Hydrogen Peroxide Market To Show Strong Growth Due To Rise In Demand For Hydrogen Peroxide In Various Applications

Hydrogen Peroxide Market
Hydrogen Peroxide Market

Overview:

Hydrogen Peroxide is a common household chemical that's used for a variety of non-medical purposes. It's a safe, natural substance that can also be used as an oxidizer. It's available in a range of strengths, including the most common 3 percent. Some strong concentrations of hydrogen peroxide are even used in fish farming to provide oxygen for small fish that need it. However, these uses aren't supported by science or doctors' advice. There are a few different types of hydrogen peroxide, however, it's always important to use the one with medical grade strength.

Market Dynamics:

Rise in demand for surface disinfectants is expected to propel growth of the global Hydrogen Peroxide Market during the forecast period. Hydrogen peroxide is used as disinfectant to kill germ cells and for deactivating several microorganisms, including viruses, bacteria, spores, and fungi. Thus, growing demand for surface disinfectants is likely to boost the market growth.

For instance, in August 2022, PDI launched new, innovative disinfectants for helping infection prevention professionals in the fight against increasing healthcare-associated infections (HAIs) and against Covid-19. Launch of such disinfectants is in turn fueling demand for hydrogen peroxide.

However, high cost of raw material and operating costs are projected to hinder growth of the global Hydrogen Peroxide Market during the forecast period.

Impact of COVID-19:

Due to the chemical properties of hydrogen peroxide, it is widely used across various industries. As this chemical is used in cleaning products, the demand for hydrogen peroxide increased significantly during the COVID-19 pandemic. The guidelines imposed by governments around the world during the pandemic for disinfecting public and private places. Thus, this in turn created robust demand for this chemical. As a result, the hydrogen peroxide for market was positively impacted by COVID-19 pandemic in healthcare sector.

Key Takeaways:

· The global Hydrogen Peroxide Market is anticipated to grow with a CAGR of 3.4% during the forecast period, due to wide range of applications of hydrogen peroxide in various end-use industries.

For instance, in July 2022, Charlotte Products launched a hydrogen peroxide-based disinfectant, Enviro-Solutions ES21 Enhanced Hydrogen Peroxide Disinfectant, designed for using in places or facilities that need no dyes or fragrances.

· Among regions, Asia Pacific is anticipated to show substantial growth in the global hydrogen peroxide for market during the forecast period. This is owing to rise in penetration of personal care products, and chemical formulators. Along with this, countries such as South Korea, Thailand, India, China, and Japan have become major hubs for multinational companies that are expanding their businesses in the region. This is also expected to drive the market growth.

· Major players functioning in the global Hydrogen Peroxide Market are Nouryon, Arkema S.A., Hansol Chemical, Evonik Industries A.G., PeroxyChem LLC, Solvay S.A., Taekwang Industrial Co. Ltd., Mitsubishi Gas Chemical Company Inc., Thai Peroxide Limited (TPL), and Kemira Oyj.

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