Global Hydrogen Peroxide Market Report

REPORT
GLOBAL HYDROGEN PEROXIDE

MARKET(2019 - 2024)
The study offers:
• A detailed understanding of the current market dynamics and growth opportunities
• An in-depth analysis and market forecast for various applications of hydrogen peroxide
• Analysis of the competitive landscape, including key strategies and recent developments of the top vendors in
the hydrogen peroxide market
Domain: Chemicals and Materials Base Year: 2018 Forecast Period: 2019-24
Industry Reports | Consulting | Intelligence Center

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1 REPORT - GLOBAL HYDROGEN PEROXIDE MARKET
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TABLE OF CONTENTS
1. INTRODUCTION 4.6 Trade Analysis
1.1 Study Assumptions 4.7 Price Analysis
1.2 Scope of the Study 4.8 Supply Scenario
2. RESEARCH METHODOLOGY 4.9 Upcoming Projects
3. EXECUTIVE SUMMARY 4.10 Regulatory Policies
4. MARKET DYNAMICS 5. MARKET SEGMENTATION
4.1 Drivers 5.1 By Product Function
4.1.1 Rising Demand from the Paper and Pulp Industry 5.1.1 Disinfectant
4.1.2 Increasing Consumption of Hydrogen Peroxide as Raw 5.1.2 Bleaching
Material for Propylene Oxide Production (HPPO Process) 5.1.3 Oxidant
4.2 Restraints 5.1.4 Other Product Functions
4.2.1 Health Hazards Associated with Long-term Exposure of 5.2 By End-user Industry
Hydrogen Peroxide 5.2.1 Pulp and Paper
4.3 Industry Value Chain Analysis 5.2.2 Chemical Synthesis
4.4 Industry Attractiveness - Porter's Five Forces Analysis 5.2.3 Wastewater Treatment
4.4.1 Bargaining Power of Suppliers 5.2.4 Mining
4.4.2 Bargaining Power of Consumers 5.2.5 Food and Beverage
4.4.3 Threat of New Entrants 5.2.6 Cosmetics and Healthcare
4.4.4 Threat of Substitute Products and Services 5.2.7 Textiles
4.4.5 Degree of Competition 5.2.8 Other End-user Industries
4.5 Technological Snapshot
4.5.1 Production Process
4.5.2 Technology Licensing and Patent Analysis

TABLE OF CONTENTS
5.3 By Geography 5.3.4.2 Argentina
5.3.1 Asia-Pacific 5.3.4.3 Rest of South America
5.3.1.1 China 5.3.5 Middle East & Africa
5.3.1.2 India 5.3.5.1 Saudi Arabia
5.3.1.3 Japan 5.3.5.2 South Africa
5.3.1.4 South Korea 5.3.5.3 Rest of Middle East & Africa
5.3.1.5 ASEAN Countries
6. COMPETITIVE LANDSCAPE
5.3.1.6 Taiwan
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and
5.3.1.7 Rest of Asia-Pacific
Agreements
5.3.2 North America
6.2 Market Share Analysis
5.3.2.1 United States
6.3 Strategies Adopted by Leading Players
5.3.2.2 Canada
6.4 Company Profiles
5.3.2.3 Mexico
6.4.1 Arkema Group
5.3.2.4 Rest of North America
6.4.2 BASF SE
5.3.3 Europe
6.4.3 Chang Chun Group
5.3.3.1 Germany
6.4.4 Dow
5.3.3.2 United Kingdom
6.4.5 Evonik Industries AG
5.3.3.3 Italy
6.4.6 Grasim
5.3.3.4 France
6.4.7 Guangdong ZhongCheng Chemicals Co. Ltd
5.3.3.5 Nordic Countries
6.4.8 Gujarat Alkali and Chemicals Ltd
5.3.3.6 Rest of Europe
6.4.9 Hodogaya Chemical Co. Ltd
5.3.4 South America
5.3.4.1 Brazil

TABLE OF CONTENTS
6.4.10 Kemira Oyj
6.4.11 Kingboard Holdings Limited
6.4.12 Merck KGaA
6.4.13 Mitsubishi Gas Chemical Company Inc.
6.4.14 National Peroxide Ltd
6.4.15 Nouryon
6.4.16 PeroxyChem
6.4.17 Qingdao LaSheng Co. Ltd
6.4.18 Solvay
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Newer Opportunities for Hydrogen Peroxide in Wastewater
Treatment
7.2 Growth of the Electronic Industry in Developing Asian Countries
8. DISCLAIMER

1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
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1. INTRODUCTION
1.1 STUDY ASSUMPTIONS

STUDY ASSUMPTIONS
 The base currency considered was the US Dollar (USD). Conversion of other currencies to USD was considered based on the average exchange rate for the
respective review-period years. The exchange rate conversion for forecast period was determined according to the base year’s conversion rates.
 The base year was identified based on the availability of annual reports and secondary information. The base year considered for this study is 2018.
 The review period considered for this study is from 2016 to 2018. The forecast period and CAGR is provided for 2019 - 2024.
 Market size estimations for the forecast period were in real terms.
 Distribution of primary interviews conducted was based on the product function, end-user industry, and the presence of key players across the country.
 As a result of data triangulation through multiple methodologies and approaches, the weighted averages of resulting estimates were considered to be the final
values.

