Hydrogen Peroxide Market Size, Share, and Trends 2024 to 2034

Hydrogen Peroxide Market Size and Forecast 2024 to 2034

The global hydrogen peroxide market size is expected to be valued at USD 6.69 billion in 2024 and is anticipated to reach around USD 11.54 billion by 2034, expanding at a CAGR of 5.6% over the forecast period from 2024 to 2034.

Hydrogen Peroxide Market Key Takeaways

• By region, Asia Pacific held the largest share of the Hydrogen Peroxide Market in 2023.
• By function, the bleaching segment accounted for the largest share of the market in 2023.
• By function, the disinfectant segment will register the fastest growth in the market during the foreseeable period.
• By grade, the <35% segment accounted for the largest share of the market in 2023.
• By application, the pulp & paper segment held the largest share of the market in 2023.
• By application, the healthcare segment is expected to grow significantly during the forecast period.

Asia Pacific Hydrogen Peroxide Market Size and Growth 2024 to 2034

The Asia Pacific hydrogen peroxide market size is accounted for USD 2.68 billion in 2024 and is projected to be worth around USD 4.67 billion by 2034, poised to grow at a CAGR of 5.71% from 2024 to 2034.

In 2023, the Asia Pacific region dominated the market and generated 40% of global revenue. This is explained by the growing influence of the medical, personal care, and chemical formulating businesses in the area. Due to cheaper land prices, the availability of trained labour, and an improved trade balance, China, Thailand, India, South Korea, and Japan have emerged as important centres for multinationals operating in various sectors to develop their business practises in the nation.

• China is considered the largest producer and consumer of pulp and paper products globally, further noted that the country produced more than 280 million tons in 2022 and also consumed over 230 million tons. 
• According to the China Pulp and Paper Annual Report released by the China Paper Association in 2022, the industry has been growing to produce 283.91 million tons of pulp, paper, and paper products in the year 2022. It is a slight increase of 1.32 percent from 2021.

Due to the long-term prevalence of water-borne illnesses in the region, North America is seen as being at the forefront of the wastewater treatment sector. Every day, the U.S. purifies more than 34 billion gallons of contaminated water to make it safe for locals to drink. One of the main requirements in the nation is the removal of phosphorus and nitrogen from water sources, along with the oxidation of wastewater. This has ultimately resulted in a significant use of hydrogen peroxide throughout the nation's industries.

Hydrogen peroxide usage in the area is rising as a result of the expanding demand for various personal care products in the European market. Its oxidising and antibacterial qualities are the main reasons for the product's rising demand in this application. In nations including the United Kingdom, France, Italy, Germany, and Spain, cosmetics and personal care items like skincare creams and lotions have seen tremendous growth. This is primarily attributable to the increased market penetration of cosmetic manufacturers in these nations.

Market Overview

Hydrogen peroxide is one of the essential ingredients used in the creation of such disinfectants and sanitizing products. A typical disinfectant, for instance, typically contains 3% to 4% hydrogen peroxide, 0.5% to 1% peroxyacetic acid, a small amount of isopropyl alcohol, chlorine dioxide, and other ingredients. The material is also expected to continue to be in high demand throughout the industry for a considerable amount of time due to its great abilities to give resistance against viruses, bacteria, and a variety of other microbes, according to the Center for Biocide Chemistries.

Growing healthcare industry demand for the product as a result of its antiseptic qualities is anticipated to continue to be a major driver of market expansion. The substance is widely sought-after in the healthcare industry as an antiseptic, which is usually used to skin wounds and bruises to prevent infections. Due to its capacity to reduce mouth irritation, mucus, and other oral infections, it is also frequently used as a mouth rinse. The material primarily releases oxygen, which causes foaming on the bruised and cut skin and ultimately results in the efficient elimination of dead skin while protecting the area from infection.

