific dominated the global market in 2022 and is expected to exhibit the fastest growth over the forecast period. Growing paper and wastewater treatment industries in China and India are driving the demand for hydrogen peroxide in the region.
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. The global hydrogen peroxide market is highly concentrated with top players accounting for over 65% of the overall market share.