1. INTRODUCTION
1.2 SCOPE OF THE STUDY
BY PRODUCT FUNCTION BY END-USER INDUSTRY
Pulp and Paper

Disinfectant
Chemical Synthesis
Bleaching Wastewater Treatment
Oxidant Mining
Food and Beverage
Other Product Functions
Cosmetics and Healthcare
Textiles
Other End-user Industries

2. RESEARCH
METHODOLOGY

RESEARCH METHODOLOGY
 Mordor Intelligence (MI) advocates an appropriate mix of secondary and primary research to meet clients’ objectives.
 MI translates market insights (market dynamics, competition, varying consumer demands, and regulations) into actionable business insights.
 The following phases are practiced at Mordor for efficient delivery of various syndicated and consulting assignments:
STEP 1 STEP 2 STEP 3

SCOPING/ PROJECT INITIATION MARKET ANALYSIS PROJECT DELIVERY
Decipher client requirements/ market to be

Extensive desk research to identify most relevant secondary information available
studied
Tailor-made research approach for

Contact Mordor’s empaneled experts and identify industry experts across the market
customized reports
Effective use of Mordor’s knowledge

Conduct primaries and surveys to gather qualitative and quantitative insights
repository to gather relevant insights
Confirm the objectives of the assignment with

Triangulate and analyze data to finalize actionable business insights
the client
Finalize report contents and establish Report delivery with high-quality market insights, competitive landscape, etc.,
a deliverable format as per the proposed content

RESEARCH PHASES EXPLAINED
2.1 SECONDARY RESEARCH 2.2 PRIMARY RESEARCH
This phase involves a thorough synthesis of existing publications across the ◼ At Mordor, we pool in industry experts across the value chain, to gather first-
web to gather meaningful insights on the current situation of the market, hand insights on the market studied. In addition to these knowledgeable
technology developments, and any other market related information. The industry veterans or retired experts, consultants and freelancers are a call away to
sources include, but are not limited to: collaborate with Mordor on any assignment that requires real-time industry
insights.
◼ Scientific papers, journals, and publications ◼ We are also equipped to conduct market surveys to gather qualitative insights
◼ Trade information to understand imports, exports, and average traded price and the opinion of individuals related to the industry.
of the commodity, if available ▪ Primary research is used both to validate the data points obtained from
secondary research and to fill the data gaps after secondary research. Data
◼ Industry and government websites for blogs, magazines, and other
gathered during the primary research phase are useful to arrive at critical
publications
insights, both qualitative and quantitative; these insights can be used to
◼ Conference proceedings and association publications ascertain the following:
▪ Critical market dynamics (drivers, restraints, future, and regulations) and
◼ Investor presentations, technical brochures, annual reports, press releases,
their impact
transcripts of key personnel interviews, and other strategic publications by
key players in the market ▪ Market distribution across various segments
▪ Market entry for new companies and insights on competitive landscape
◼ Product information including technical specifications, MSDS, approvals,
patents, etc. MODES OF PRIMARY RESEARCH
◼ Public sources/trade reports (UNComtrade, METI, Eurostat, etc.)
◼ Paid sources (Questel Orbit, D&B Hoovers, Statista, etc.)
•and Others
◼ Other sources, including journals, articles, etc. (for prices and usage Telephonic Email Chat Virtual
Surveys
Interviews Interviews Interviews Council
patterns)

RESEARCH PHASES EXPLAINED
2.3 DATA TRIANGULATION AND INSIGHT GENERATION

◼ Based on the factors (both endogenous and exogenous in nature) identified and collected during the secondary and primary phases, our in-house subject matter
experts transform the quantitative data extracted and use them to infer critical insights.
▪ The market size estimations are carried out through ‘bottom-up’ and ‘top-down’ approaches.
▪ Our top-down and bottom-up approaches are integrated into our ‘In-house Model Sheets’, which are used to generate the market estimates and growth rates
(depending upon the historical trends of the respective markets, along with various factors, such as drivers, restraints, and recent developments in the market) of the
product segment in the respective country.
It is a process of combining outcomes from different sources to increase the
validity and reliability of the results. This process also helps strengthen
DATA
conclusions about findings and reduce the risk of false interpretations. The
TRIANGULATION insights obtained from both secondary and primary research are analyzed and DATA
validated by the process of data triangulation to arrive at closer estimates. TRIANGULATION
An econometric model is a simplified representation of a real-world process. REPORT

