(Food-Beverage-News.Com, December 07, 2022 ) The global "Hydrogen Peroxide Market size is projected to reach USD 4.0 billion by 2027 from USD 3.2 billion in 2022 growing at a CAGR of 5.0%. Hydrogen peroxide is used as a strong oxidizing agent, bleaching agent, disinfectant, cleaning agent, and etching agent. Hydrogen peroxide is economical and environment-friendly and, thus, used by many industries, such as pulp and paper, food and beverages. water treatment, textiles and laundry, oil and gas, healthcare, electronics, and other end-use industries.
By grade, 3% hydrogen peroxide is the second highest growing segment in the Hydrogen Peroxide Market. A 3% solution of hydrogen peroxide that is commonly found in a drugstore works great for household cleaning and disinfecting. Commercially available 3 percent hydrogen peroxide is a stable and effective disinfectant when used on inanimate surfaces. It has been used in concentrations from 3 to 6 percent for disinfecting ventilators, fabrics and endoscopes.
By end-use industry, food & beverages segment account for third largest market for hydrogen peroxide. Hydrogen peroxide is used in the food processing industry due to its strong oxidizing and antimicrobial, and fungicidal properties. Hydrogen peroxide is primarily used to bleach various food compounds, such as wheat flour, edible oils, waxes, gums, egg whites, natural sugars, and starches. It is also used in the color adjustment of raw material and final products of foods, such as herring, instant tea, cheese whey, and natural fatty acid emulsifiers. Hydrogen peroxide is used in the preparation of various food additives. It is also used for sulfite reduction, reducing or removing sulfur dioxide from foods, such as starch, wine, and corn syrup.
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The Asia Pacific is projected to be the largest and fastest-growing hydrogen peroxide market followed by Europe and North America. Increase in demand from China and India expects to drive the demand for hydrogen peroxide in the region. China emerged as one of the world’s manufacturing hubs, with relatively low raw materials and labor prices. This has led to considerable investments in the manufacturing sector. Additionally, the remarkable growth of the manufacturing sector in the Asia Pacific provides momentum for the development of the hydrogen peroxide market. The abundance of raw materials, low utility cost, lenient regulation, and low cost of production, among others, are some of the factors that support the growth of the manufacturing industry in the Asia Pacific.
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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