Furthermore, because hydrogen peroxide is widely used in the creation of disinfection goods in light of the current COVID-19 epidemic, its demand has increased dramatically globally. Disinfecting both public and private areas is crucial, say a number of international government directives, to lessen the effects of the coronavirus spread. Commercial buildings, bus stops, airports, and train stations must be sterilised for more than 60 minutes inside restricted perimeters. Similar household cleaning guidelines have also been published by a number of countries, which has resulted in a notable increase in the market for sanitizer and disinfection solutions.

Major Applications of Hydrogen Peroxide:

Growth Factors

Increasing need for disinfectants, increased demand from the healthcare sector, a rise in the number of paper & pulp producers, and an increase in the number of food processing facilities are some of the key drivers anticipated to propel the global hydrogen peroxide market. In addition to this, it is employed in the personal care, chemical synthesis, cosmetics, and wastewater treatment sectors.

• The increasing need for disinfectants, increased demand from the healthcare sector, a rise in the number of paper & pulp producers, and an increase in the number of food processing facilities are some of the key drivers anticipated to propel the global hydrogen peroxide market. In addition to this, it is employed in the personal care, chemical synthesis, cosmetics, and wastewater treatment sectors.

Market Scope

Market Dynamics

Key Market Drivers

• Wide applicability of chemical - Hydrogen peroxide serves a variety of purposes in various industrial, commercial, and domestic settings. It is ideal for bleaching paper and textiles due to its strong bleaching capabilities. It serves as an antiseptic and an antimicrobial agent in healthcare. In applications including food, personal care products, home care, and water purification, it works very well as an oxidising and disinfecting agent. It functions as a top-notch cleaning agent for devices. Additionally, it is employed in the creation of detergent bleaches such sodium perborate and percarbonate. Due to its applicability's realism, the hydrogen peroxide industry is expanding. 
• Increasing demand from the pulp and paper industry - The paper and pulp industry make extensive use of hydrogen peroxide as a bleaching agent to create a variety of pulp types, including chemical, mechanical, and recyclable pulps. For these sectors, it is also utilised to optimally whiten the pulps. In addition, hydrogen peroxide is used to re-pulp waste paper instead of conventional bleaching agents since it lowers bleaching costs and the colour of the effluent. Online sales are rising in the two main markets for pulp and paper products, the United States and China. This is partially due to the need for innovative packaging due to the rise of online purchasing, which has improved product positioning on shelves. The demand for both raw materials and corrugated containers has grown, which is the cause of this rise.

Key Market Challenges 

• Patient health hazards - Risks to patient health might prevent consumers from using hydrogen peroxide products. The substance's potent oxidising properties make it potentially harmful to the skin, eyes, and respiratory system. If not managed appropriately, extended exposure can cause hair bleaching as well as skin and eye irritation. Additionally, it accelerates thermal breakdown on its own with most basic materials, such as copper alloys or heavy metals. As a result, it should be handled and kept properly to prevent any potential health risks.

Key Market Opportunities

Green hydrogen peroxide (Hâ‚‚Oâ‚‚) are chemical compound that is produced with no emission of carbon dioxide. This chemical is referred to as the green chemical that dissolves in water and oxygen and upon usage it decomposes into both water and oxygen. Carbon-neutral hydrogen peroxide is a more sustainable method for hydrogen peroxide manufacture which will lower the carbon footprint. The primary and most effective active component in hydrogen peroxide solution is natural in its occurrence and is biodegradable because it is easily blended with water and forms oxygen gas which makes it an environmentally friendly item. 

• In April 2024, Evonik launched carbon-neutral hydrogen peroxide in Europe. The strategy includes a concrete roadmap to climate-neutral production through, for example, the switch to renewable energy and green hydrogen. 

Function Insights

With a share of 40.2% in terms of volume in 2023, the bleaching segment dominated the market. The substance has a wide range of uses as a bleaching agent in several sectors, including pulp & paper, medicine, and textiles. The product is extremely helpful in the medical field as a dental bleach, hair bleach, mouthwash, and for maintaining oral hygiene. The textile sector uses a bigger amount of the material as bleach, where it is frequently used to brighten clothing and remove stains from both synthetic and natural fabrics. It is employed in the production of fabrics as well since it helps improve the mechanical qualities of fibres.