ECONOMETRIC Here, the tools of econometric theory are used to analyze and forecast WRITING
MODELING economic phenomenon and to solve unknown quantities, such as forecast
demand, supply, investment, production, consumption, etc.
After the data is curated, analysts populate the report. From data and forecast,
ECONOMETRIC
insights are drawn to visualize the entire ecosystem in a single report. MODELING
REPORT
WRITING

3. EXECUTIVE
SUMMARY

3. EXECUTIVE SUMMARY
HYDROGEN PEROXIDE MARKET

Volume in kilo metric ton, Global, 2016-2024
4.25%  The global hydrogen peroxide market (henceforth, referred to as the
CAGR
market studied) is estimated to be 5,394.53 kilo metric ton in 2019 and is
6,642.67 expected to reach 6,642.67 kilo metric ton by 2024, registering a CAGR of
4.25%, during the period of 2019-2024 (henceforth, referred to as the
forecast period).
5,394.53
5,176.52
4,767.81 4,968.65
 The major factor driving the growth of the market studied is the
increasing demand from the paper and pulp industry.
 On the flipside, long-term exposure to hydrogen peroxide and the health

hazards associated with it are expected to hinder the growth of the
market studied.
 Some of the prominent players in the global hydrogen peroxide market

include Solvay, Evonik Industries AG, Mitsubishi Gas Chemical Company
Inc., Arkema Group, and Kemira Oyj.
2016 2017 2018 2019 (est.) 2024 (f)

Year
SOURCE: Mordor Intelligence

 By product function, the bleaching segment accounted for the largest share of about 60.41% of the total volume of the market studied in 2018. The oxidant segment
is expected to witness the fastest CAGR of 4.36% over the forecast period.
HYDROGEN PEROXIDE MARKET HYDROGEN PEROXIDE MARKET

Volume Share (%), by Product Function, Global, 2018 Volume Share (%), by Product Function, Global, 2024
2.66% 9.50% 60.41% Disinfectant

9.51% 60.30% Disinfectant
2.61%
Bleaching Bleaching
27.59%
27.43%
Oxidant Oxidant
Other Product Other Product

Functions Functions

 By end-user industry, the pulp and paper industry accounted for the largest share, with about 42.52% of the total volume of the market studied in 2018. The pulp
and paper segment is expected to witness the fastest CAGR of 4.42% over the forecast period.

Volume Share (%), by End-user Industry, Global, 2018 Volume Share (%), by End-user Industry, Global, 2024
Pulp and Paper Pulp and Paper

42.52% 42.52%
3.79% Chemical Synthesis 3.77% Chemical Synthesis
12.29% 12.33%
Wastewater Treatment Wastewater Treatment
8.45% Mining 8.54% Mining

3.76% Food and Beverage Food and Beverage
3.78%
Cosmetics and Healthcare Cosmetics and Healthcare
2.26% 2.24%
Textiles Textiles
6.91% 6.92%
Other End-user Industries Other End-user Industries
20.03% 19.92%

 By geography, the market studied has been segmented into the following regions – Asia-Pacific, North America, Europe, South America, and Middle East & Africa. In
2018, Asia-Pacific dominated the market studied with about 52.78% of the total volume of the market studied in 2018. Additionally, the Asia-Pacific region is
expected to witness the fastest CAGR of 4.49% over the forecast period.

Volume Share (%), by Geography, Global, 2018 Volume Share (%), by Geography, Global, 2024
6.96% 52.78% Asia-Pacific 6.91% 53.49% Asia-Pacific
North America 4.54% North America

4.57%
Europe Europe
20.14%
19.74%
South America South America
Middle East & Africa 15.31% Middle East & Africa

15.55%

4. MARKET
DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Value Chain Analysis
4.4 Industry Attractiveness - Porter's Five Forces
Analysis
4.5 Technological Snapshot
4.6 Trade Analysis
4.7 Price Analysis
4.8 Supply Scenario
4.9 Upcoming Projects
4.10 Regulatory Policies

