The Hydrogen Peroxide Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Hydrogen Peroxide Global Market Report 2024, The hydrogen peroxide market size has grown strongly in recent years. It will grow from $3.26 billion in 2023 to $3.47 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to pulp and paper industry demand, wastewater treatment applications, textile industry usage, consumer products manufacturing, medical and healthcare applications.
The hydrogen peroxide market size is expected to see strong growth in the next few years. It will grow to $4.6 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to growing environmental concerns, focus on water and wastewater treatment, rising demand for eco-friendly bleaching agents, expanding healthcare and pharmaceutical applications, advancements in hydrogen peroxide production, bioremediation and environmental cleanup. Major trends in the forecast period include increasing demand for eco-friendly applications, growing focus on sustainable production, surge in healthcare applications, innovations in packaging and storage, rise in food and beverage industry usage, technological advancements in production.
The increasing demand for environmental-friendly solutions is driving the hydrogen peroxide market growth. Hydrogen Peroxide when mixed with other chemicals acts as a disinfectant and can be used to clean hospitals and houses. It is also cost-effective and can be recycled over and over again making it an environmentally friendly solution. For instance, in March 2022, according to Sensormatic Solutions, a US-based retail technology provider, subsidiary of by Johnson Controls a survey of 1000 U.S. consumers revealed an 80% focus on sustainability, with 70% expressing a willingness to pay more, emphasizing its crucial role. Additionally, 54% actively researching eco-initiatives, businesses face a shifting landscape, as half of consumers believe sustainability is imperative, shaping purchasing behaviors. Therefore, the increasing demand for environmental-friendly solutions is driving the hydrogen peroxide market growth.
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The hydrogen peroxide market covered in this report is segmented –
1) By Function: Bleaching, Oxidizing, Sterilizing/Disinfecting, Propulsion, Other Functions
2) By Grade: Standard, Chemical, Cosmetic, Aseptic, Food, Semiconductor
3) By End-Use Industry: Pulp And Paper, Chemical Synthesis, Healthcare And Personal Care, Food Processing, Textile, Water And Wastewater Treatment, Electronics And Semiconductor, Other End-Users
Major companies operating in the hydrogen peroxide market are focused on partnerships to increase their profitability in the market. Partnerships refer to collaborative agreements or alliances established between different entities, such as companies, organizations, or research institutions, to collectively pursue mutual interests, goals, or projects related to hydrogen peroxide. For instance, in October 2023, Dow Inc., a US-based chemical company collaborated with Evonik Industries AG, a Germany-based specialty chemicals company to establish a pilot facility for the manufacturing of hydrogen peroxide-based propylene glycol (HPPG). This cutting-edge facility employs the HYPROSYN technique, allowing for the direct synthesis of propylene glycol from hydrogen peroxide and propylene. Diverging from the conventional multi-step process, HYPROSYN consolidates all critical reaction phases in a singular reactor, eradicating the necessity for supplementary investments in propylene oxide capacity and reducing capital needs. The Dow and Evonik partnership exemplifies their dedication to pioneering solutions and sustainable practices in the essential chemicals manufacturing realm.
The hydrogen peroxide market report table of contents includes:
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