The hydrogen peroxide market will observe substantial growth in coming years owing to its increasing application scope across the chemical and paper & pulp industries, along with its rising usage in personal care products. Hydrogen peroxide is a chemical compound which comes in combination of hydrogen and water.
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It is known to be an antiseptic which is applied or used on the skin so as to stop the infection from burns, minor cuts, and scrapes. The product is also utilized as a mouth rinse in order to eliminate the mucus or to soothe slight mouth irritation due to gingivitis, cold sores or canker. Hydrogen peroxide functions by releasing oxygen and after being applied to an affected area. This process causes foaming, which helps getting rid of dead skin and also cleans the area.
Hydrogen peroxide has numerous application usage such as oxidizing and bleaching agent in foods, in foam rubber, deodorizing and bleaching of textiles, as a neutralizing agent in distillation of wine, a replacement for chlorine present in sewage and water treatment, as a source of inorganic and organic peroxides, etc.
Hydrogen peroxide market is bifurcated in terms of end-user, and regional landscape.
Based on end-user, the hydrogen peroxide market is classified into mining, water treatment, chemical, pulp & paper, and others. The chemical end user segment was the second largest segment in 2019 and is projected to show similar trends through the forecast period. This segment held a share of over 35% in 2019 and shall exhibit a CAGR of over 6% over the forecast time frame.
The mining end user segment held a market share of 4% in 2019 and shall grow at a CAGR of over 5.4% over the projected time period. The others segment held a market share of over 13% and is projected to grow at a CAGR of over 5% through the analysis period.
From a regional frame of reference, the North America hydrogen peroxide market is projected to grow at a CAGR of nearly 5% over the projected timeframe. Europe held a market share of over 3.5% and will grow at a CAGR of 3.3% over the forthcoming time period.
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The Latin American market held a market share of over 3% in 2019 and is projected grow at a CAGR of 5.5% through the assessment period. The Middle Eastern region has seen a huge investment in the wastewater treatment and chemical industry, thereby having a positive impact on the hydrogen peroxide market in the region.