4. MARKET DYNAMICS | 4.1 MARKET DRIVERS
4.1.1 RISING DEMAND FROM THE PAPER AND PULP INDUSTRY

 In recent years, the demand for hydrogen peroxide in the paper and pulp industry has significantly grown, due to improved paper quality and increased yield of wood mass.
In addition, hydrogen peroxide is used in eco-friendly bleach products, in order to remove chlorine compounds through bleaching processes.
 In the paper and pulp industry, hydrogen peroxide is primarily used for:
▪ Bleaching of wood pulp
▪ Bleaching of cellulose
▪ Recycling of wastepaper (de-inking)
 North America, Asia, and Europe together account for most of the world’s paper and pulp production. China had the world’s largest paper and pulp production with 99.3
million metric ton as of 2018, followed by the United States. Other leading pulp and paper producers in the world include Germany, Japan, Finland, and Canada.
 The global production of paper and pulp is increasing constantly (as shown in the figure), despite at a slow pace. Potential regions, like Asia-Pacific, are witnessing an
increase in the volume of paper production, since the demand for packaging has increased recently. This can be attributed to the growing demand for eco-friendly products
and increasing sales of newspapers and books, due to growing population in the region.
 Moreover, the total paper and board production in Europe was anticipated to be more than 90 million metric ton in 2018, while pulp production is estimated to be around
36 million tons, annually. Paper production in Europe is highest in the northern European countries, including Finland, Russia, and Sweden. Germany was the top producer in
Europe, with a production of around 22.698 million metric ton, in 2018.
 The global paper and paperboard production capacity is increasing consistently, leading to a growth in the demand for pulp processing. This, in turn, is projected to increase
the consumption of hydrogen peroxide.
19 REPORT – GLOBAL HYDROGEN PEROXIDE MARKET

4.1.1 RISING DEMAND FROM THE PAPER AND PULP INDUSTRY
PRODUCTION CAPACITY OF PAPER AND CARDBOARD, GLOBAL

In thousand metric tons, 2017-2022
268,000 267,048
266,046
266,000
263,568
264,000
262,000 261,201
260,000 258,772 259,223
258,000
256,000
254,000
2017 2018 2019 (f) 2020 (f) 2021 (f) 2022 (f)
Production Capacity
SOURCE: FAO, Food and Agriculture Organization of the United Nations

4.1.2 INCREASING CONSUMPTION OF HYDROGEN PEROXIDE AS RAW MATERIAL FOR

PROPYLENE OXIDE PRODUCTION (HPPO PROCESS)
POLYURETHANE DEMAND, GLOBAL

 Hydrogen peroxide to propylene oxide (HPPO) is a process, which uses hydrogen peroxide as In million metric tons, 2012-2022
an oxidizing agent to oxidize propylene to propylene oxide (PO).
25
 Propylene oxide (PO) serves as an important component for the chemical industry, owing to its
wide range of applications, majorly in the polyurethane and solvent industries.
21.3
▪ PO is used in the production of polyethers and propylene glycol, where it is majorly used
20
in the production of polyurethane foams.
16.9
▪ It is also used in the fumigation of plastic medical instruments, along with the production
of di-propylene glycol and glycol ethers.
15 13.5
▪ It is used in the preparation of surfactants, lubricants, oil demulsifiers, etc.
▪ It can also be used as an herbicide and solvent.

10
 As a major proportion of propylene oxide is used in the production of polyurethane, the rising
production and demand for polyurethane (demand growth as shown in the graph) has been
driving the demand for propylene oxide.
5
 Hence, with such a diversified list of applications, propylene oxide producers have been
focusing on increasing their production rates. Since hydrogen peroxide is used as a raw
material in the production of PO during HPPO process, the demand, along with the production,
of hydrogen peroxide is also increasing. 0
2012 2017 2022 (F)
SOURCE: Covestro

4. MARKET DYNAMICS | 4.2 MARKET RESTRAINTS
4.2.1 HEALTH HAZARDS ASSOCIATED WITH LONG-TERM EXPOSURE OF HYDROGEN

PEROXIDE
 Hydrogen peroxide (H2O2) is a colorless liquid with a mild odor. It can affect health if inhaled, or if it meets
eyes or skin. Moreover, it can harmfully affect the body if swallowed.
 Few hazards of hydrogen peroxide are as follows
▪ It is a strong oxidant and can promote combustion.
▪ Can cause bleaching of the skin and chemical burns.
▪ Can cause irritation to the eyes, further leading to their permanent damage.
▪ Can cause irritation to the respiratory system, and permanent lung damage or pulmonary edema
(fluid in the lungs).
 Food-grade hydrogen peroxide can also damage the gastrointestinal tract. According to the ‘Canadian
Journal of Gastroenterology’, if a person accidentally consumes 250 ml of food-grade hydrogen peroxide, it
can result in major stomach irritation. Further, consumption of H2O2 can also cause worse effects, including
gastrointestinal ulceration and perforation, due to its caustic nature.
 According to the US Food and Drug Administration, the consumption of food-grade hydrogen peroxide can
cause inflammation of the blood vessels and life-threatening allergic reactions.
 Such factors are likely to have a negative impact on the demand for hydrogen peroxide.

