TAGS: Toiletries
According to a report by Grand View Research, the global hydrogen peroxide market size is projected to reach USD 2.15 billion by 2027 and will expand at a CAGR of 4.7 percent from 2020 to 2027. The rising demand for the product from the global healthcare sector to formulate sanitizers and other disinfectant products is projected to remain the key factor driving the industry.
Demand Triggered by Hand Sanitizers
One of the key factors behind the increasing consumption of the product in the healthcare sector across the globe is the recent outbreak of COVID-19 pandemic. Demand for hand sanitizers and multiple indoor as well as outdoor disinfectant products, such as floor cleaners and metal disinfectant goods, has quadrupled across all major economies as well as in emerging economies of the world.
The demand has led to surge in the consumption of hydrogen peroxide in the industry globally due to its excellent disinfecting properties. The product also witnessed high demand from various personal care products and cosmetic manufacturers, majorly due to its oxidizing abilities and antimicrobial properties.
Growing Awareness to Adapt Cleanliness
In terms of the consumption in the textile sector, Asia Pacific, followed by Europe, has been leading the global market due to increased penetration of fabric manufacturers and detergent formulators. Growing awareness among the consumers to adapt to cleanliness is projected to remain a key factor behind industry growth across these regions.
Asia Pacific is emerging as a key market for food and beverage process from a global standpoint due to increasing consumption of processed food by the natives of China, Indonesia, South Korea, India, and Japan. Demand for the product in packaging food applications due to its ability to prevent antimicrobial contamination is predicted to be a key boost to the substance’s demand in the food and beverage sector.
Source: Grand View Research