Hydrogen Peroxide Market Slated for 7.3% Growth by 2026 End, China Accounts for over 25% of Global Demand
Up from the valuation of US$3.9 Bn recorded in 2020, global hydrogen peroxide market is all set to reach the revenue of US$6.6 Bn toward the end of 2026. Increasingly perceived as a powerful oxidizer, and a widely preferred bleaching agent, hydrogen peroxide finds widespread application in commercial segments such as electronics and food safety and aeronautics to pulp processing. The environmental sustainability, and functional versatility will remain the key driving force behind the growth of global hydrogen peroxide market, suggests a recent Fairfield Market Research study.
Key Highlights into Global Hydrogen Peroxide Market:
- Exhibiting a robust 7.3% CAGR between 2022 and 2026, the market is poised for 1.9x expansion
- 35% -70% remains the most sought-after grade across all end users
- Pulp & paper, textile, chemical synthesis, and water treatment continue to be the key revenue generating industries; electronics industry to be the fastest-growing end user
- Asia Pacific continues to retain its dominance in global markets with contribution of over half of total revenue
- China continues to be the largest producer, as well as consumer
- Solvay remains the global supply leader
High-purity Grades Remain Preferred Among End Users
Growing adoption for speciality application areas such as electronics, food & beverage, water treatment, and aquaculture is likely to extend a significant contribution toward the growth of market. On the other hand, the soaring demand for high-purity hydrogen peroxide from semiconductor manufacturing industry is all set to unlock new windows of opportunistic avenues for key manufacturers in hydrogen peroxide space. Estimated to exhibit strong growth of 5.3% through 2026, the high-purity category continues to be sought-after. By the end of forecast period, the 35% - 70% grade is projected to represent over 74% share in the total market volume. The major end users that specifically consume high-purity hydrogen peroxides are expected to form newer niche markets for companies.
Asia Pacific Remains in the Bandwagon, China Spearheads
Stable mature markets like Europe, and North America continue to sustain on the back of traditional application areas such as chemical synthesis, and pulp & paper. However, the report expects demand to see a hike in speciality application areas like water treatment, food processing, cosmetics, and aquaculture in the next few years. These projections are attributed to soaring environmental awareness, and growing availability of environmentally sustainable alternatives.
On the other side, in 2021, Asia Pacific accounted for nearly half the total hydrogen peroxide market revenue and the trend will continue throughout the period of forecast. Growth of pulp & paper industry will play a significant role in uplifting the market prospects in Asia Pacific. The region is estimated to see over 5% growth during 2022 - 2026. One of the larger PO producers, the region is likely to add new HPPO-based plants and China will remain at the forefront. Demand will further see a spike as Asia’s textile hubs, i.e., Bangladesh, and Pakistan await to leverage the rise of textile & fashion industry. The report also highlights that the Middle East & Africa will emerge as the most lucrative regional market for hydrogen peroxide.
Key Players in Global Hydrogen Peroxide Market
Dominated by European players, the competition landscape will continue to witness growing emphasis on sustainable product developments to penetrate new high-value application areas. Solvay S.A., Arkema S.A., Evonik Industries AG, Mitsubishi Gas Chemical Company, and Nouryon Holding B.V. reportedly represent the top five in global hydrogen peroxide market space. In 2021, these leaders secured a collective share of over 75% in the global market space, marks Fairfield Market Research in the report.