4. MARKET DYNAMICS
4.3 INDUSTRY VALUE CHAIN ANALYSIS

Raw Material Chemical Processes Final Product
▪ Hydrogen ▪ Hydrogenation
Via
▪ Oxygen ▪ Filtration Distributors ▪ Hydrogen Peroxide
▪ Anthraquinone ▪ Oxidation and
Resellers
▪ Extraction
 The manufacturing process of hydrogen peroxide involves the catalytic reaction of hydrogen with oxygen. Anthraquinone is used as the hydrogen carrier.
▪ Oxygen and hydrogen are majorly supplied by companies, such as The Linde Group, Air Liquide SA, etc. Some of the major manufacturers of anthraquinone
include Abbott Laboratories, Lexicon Pharmaceutical, and Daishin Corporation.
 The chemical process mainly consists of four stages :
▪ Hydrogenation: A palladium catalyst is used to create a reaction between hydrogen and anthraquinone, to form anthrahydroquinone.
▪ Filtration: The catalyst is filtered out.
▪ Oxidation: The solution is oxidized by blowing air through the solution.
▪ Extraction: The final product, hydrogen peroxide, is removed by liquid-liquid extraction and then concentrated by vacuum distillation.
 Some of the major manufacturers of hydrogen peroxide are Evonik Industries, Solvay SA, Mitsubishi Gas Chemical Company Ltd, AkzoNobel, and the Arkema Group.

4. MARKET DYNAMICS
4.4 INDUSTRY ATTRACTIVENESS - PORTER'S FIVE FORCES ANALYSIS
THREAT OF NEW ENTRANTS

 The bargaining power of suppliers is expected
to be low, in the market studied.
BARGAINING
POWER OF  The bargaining power of buyers is expected to
SUPPLIERS be moderate, in the market studied.
 The threat of new entrants is expected to be

low, during the forecast period.
DEGREE OF
THREAT OF COMPETITION  The threat of substitute products and services
SUBSTITUTE is likely to be moderate, during the forecast
PRODUCTS period.
 The degree of competition in the market

studied is anticipated to be high, during the
forecast period.
BARGANING
POWER OF BUYERS

4. MARKET DYNAMICS | 4.4 INDUSTRY ATTRACTIVENESS - PORTER'S FIVE FORCES ANALYSIS
4.4.1 BARGAINING POWER OF SUPPLIERS

MARKET PARAMETERS
DETAILED DESCRIPTION
Low High
 As hydrogen peroxide is produced as a byproduct,
FACTORS 0 2 4 6 8 10
there exists a diminutive requirement of raw
materials.
Supplier switching costs relative to
firm switching costs  Besides, there are a considerable number of
suppliers in the market with little-to-nothing
product differences, thus, providing the
Degree of differentiation of inputs manufacturers with several options.
 In addition, the number of raw material suppliers

are slightly higher than the producers of hydrogen
Impact of inputs on cost or peroxide.
differentiation
 Although the presence of substitute raw materials
is less in the market studied, it still does not affect
Presence of substitute inputs the manufacturers of hydrogen peroxide much, as
various raw material providers are readily available
in the market.
Strength of distribution channel  More importantly, there is almost no

differentiation among the raw materials, which
offers an edge to the manufacturers of hydrogen
peroxide.
Supplier concentration to firm
concentration ratio  Thus, the bargaining power of suppliers is
considered to be low.

4.4.2 BARGAINING POWER OF THE BUYERS

MARKET PARAMETERS DETAILED DESCRIPTION
Low High  The number of buyers exceed the number of
FACTORS 0 2 4 6 8 10 hydrogen peroxide manufacturers in the market
studied. In a probable case, this is expected to
Buyer concentration to firm reduce the buyers’ option to switch between
concentration ratio suppliers, provided they are not satisfied with a
supplier.
Degree of dependency upon  However, the products offered by different

manufacturers have no such product differentiation,
existing channels of distribution
because of which it is not necessary for the buyer to
be tied down to an individual manufacturer.
Buyer switching costs relative to  Further, the major buyers of hydrogen peroxide buy
firm switching costs the products in bulk, thus, having an upper hand
when it comes to bargaining.
Availability of existing substitute
products  Moreover, customers are not predominantly price
sensitive. Owing to these factors, buyers are
assessed to have moderate bargaining power.
Buyer price sensitivity
Differential advantage of industry

