Marked by the presence of numerous established participants, the global market for hydrogen peroxide stands highly competitive and fragmented, states a new research report by Transparency Market Research (TMR). Up till now, the key companies, such as Arkema, Mitsubishi, Kemira Oyj, Evonik Industries, Merck & Co., Solvay, Dow Chemicals, Akzo Nobel, BASF, and Aditya Birla Chemicals, have been depending on the advancements of products to strengthen their businesses. However, these companies are projected to shift their focus towards expanding their reach across emerging markets, especially in Asia Pacific in the near future to exploit the ample untapped potential they hold, notes the research study.
According to the estimations of TMR researchers, the worldwide market for hydrogen peroxide will attain a value of US$2.3 bn by the end of 2017. The opportunity in this market is estimated to further increase at a CAGR 4.70% over the period from 2017 to 2022 and reach US$2.9 bn by the end of the forecast period. The pulp and paper industry is registering a relatively higher consumption of hydrogen peroxide than other end users and this trend is expected to remain so over the next few years, states the research report.
Increasing Trend of Paper Recycling to Boost Growth
“The global market for hydrogen peroxide is highly influenced by the increasing trend of paper recycling,” says a TMR researcher. As hydrogen peroxide bleaches and de-ink papers efficiently, its usage in paper recycling has increased substantially, reflecting positively on the growth of this market. Over the forthcoming years, the market is anticipated to witness strong rise in the demand for hydrogen peroxide in the electronics industry, where it finds extensive application in etching printed circuit boards.
The increasing usage of this chemical for cleaning silicon wafers and removing photoresists will also support the uptake of hydrogen peroxide in the electronics industry during the forecast period, leading to a steady rise of this market. However, the augmenting concerns over the health hazards caused by the exposure to hydrogen peroxide, such as eye infection, gastrointestinal tract infection, and skin irritation, may limit its adoption to a certain extent. The rising awareness among people about hydrogen peroxide being a carcinogenic element may also hamper the growth of this market in the near future, states the research report.
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Rise in Pulp and Paper Industry to Ensure APEJ’s Dominance
The research report also offers a geographical analysis of the worldwide hydrogen peroxide market. As per the study, the market is regionally classified into Asia Pacific excluding Japan (APEJ), the Middle East and Africa (MEA), North America, Europe, Latin America, and Japan. Among these, the APEJ region has emerged as the leading regional market for hydrogen peroxide market, acquiring nearly half of the global market. Researchers anticipated the market for hydrogen peroxide in the APEJ region to expand at a CAGR of 5.0% throughout the period of the forecast, retaining its dominance on the global market.
The APEJ market for hydrogen peroxide is expected to gain considerably from the significant progress in the pulp and paper industry, Asian countries, such as China and India, are observing currently. It will also benefit from the significant surge in the packaging industry, especially in ASEAN nations in the years to come, reports the market study.