The global hydrogen peroxide market was valued at USD 1.44 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 5.7% from 2020 to 2028. A key driver of this growth is the rising demand from the healthcare industry, where hydrogen peroxide is widely used due to its antiseptic properties. In healthcare, it is commonly used to disinfect skin cuts and bruises to prevent infections, and as a mouth rinse to treat irritation, mucus, and oral infections. Hydrogen peroxide releases oxygen, which causes foaming on cuts, removing dead skin and protecting wounds from infection.
The COVID-19 pandemic further fueled global demand for hydrogen peroxide, as it became a key ingredient in disinfectants. Government guidelines worldwide emphasized the importance of disinfecting both public and private spaces to reduce the virus spread. Public areas like commercial buildings, transportation hubs, and airports required prolonged disinfection procedures, while similar guidelines for household cleaning also contributed to the increased demand for sanitizers and disinfectants. Hydrogen peroxide, which typically constitutes 3% to 4% of disinfectants along with other ingredients like peroxyacetic acid, isopropyl alcohol, and chlorine dioxide, became essential due to its effectiveness against viruses and bacteria.
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Beyond healthcare, hydrogen peroxide plays a significant role in wastewater treatment, where it acts as an oxidizing agent that is both reliable and environmentally friendly. It efficiently destroys pollutants and is considered highly effective in the water treatment industry. In the U.S., where water-borne illnesses have been a concern, hydrogen peroxide is expected to see steady growth in the water treatment sector.
The Asia Pacific region has shown strong demand for processed foods over the last decade due to rising disposable incomes and consumer preferences for packaged foods. In food processing, hydrogen peroxide is used to whiten and clarify food products, and as a bleaching agent for substances like gums, natural oils, starch, and sugar. This trend is expected to drive growth in the food processing sector across Asia Pacific.
Function Insights
In 2020, the bleaching segment led the market, accounting for 36.4% of the total volume. Hydrogen peroxide is widely used as a bleaching agent across industries like pulp and paper, textiles, and healthcare. In the medical field, it is used for dental bleaching, hair bleaching, mouthwash, and oral hygiene. In the textile industry, it is essential for brightening clothes and removing stains from synthetic and natural fibers, improving fabric quality, and enhancing the mechanical properties of fibers.
The disinfectant segment is expected to grow at the fastest CAGR during the forecast period. The product is highly utilized in formulating various cleaning agents and hygiene products. The onset of the COVID-19 pandemic in early 2020 spurred significant demand for disinfectants like floor and glass cleaners and hand sanitizers, leading to a sharp increase in the use of hydrogen peroxide as a disinfectant. This trend is expected to continue in the coming years.
Application Insights
In 2020, the pulp and paper industry dominated the hydrogen peroxide market, accounting for 34.2% of total volume. Hydrogen peroxide is valued in this industry for being a chlorine-free bleaching agent, which improves the mechanical and chemical properties of pulp while enhancing paper quality and brightness. It also reduces production costs, making it a popular, environmentally friendly choice in the sector.
The healthcare sector is expected to grow at the fastest rate over the forecast period, driven by the widespread production of sanitization and disinfectant products during the pandemic. The increased global awareness of the importance of hygiene products is anticipated to sustain demand for these items in the long term.
Another key application of hydrogen peroxide is in wastewater treatment, where it effectively reduces Chemical Oxygen Demand (COD) and Biological Oxygen Demand (BOD) in water through chemical oxidation. Its ability to remove toxic effluents makes it a widely accepted solution in water treatment. Hydrogen peroxide can be used in several processes, including direct chemical oxidation, physical separation of COD and BOD, and as a supplemental oxygen source.
The food and beverage processing sector is another area where hydrogen peroxide has seen significant demand, particularly due to its biodegradability and chemical properties. Companies like Evonik are focusing on enhancing the product’s properties to serve a wider range of applications, such as whitening food products and protecting them from microbial degradation over extended periods.
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