Austin, Oct. 02, 2024 (GLOBE NEWSWIRE) -- The SNS Insider report indicates that Hydrogen Peroxide is witnessing an upward trend in demand globally because of the increased requirement of food and beverages, health and pharmaceutical, and cosmetic industries making it a handy utility product. Hydrogen peroxide is a solution possessing great antiseptic and bleaching properties. Gaining ground significantly is its use as a disinfectant and as a cleaning agent, especially with a much deeper awareness of hygiene post-pandemic. Another factor that further contributes to market dynamics is the ever-growing demand for sustainability and environmental product demands, leading Hydrogen Peroxide as a safer alternative to chlorine-based chemicals for industrial processes.
Another relevant factor driving interest in protein consumption and nutricosmetics, that use Hydrogen Peroxide in skin and hair care products, is also contributing to critical factors toward driving market dynamics. Considering the rising consumer health awareness, the market has also registered rising demand for products that uplift well-being in general; a scenario in which Hydrogen Peroxide has found a way into various formulations targeted at health and wellness; therefore, technological advancement in the production and formulation of Hydrogen Peroxide has made it more accessible and efficient for manufacturers, hence broadening the range of its application and further fueling market growth.
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What is the growth of the Hydrogen Peroxide market?
The Hydrogen Peroxide Market Size was valued at USD 3.4 billion in 2023 and is expected to reach USD 5.3 billion by 2032 and grow at a CAGR of 5.0% over the forecast period 2024-2032. Increased use in food sectors, interest in protein intake and nutricosmetics, expanding applications of Hydrogen Peroxide in healthcare, and increased usage of biomaterials based on Hydrogen Peroxide are major growth drivers for the market.
Top 10 Companies Operating in the Hydrogen Peroxide Industry Worldwide
- Evonik Industries
- Solvay S.A.
- BASF SE
- Arkema Group
- Mitsui & Co., Ltd.
- Hindustan Organic Chemicals Limited
- Kemira Oyj
- FMC Corporation
- Nippon Soda Co., Ltd.
- SABIC
Which segment dominated the Hydrogen Peroxide Market?
The disinfectant segment dominated the Hydrogen Peroxide market in 2023 with an estimated market share of 45%. It is on such grounds that the disinfectant segment holds such importance; most significantly, in light of the recent COVID-19 pandemic and general increased awareness of hygiene and sanitation. Hydrogen peroxide is very potent at acting as a disinfectant. It usually kills a wide range of pathogens, including viruses, bacteria, and fungi. It is used in so many applications from a hospital where it uses item and surfaces sterilization to households as an efficient and safe cleaning agent. For example, most hospitals have implemented Hydrogen Peroxide infection control measures. It is frequently applied to disinfect patient areas and operating rooms. Consumer products such as Hydrogen peroxide-containing surface cleaners and hand sanitariums, therefore find top preference among housekeeping tools for households seeking to accomplish the task of thorough cleaning with whichever available means.
Key Segments:
By Grade
- 3% H2O2
- 6 TO 10% H2O2
- 35% H2O2
- 90% H2O2
By Application
- Disinfectant
- Bleaching
- Cleaning and Etching
- Chemical Synthesis
- Others
By End-use Industry
- Food And Beverages
- Pulp And Paper
- Textiles and Laundry
- Water Treatment
- Healthcare
- Electronics
- Oil And Gas
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What are the driving factors of the Hydrogen Peroxide market?
Several key driving factors are driving the Hydrogen Peroxide market as listed below:
- Increased Hygiene Awareness: The pandemic has raised international awareness regarding hygiene and sanitation, sending the demand for disinfectants soaring, of which Hydrogen Peroxide is a prominently known germicidal.
- Growing Healthcare: Expansion in the healthcare industry and its infection control practice was enhancing the utilization of Hydrogen Peroxide as a sterilization agent in medical houses and as a disinfectant in hospitals.
- Growing Demand in Food and Beverage: The increased utility of Hydrogen Peroxide as a sanitizing agent for equipment and for the elongation of the shelf life of the products in the food processing and packaging sectors is expected to be a dominant factor in the growth of demand.
What are the opportunities for the Hydrogen Peroxide Market?
- Emerging Markets Expandability: The developing countries present significant expansion opportunities into new markets based on improved hygiene awareness, better healthcare infrastructure, and increasing consumers' disposable income.
- Product Innovation Development Opportunity: Hydrogen Peroxide offers an increasing prospect for developing innovative products such as eco-friendly cleaning agents and personal care items appealing to environmentally sensitive consumers.
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Which region dominated the Hydrogen Peroxide market?
In 2023, Europe dominated the Hydrogen Peroxide market with an estimated market share of 40%. This leadership in the region has been attributed to a varied range of drivers such as strict regulations on hygiene and safety standards translating into increased adoption of Hydrogen Peroxide in various applications. For example, leaders are Germany, France, and the UK are using Hydrogen Peroxide for disinfectant properties in health, food preparation, cleaning products, and goods. For instance, the growing base of Hydrogen Peroxide-based drinks and supplements that have been launched in European markets is a good example of the growing healthy awareness among Europeans about its benefits. Additionally, the EU's environmental sustainability concern prompted innovation in formulating environmentally friendly cleaning agents, thereby leading to an increase in demand for Hydrogen Peroxide. These mutually facilitating factors-including regulatory support, consumer demand for health-conscious products, and widespread applications across industries stabilized the top position of Europe in the Hydrogen Peroxide market.
Table of Contents – Major Key Points
1. Introduction
1.1 Market Definition
1.2 Scope (Inclusion and Exclusions)
1.3 Research Assumptions
2. Executive Summary
2.1 Market Overview
2.2 Regional Synopsis
2.3 Competitive Summary
3. Research Methodology
3.1 Top-Down Approach
3.2 Bottom-up Approach
3.3. Data Validation
3.4 Primary Interviews
4. Market Dynamics Impact Analysis
4.1 Market Driving Factors Analysis
4.1.1 Drivers
4.1.2 Restraints
4.1.3 Opportunities
4.1.4 Challenges
4.2 PESTLE Analysis
4.3 Porter’s Five Forces Model
5. Statistical Insights and Trends Reporting
5.1 Production Capacity and Utilization, by Country, by Type, 2023
5.2 Feedstock Prices, by Country, by Type, 2023
5.3 Regulatory Impact, by Country, by Type, 2023.
5.4 Environmental Metrics: Emissions Data, Waste Management Practices, and Sustainability Initiatives, by Region
5.5 Innovation and R&D, by Type, 2023
6. Competitive Landscape
7. Hydrogen Peroxide Market Segmentation, by Grade
8. Hydrogen Peroxide Market Segmentation, by Application
9. Hydrogen Peroxide Market Segmentation, by End-use Industry
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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