The top five players in the global hydrogen peroxide market are Solvay S.A., Evonik Industries AG, Arkema S.A., MITSUBISHI GAS CHEMICAL COMPANY, INC., and Kemira Oyj, observes Transparency Market Research in a new report. The cumulative share of these players in the market was 83% as of 2014. To maintain their standing in a consolidated competitive landscape, companies are expected to make consistent investments in expanding production capacity.
“In a bid to improve their market position, players will increasingly look at acquiring local players and forging mergers in similar markets to capitalize on potential opportunities and improve financial and operational performance,” says the author of the research report. Implementing effective sales and marketing strategies such as selling via product-focused specialists and technical market experts will help companies to tap into a wider consumer base. Collaborating with channel distributors will also ensure quick service, technical expertise, and product stewardship all of which will culminate into meeting consumer demand in a more organized manner.
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Necessary Consumption of Paper Keeps Investor Sentiment in Hydrogen Peroxide Market Positive
The consumption of paper across the globe has been the strong undercurrent for the growth of the global hydrogen peroxide market. Although digitization has had a negative impact on the consumption of paper, the demand for paper has risen in the packaging and personal care industries. A strong consumer base with improving disposable incomes is yet another key demand driver for hydrogen peroxide.
The shifting preference towards eco-friendly paper packaging solutions from conventional plastic packaging is also augmenting the demand for hydrogen peroxide in the paper industry. As the pressure to reduce plastic waste grows across the globe, packaging industries will focus on developing paper solutions that are sturdier than before to cater to the growing demand. The report states that increasing usage of hydrogen peroxide in the electronics industry for etching of printed circuit boards is also expected to increase the consumption of hydrogen peroxide in the coming years.
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Health Hazards Associated with Hydrogen Peroxide Deter Market Growth
The possibility of hydrogen peroxide being a mutagen is restraining the growth of this market. The chemical has also been identified as being carcinogenic. The corrosive nature of hydrogen peroxide makes it toxic if ingested, inhaled, or if it comes in contact with the skin or eyes. These health hazards associated with the handling of hydrogen peroxide are impeding the growth of the market.
Asia Pacific Remains a Key Regional Market
The report states that the global hydrogen peroxide market will touch US$6.03 bn by the end of 2023, rising from a valuation of US$3.70 bn in 2014. Between 2015 and 2023, the market will expand at a steady CAGR of 5.6%. Asia Pacific is expected to hold a dominant share in the overall market, accounting for nearly 54.67% by 2023 in terms of volume. The key end user industry will be the paper and pulp industry as it will consume 39.9% of hydrogen peroxide by 2023.