products

4.4.3 THREAT OF NEW ENTRANTS

Low High  The initial capital requirements in the market
studied are high, thus, acting as a major barrier for
FACTORS 0 2 4 6 8 10
the new entrants. Moreover, the brand loyalty in
the market studied is also comparatively high.
Government policy  Hydrogen peroxide, being categorized as a

hazardous material, is regulated by the federal
government, both, onsite and during
transportation. It is further regulated under the
Capital requirements new DHS chemical facility security regulations.
Following such stringent regulations can become a
burden to any new player trying to venture into
the market studied.
Economies of scale  There further exists a considerable threat from
major chemical companies (associated with
downstream chemical production), who have the
potential to produce hydrogen peroxide.
Product differentiation
 However, industry profitability is comparatively
high in the market studied, as the demand for
hydrogen peroxide has been increasing through
Switching costs
the years.
 Hence, owing to high initial capital investment,
intense competition in the market, and stringent
Industry profitability (Market CAGR) government regulations, the threat of new
entrants is expected to be low in the market
studied.

4.4.4 THREAT OF SUBSTITUTE PRODUCTS/ SERVICES

 Depending on applications, the substitutes available
Low High
for hydrogen peroxide vary. For example, hydrogen
FACTORS 0 2 4 6 8 10 peroxide is majorly used as a bleaching agent in the
pulp and paper industry. However, alternatives, such
as chlorine and sulphuric acid, are also widely used
Buyer propensity to substitute as bleaching agents in the pulp and paper industry.
 Additionally, peroxide generally costs more to buy
upfront than bleach, for a similar concentration. For
Relative price performance of example, chlorine bleach costs somewhat around
substitute USD 2-5 a gallon for 5-7% chlorine, whereas,
peroxide may cost around USD 10-14 a gallon for a
Buyer switching costs 7% peroxide solution. Therefore, in a simple
comparison, peroxide seems more expensive. On
the positive side, peroxide acts approximately twice
as fast as chlorine.
Number of substitute products
 In addition, due to the harmful environmental
available in the market
effects of chlorine, hydrogen peroxide is replacing
chlorine and is quickly becoming one of the most
commonly used bleaching agents in various
Ease of substitution industries.
 The suitable substitutes for hydrogen peroxide are
relatively low, constrained by effectiveness in
Availability of close substitute
application and toxic features. Thus, the threat of
substitute products and services is considered to be
moderate.

4.4.5 DEGREE OF COMPETITION

Low High  The market studied is consolidated, with the top five
FACTORS 0 2 4 6 8 10 players occupying over 70% of the market, through
their production capacities.
Sustainable competitive advantage  The leading companies aim to increase their
in future through innovation competitive edge by investing heavily in R&D
activities and expanding their production capacities
in untapped regions, to meet the increasing
Number of products in the market demand from end-user industries.
▪ For example, in April 2018, Meghmani Finechem
Ltd (MFL) decided to invest INR 400 crore
Geographic presence (around USD 60 million), toward the expansion
of its existing projects and a new project of
hydrogen peroxide at its facility in Gujarat, India.
Hydrogen peroxide will be the new product
Powerful competitive strategy addition to the company's manufacturing
portfolio.
▪ In April 2018, Descon Oxychem Limited (DOL)
decided to increase the production capacity of
Firm concentration ratio its existing hydrogen peroxide manufacturing
facility located in Lahore.
 Moreover, the brand loyalty in the market studied is
comparatively high, which intensifies the
competition.
 Thus, the overall competitive rivalry in the country is
considered to be high.
4. MARKET DYNAMICS | 4.5 TECHNOLOGICAL SNAPSHOT
4.5.1 PRODUCTION PROCESS

 The commercial and industrial manufacturing of hydrogen peroxide is carried out by implementing the anthraquinone process. This process employs a cyclic process that
enables the reuse of alkyl anthraquinone.
 The synthesis loop consists of sequential hydrogenation, filtration, oxidation, and extraction stages.
▪ Hydrogenation: An alkyl anthraquinone is dissolved into two solvents, one polar and the other non-polar. Collectively, the anthraquinone and solvents are called
the working solution, which is further recycled.
▪ Filtration: After a few cycles, the working solution will contain hydrogenated anthraquinone, which should be filtered to remove trace levels of catalyst. If not filtered
properly, the catalyst will decompose the hydrogen peroxide in the later stages, thus, reducing the yields and causing potential hazards.
▪ Oxidation: The working solution is then oxidized by blowing air through it. No catalyst is used in this stage and therefore, this step is often referred to as auto-
oxidation. The oxidation of tetrahydroalkylanthrahydroquinone is done and hydrogen peroxide is formed in an organic stage.
▪ Extraction: As the aqueous phase of hydrogen peroxide is required as the final product form, demineralized water is added from the top of a 35 m high liquid-liquid
extraction column. The water flows down the column over perforated trays and the working solution is pumped up the column. The working solution that leaves the
top of the extractor is free of hydrogen peroxide and is pumped back to the hydrogenator. The water at the bottom of the column contains 25-35% w/w of crude
hydrogen peroxide.
 The crude hydrogen peroxide is subsequently purified and vacuum distilled, to concentrations of up to 70% w/w.
 The overall process is influenced by the design and function of various ancillary equipment and processes, such as hydrogen plant, demineralized water, package boiler,
waste gas system, calciner system, fire system, and working solution regeneration.
 The whole process is environment-friendly. The major sources of waste consist of liquid wastes from decant water cooling tower and demineralization plant wash water.

