CHICAGO, Nov. 3, 2022 /PRNewswire/ -- The report "Hydrogen Peroxide Market by Grade (90% H2O2, 35% H2O2, 6 TO 10% H2O2, 3% H2O2), Application, End-use Industry (Pulp & Paper, Food & Beverage, Water Treatment, Textiles & Laundry, Oil & Gas, Healthcare, Electronics), & Region - Global Forecast to 2027", is projected to grow from USD 3.2 billion in 2022 to USD 4.0 billion by 2027, at a CAGR of 5.0% during the forecast period. Hydrogen peroxide has replaced chorine-based bleaches, potassium dichromate, and potassium permanganate in many applications. It is used by many industries, such as pulp & paper, textile, chemical synthesis, healthcare & personal care, electronics & semiconductor, food processing, water and wastewater treatment, mining and metallurgy, leather processing, and recycling, as it is economical and environment-friendly.
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Pulp and paper to be the largest end-use industry during the forecast period
Hydrogen peroxide is used for many bleaching applications in the pulp & paper industry, such as chemical, mechanical, and recovered fibers bleaching, as it is chlorine-free. In recent years, the use of hydrogen peroxide increased significantly in the pulp & paper industry owing to its easy use, lower production costs, improved paper quality, increased yield percentage, and environmental-friendly attributes. The brightness of the paper made from hydrogen peroxide bleach is more stable. The result of hydrogen peroxide bleaching largely depends on the species of wood, age of wood, and lignin content.
The pulp & paper industry has grown considerably in the past few years, increasing the demand for hydrogen peroxide in bleaching applications. The growing demand for chemical pulp in the paper industry is also expected to drive the demand for hydrogen peroxide. This growth is also fundamentally driven by environmental issues with regard to other bleaching chemicals.
35% hydrogen peroxide grade to dominate the hydrogen peroxide market
35% Food Grade Hydrogen Peroxide is used to spray inside of foil line containers to use for food storage. This is known as the aseptic packaging system. It is used for the production of foods like eggs, cheese and whey-products. The 35% Technical Grade Hydrogen Peroxide is used for waste water treatment and the disinfection of cosmetics, potable water and laundry applications. This may also include some quantity of phosphorus to neutralize any chlorine in the water.
The 35% Standard Grade Hydrogen Peroxide is majorly used for bleaching in the pulp and paper industry, the textile industry, environmental process (detoxification and deodorization) and oxidation reactions in the chemical industry. This is also used for waste water treatment. This also contains stabilizers, additives and impurities. This should not be ingested.
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North America to be the third largest region in the hydrogen peroxide market during the forecast period
North America has long been one of the critical markets for hydrogen peroxide. The North American market mainly comprises the US, Canada, and Mexico; the US is the dominant market in the region, with a share of more than 81.34% in terms of value. The market for hydrogen peroxide in the US is driven by its local industrial demand and exports to the North American Free Trade Agreement (NAFTA) and South America.
The NAFTA has helped develop a close trade relationship between the US, Mexico, and Canada, enabling these countries to extend their product reach to the world's leading economies at lower costs. The US is expected to continue dominating the hydrogen peroxide market in North America during the forecast period. The largest share of the US in the North American market can primarily be attributed to its establishment in the pulp and paper industry. For economic and environmental reasons, regions with abundant and productive forests, such as North America, are associated with the manufacture of pulp, paper, and other forest products. Due to the close association of the pulp and paper manufacturing sector with productive forests, more than 450 pulp and paper mills are operating in North America.
Solvay S.A. (Belgium), Evonik Industries AG (Germany), Arkema (France), Nouryon (Netherlands) and Taekwang Industrial Co. (South Korea) are the key players operating in the hydrogen peroxide market. Acquisitions, expansions, contracts, agreements & partnerships, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the hydrogen peroxide market.
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