Hydrogen peroxide market is expected to witness significant growth over the forecast period owing to its increasing demand in industrial applications including paper & pulp and detergent industries. Moreover, increasing demand in the pharmaceutical and cosmetics sector is expected to surge the market growth. Asia Pacific is expected to contribute towards the rising market demand on account of growth in textile, pharmaceuticals and food industries. Moreover, growing electronics industry in developing economies including China and India are expected to open new avenues for hydrogen peroxide market. Europe is anticipated to remain the leading market for hydrogen peroxide owing to large number of production units and growth in HPPO plant in Antwerp. North America is the second largest market and is expected to grow further on account of accelerating applications including paper & pulp and propellant industry.
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Furthermore, its increasing demand in medical sector as a disinfectant and purifying agent is expected to fuel the demand. In addition, its increasing use as an oxidizing agent in chemical industry is expected to propel growth. Increasing demand in the cleaning and personal care products including sterilization, sanitizers, bleaching, mouth washes, hair dyes and bleaching are likely to drive market growth over the forecast period. However, ingestion problems caused by high consumption level of hydrogen peroxide along with its high corrosive property are expected to restrain the market growth.
Global key players include Evonik industries AG, Asian Peroxides Limited, Eko Peroxide LLC, National Peroxide Limited, Aditya Birla Chemicals, The Dow Chemical Company, Chang Chun Petrochemical Co. Ltd., Hansol Chemical Co. Ltd., BASF SE and Arkema S.A. Asian Peroxides Limited offers hydrogen peroxide which incorporates latest process technology and also complies with standards including ISO 9001 and ISO 14001. National Peroxide Limited offers hydrogen peroxide which complies with ISO 9001 ISO-14001, OHSAS-18001 and ISO-50001 standards. Evonik Industries along with ThyssenKrupp Industrial Solutions developed the Hydrogen Peroxide to Propylene Oxide (HPPO) technology that uses a catalyst to recover propylene oxide from propylene and hydrogen peroxide which leads to lower investment volume making it more economical. The HPPO process is highly eco-friendly and gives a very high yield.
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