The product consumption has witnessed a substantial increase over the past few years due to the growing demand from the chemical and wastewater treatment industry.
According to a Global Market Insights Inc. report, the global hydrogen peroxide market will record close to US$6.2 billion in yearly revenue by 2026.
Over the years, hydrogen, on account of its high calorific value and carbon-free nature, is largely employed as a substitute for various other materials. This has paved the way for significant efforts to cost-effectively produce hydrogen in bulk quantities, as well as to manage and engineer the downsides of burning it. Further, its high flame temperature and speed, ease of storage at a large scale, and low ignition energy have also added positive impetus to the demand for the compound and its different structures.
Hydrogen peroxide is primarily a routine sterilizing agent that is excessively utilized in clinics and hospitals. It acts as a strong oxidizing agent and is well-suited for the cleaning of wounds, cuts, and other damaged tissue portions. Some of its other uses include bleaching the hair, whitening of teeth, and removal of stains from clothing. Apart from this, the substance registers wide use in research applications for testing the antioxidant potential of enzymes such as catalase.
In addition to the above-mentioned factors, here are some of the most promising trends that could boost the growth prospects for hydrogen peroxide compounds.
Hydrogen Peroxide Market Growth From The Chemical Sector
Uses across chemical applications will add positive impetus to the demand for hydrogen peroxide over the coming years. This is mainly due to the rising adoption of the compound across different methods of chemical analysis, including atomic absorption spectroscopy and as a fuel to generate heat — while producing neutral atoms. Furthermore, the compound is incorporated as a key element in redox reactions and employed in the manufacturing of plate glass to limit the formation of stannous oxide in the float bath.
Asia Pacific Hydrogen Peroxide Market To See Higher Penetration
Asia Pacific is anticipated to witness higher production and consumption of hydrogen peroxide due to the growing mining sector in the region, necessitating the perpetual use of the compound. The expanding paper and construction arenas have also stirred the need for high-performance materials, subsequently urging regional as well as global business participants to establish numerous production plants in the continent.
For instance, in February 2020, Mitsubishi Gas Chemical announced its plans to set up a new plant for 100% industrial hydrogen peroxide (IHP) in Taiwan to meet the rising needs across semiconductor production processes. The facility is anticipated to commence its operations at the beginning of 2023.
Business Strategies And Expansion
To cater to the increasing requirements across the various end-user industries, suppliers of hydrogen peroxide compounds are constantly working towards innovations, as well as modifications in their existing offerings. These firms are also actively collaborating as well as coming up with inorganic strategies like acquisitions and mergers to consolidate their global presence.
To state an instance, in February 2020, United Initiators (UI) acquired the hydrogen peroxide plant from Evonik Industries, which is based in Prince George, British Columbia, Canada. The acquisition of the Canadian H2O2 plant offered great expansion opportunities to the company and helped to reinforce its footprint across the pulp & paper and mining applications.