4.5.2 TECHNOLOGY LICENSING AND PATENT ANALYSIS
PATENT FILING TREND – HYDROGEN PEROXIDE
160
Count of patent families
140 3902 135
Patent 126
Families 119
120
100 95 95 94
No. of Patents
80 75 74
70 71
60 57 55
48 47 48
42 42 39 41
38
40 33
20
0
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Earliest Priority Year
Note: The above patents showcase innovations in the space of hydrogen peroxide; There are over 2458 patents/published applications filed prior to the year 1999
TOP PLAYERS/ASSIGNEES – HYDROGEN PEROXIDE
EVONIK INDUSTRIES 147

139
MITSUBISHI GAS CHEMICAL 135
116
SOLVAY 112
111
LAPORTE CHEMICAL 85
75
PITTSBURGH PLATE GLASS 57
44
KALI CHEMIE 41
37
SUMITOMO CHEMICAL 33
32 Count of patent families
BATAAFSCHE PETROLEUM 31
30
ARKEMA 30
27
ICI - IMPERIAL CHEMICAL INDUSTRIES 27
25
MATHIESON ALKALI WORKS 23
23
AKZO NOBEL 21
18
DALIAN INSTITUTE OF CHEMICAL PHYSICS 18
16
EDOGAWA KAGAKU KOGYO KABUSHIKI 15
0 20 40 60 80 100 120 140 160

PRIORITY FILING COUNTRY – HYDROGEN PEROXIDE
United States 926

China 693
Germany 495
Japan 463
WIPO 429
France 262
United Kingdom 237
EPO 156
Belgium 149
Netherlands 124
Sweden 105
Korea 95 Count of patent families
Finland 49
Italy 40
Austria 38
Thailand 32
Canda 29
Switzerland 28
Russia 26
Australia 20
Spain 15
Poland 13
India 11
0 100 200 300 400 500 600 700 800 900 1000

PATENT FAMILIES BY PROTECTION COUNTRY – HYDROGEN PEROXIDE

LEGAL STATUS – HYDROGEN PEROXIDE
Legal Status of Patents
GRANTED
746.00 694.00
PENDING
300.00
REVOKED
252.00
EXPIRED
1910.00
LAPSED

4. MARKET DYNAMICS
4.6 TRADE ANALYSIS
HYDROGEN PEROXIDE IMPORTS OF MAJOR COUNTRIES, GLOBAL

In USD million, 2017-2018
54.29
53.72
60
52.11
47.68
45.10
50
40.65
40.14
34.37
33.70
40
33.27
30.62
30.07
29.76
29.69
29.35
26.60
26.41
25.41
24.79
30
16.99
20
10
0
India Germany United States Italy Russia Taiwan China France Vietnam Chile
2017 2018
SOURCE: ITC Trade Map

4. MARKET DYNAMICS
4.6 TRADE ANALYSIS
HYDROGEN PEROXIDE IMPORTS OF MAJOR COUNTRIES, GLOBAL

In Kilo tons, 2017-2018
180
153.36
152.82
160
140
120
91.02
88.76
88.40
100
68.31
64.94
62.36
61.97
80
61.37
56.12
52.93
60
40
20
0
Germany United States India The Netherlands Austria Taiwan
2017 2018

4. MARKET DYNAMICS
4.6 TRADE ANALYSIS
HYDROGEN PEROXIDE EXPORTS OF MAJOR COUNTRIES, GLOBAL

In USD million, 2017-2018
92.85
88.53
100
84.68
90 78.84
76.44
80
67.66
65.04
59.43
70
57.27
53.34
52.28
52.20
50.58
50.13
60
50
37.91
36.20
40
24.88
24.76
22.28
18.57
30
20
10
0
The Belgium Republic of Thailand Germany United States Brazil Canada Austria Spain
Netherlands Korea of America
2017 2018