Over the projection period, the disinfection segment is anticipated to see the fastest volume growth. This is explained by the product's great indulgence in manufacturing several cleaning agents and hygiene goods. The global viral epidemic increased demand for this function starting in the first quarter of 2020, which greatly increased production of several disinfection items such, glass cleaners for indoor and outdoor use, and hand sanitizers. These factors contributed to a rise in the use of hydrogen peroxide as a disinfectant around the world, and the trend is expected to continue for the foreseeable future.

Application Insights

With a volume share of 34.8% in 2023, the pulp and paper application category led the market. Similar to bleach, the substance is acknowledged as a chlorine-free element, making it a crucial component of the pulp and paper industry across the world. It is utilised properly to enhance the mechanical and chemical qualities of pulp and raise the quality and brightness of paper. As it lowers manufacturing costs, offers better quality, is simple to use, and is environmentally benign, it has created a rising demand in the business.

Over the projected period, the fastest CAGR in terms of volume growth is anticipated for the healthcare application category. This is attributable to the product's extensive demand as a result of the quick production of disinfection and sanitization solutions by several multinational corporations throughout the world. Due to rising public awareness of the significance of these healthcare necessities in daily life in the wake of the global pandemic, the demand for these items will see considerable rise globally over an extended period of time.

• In January 2024, the United States Food and Drug Administration announced vaporized hydrogen peroxide (VHP) to be an established method of sterilization for medical devices, recognizing its long history of safety and effectiveness.

Grade Insights

The worldwide market is divided into various hydrogen oxide concentrations based on grade and is offered in accordance with their uses. In general, personal care, home care, and speciality applications employ less than 35% of lower concentrations. Applications involving paper, textiles, chemicals, and wastewater treatment typically use higher concentrations of more than 35%. Rocket propellants employ pure grades or concentrations greater than 90–95 percent. The main element promoting the growth of this market is the high use of goods with more than 35% concentration to produce optimal outcomes.

Hydrogen Peroxide Market Companies

• Evonik Industries AG
• Taekwang Industrial, CO., LTD.
• Arkema
• Grupa Azoty
• Solvay
• Akzo Nobel N.V.
• Gujarat Alkalies & Chemicals Ltd.
• National Peroxide Limited
• OCI Company Ltd.
• Airedale Chemical

Recent Developments

• In January 2024, Solvay and Huatai announced a plan to expand their hydrogen peroxide production capacity in China. Considering the growing demand for hydrogen peroxide in the photovoltaic sector, where it is used as a cleaning agent in the production of photovoltaic cells. As a part of the expansion plan, the joint venture aims to produce 48 kilotons/year of photovoltaic-grade hydrogen peroxide by 2025.
• In December 2023, Evonik Industries AG collaborated with Thai Peroxide Co. Ltd, a Thai-based manufacturer of peroxide products. The acquisition expanded the company's production capacity for producing different peroxide products, including hydrogen peroxide. 
• In October 2023, Dow and Evonik announced the startup of hydrogen peroxide to propylene glycol (HPPG) pilot plant. 
• In September 2023, Shinsol Advanced Chemicals, a partnership between Solvay and Shinkong Synthetic Fibers Corporation, started operations for a new production plant in Tainan, Taiwan. The plant will produce electronic-grade hydrogen peroxide with a production capacity of 35,000 tons per annum.

Market Segmentation

By Function

• Disinfectant
• Bleaching
• Oxidant
• Others

By Grade

• <35%
• >35%

By Application

• Pulp & Paper
• Chemical Synthesis
• Wastewater Treatment
• Mining
• Food & Beverages
• Personal Care
• Healthcare
• Textiles
• Others

By Sales Channel

• Direct Sale
• Indirect Sale

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)