Increasing demand from the chemicals industry to fuel the hydrogen peroxide market outlook over 2020-2026
Selbyville, Delaware, United States, September 23 2020 (Wiredrelease) Global Market Insights, Inc –:The global hydrogen peroxide market is anticipated to observe significant growth over the coming years, primarily due to its growing application scope throughout the paper & pulp and chemical industries. The product is also expected to observe a rising demand from the personal care industry owing to its increasing usage in personal care products.
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Hydrogen peroxide can be defined as chemical compound that is a combination of water and hydrogen. The substance is commonly used as an antiseptic and is typically applied over the skin to stop infection from minor cuts, scrapes, and burns. Additionally, the product is also used as a mouth rinse to soothe mouth irritation caused by gingivitis, canker or cold sores.
Hydrogen peroxide releases oxygen, when applied, which creates foam and helps eliminate dead skin and clean out the affected area. All these aforementioned factors are expected to play a vital role in the hydrogen peroxide market expansion.
Furthermore, the product observes substantial applications in the electronics industry since it is sued in the manufacturing procedure that is used to create printed circuit boards. Hydrogen peroxide is used as an etchant in the electronics industry to produce these circuit boards. Moreover, it is also used in the production of semiconductors, as the process needs high-quality electronic grade hydrogen peroxide as a cleaning and an oxidizing agent.
Apart from its extensive use in the electronics sector, hydrogen peroxide also observes significant demand from the transportation sector. Citing an instance, the hypergolic bipropellant engines, that are specifically used in launch vehicles and monopropellant systems, utilize highly concentrated hydrogen peroxide for its operation.
With reference to the end-user segment, the hydrogen peroxide industry is bifurcated into water treatment mining, pulp & paper, chemical, and others. Among these, the chemical end-user segment was the second biggest segment in 2019 and is slated to foresee considerable expansion in the forthcoming future.
Owing to its oxidizing properties, the product observes large-scale use in chemical synthesis and is seen as a good alternative to dichromate or potassium permanganate. Based on these factors, the chemical end-user segment is projected to grow at a CAGR of more than 6% through the analysis period.
Apart from the chemical industry, the mining industry is also expected to drive tremendous growth into the overall market landscape. In fact, the mining industry held an overall market share of 4% in 2019 and is further slated to exhibit a CAGR of more than 5.4% through the forecast timespan. The growing usage of the product in uranium as well as gold production process in ore leaching and concentrates preparation is driving its demand in the mining sector.
With a regional frame of reference, hefty investments in the wastewater treatment and the chemical sector is projected to make a positive impact on the MEA hydrogen peroxide industry share. Furthermore, the Latin America hydrogen peroxide market is anticipated to expand at a CAGR of 5.5% through the study period.
The competitive landscape of the global hydrogen peroxide market is inclusive of players such as Gujarat Alkalies and Chemicals Ltd., PeroxyChem LLC, Aditya Birla Chemicals Limited, Kemira Oyj, Mitsubishi Gas Chemical Company, Inc., Solvay, Akzo Nobel N.V., Arkema S.A, and Evonik Industries AG among others.
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