Hydrogen Peroxide Market - Increasing Usage of Paper for Packaging to Drives Growth By 2023

The growing use of hydrogen peroxide in the paper industry for deinking and bleaching of recycled paper will act as a long-term growth driver for the global hydrogen peroxide market, says Transparency Market Research (TMR). The growing demand for paper in the developing countries as they opt for eco-friendly paper packaging as opposed to plastic packaging solutions is also anticipated to shoot up the demand for hydrogen peroxide in the coming years. This trend will remain pronounced in regions such as South America, Central America, and South Asia.

The opportunity in the global hydrogen peroxide market is thus expected to be worth US$6.04 bn by the end of 2023, rising from US$3.70 bn in 2014, as the market expands at a CAGR of 5.6% from 2015 to 2023.

The global hydrogen peroxide market will also receive an impetus from the increasing usage of hydrogen peroxide in the electronics industry, where it is being extensively employed for etching printed circuit boards. This chemical is also used for removing photoresists and clean silicon wafers. Thus, the growth of the electronics industry is expected to have a positive impact on the consumption of hydrogen peroxide during the forecast period. However, the biggest restraint faced by this market is the health hazards resulting from exposure to hydrogen peroxide. Prolonged and excessive exposure to the chemical can reportedly affect the eyes, gastrointestinal tract, and cause irritation to the skin. Hydrogen peroxide has also been termed as a carcinogenic element, which is the key restraining factor of this market.

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Asia Pacific Hydrogen Peroxide Market to See Steady Rise in Demand from ASEAN Countries

Asia Pacific is the largest regional segment of the global hydrogen peroxide market as it is anticipated to acquire a share of 50% in terms of volume by the end of 2023. The burgeoning paper and pulp industry will be responsible for this exceptional growth rate in the coming years. The rise in the packaging industries and other end user industries in India, China, and other ASEAN countries will drive the demand for hydrogen peroxide in the region.

The report states that Brazil and South Africa will also show steady demand for hydrogen peroxide in the coming years as the former will be the largest producer of short-fiber pulp for the paper industry.

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Paper and Pulp to Remain Crucial to Global Market

Paper and pulp was the leading end-use segment in 2014 and is expected to move ahead at a CAGR of 4.8% between 2015 and 2023. This will be a result of the extensive use of hydrogen peroxide to bleach mechanical, chemical, and recycled pulp to attain the desired grade of brightness and is required to make paper for tissues, boards, and magazine papers. The increasing environmental awareness about reducing plastic usage and wastage is also expected propel the use of paper in the flourishing packaging industry in the coming years.

Some of the key players operating in the global hydrogen peroxide market are Arkema S.A., Evonik Industries AG, Solvay S.A., Akzo Nobel N.V., Kemira Oyj, Mitsubishi Gas Chemical Company, Inc., Aditya Birla Chemicals Limited, and Gujarat Alkalies and Chemicals Ltd (GACL). The competitive landscape is consolidated and is expected to witness steady mergers and acquisitions as companies vie for better shares and revenues in the market.

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