4. MARKET DYNAMICS
4.6 TRADE ANALYSIS
HYDROGEN PEROXIDE EXPORTS OF MAJOR COUNTRIES, GLOBAL

In Kilo tons, 2017-2018
230.62
217.93
250
200
152.26
151.76
131.06
130.74
129.67
117.48
115.98
150
108.76
93.91
87.59
85.61
77.20
100
68.65
64.25
63.27
62.00
43.72
50
0.05
0
Belgium Republic of Thailand Germany Brazil United States Canada Austria Sweden Kuwait
Korea
2017 2018

4. MARKET DYNAMICS
4.7 PRICE ANALYSIS
HYDROGEN PEROXIDE AVERAGE IMPORT & EXPORT PRICES, GLOBAL

In USD/ton, 2014-2018
600 595
536 540
550
512
495 493
500
477
463 460.5
450
424
400
2014 2015 2016 2017 2018
Imports Exports

4. MARKET DYNAMICS
4.8 SUPPLY SCENARIO - CAPACITY AND PRODUCTION (METRIC

TON PER ANNUM)
Company Plant Location Peroxide Type Installed/Nameplate Capacity
Zhenjiang, Jiangsu Province, China
Imperatriz MA, Brazil
Antwerp, Belgium
Shandong Province, China
Map Ta Phut, Thailand
Solvay Jubail, Saudi Arabia

(The company is a global leader, Voikkaa, Finland
producing more than 70% of the total
Hydrogen Peroxide used for Washington, United States Hydrogen Peroxide >1,500,000
polypropylene oxide)
Texas, United States
Amatitalan, Guatemala
Curitiba, Brazil
Povoa, Portugal
Italy
United Kingdom
Netherlands

4. MARKET DYNAMICS

TON PER ANNUM)
Gibbons, Alberta, Canada
Maitland, Ontario, Canada
Mobile, Alabama, United States
Barra do Riacho, Brazil
Antwerp, Belgium
Delfzijl, Netherlands
Evonik Industries AG
Rheinfelden, Germany Hydrogen Peroxide >950,000
Weissenstein, Austria
Durban, South Africa
Jilin, China
Ulsan, South Korea
Morrinsville, New Zealand
Cikarang, Indonesia

4. MARKET DYNAMICS

TON PER ANNUM)
Becancour, Canada >70,000

Memphis, Tennessee, United States >70,000
Arkema Jarrie, France Hydrogen Peroxide >70,000

Leuna, Germany 80,000
Shanghai, China 80,000
Total >400,000
Fray Bentos, Uruguay
Europort, Netherlands
Kemira Helsingborg, Sweden Hydrogen Peroxide >250,000
Oulu, Finland
Ulsan, South Korea
Ube, Japan
Norway
Nouryon Sweden Hydrogen Peroxide >200,000
Venezuela
United States

4. MARKET DYNAMICS

TON PER ANNUM)
National Peroxide Ltd Maharashtra, India ~ 95,000
Vadodara, Gujarat, India 13,300
Gujarat Alkalies and Chemicals Ltd

Hydrogen Peroxide
Dahej, Gujarat, India 28,000
Aditya Birla Chemicals (JV with

Saraburi, Thailand 19,000
PeroxyChem Netherlands Holdings BV )

4. MARKET DYNAMICS

TON PER ANNUM)
Installed/Nameplate
Company Plant Location Peroxide Type
Capacity
Yokkaichi, Japan 18,000
Yokkaichi, Japan 12,000
Saga, Japan 19,000
Yamkita, Japan 30,000
Kashima, Japan (JV with Kyodou Kasankasuiso Corporation) 104,000
Tomakomai, Japan (JV with Shin Sanso Kagaku Company) 33,000

Mitsubishi Gas
Chemical Company Indonesia (JV with PT Peroksida Indonesia Pratama) 12,000
Hydrogen Peroxide
Inc. China (Suzhou MGC Suhua Peroxide Co. Ltd) 30,000
Korea (JV with Samyoung Pure Chemicals Co. Ltd) 192,000
United States (JV with MGC Pure Chemicals America Inc.) 70,000
Singapore (JV with MGC Pure Chemicals Singapore Pte Ltd) 10,000
Taiwan (MGC Pure Chemicals Taiwan Inc.) 31,000

4. MARKET DYNAMICS

TON PER ANNUM)
Guangdong ZhongCheng Chemicals

Guangdong, China Hydrogen Peroxide 92,000
Inc. Ltd

4. MARKET DYNAMICS
4.9 UPCOMING PROJECTS
Company Upcoming Projects
The company is planning to expand its production line at its Antwerp, Belgium facility.
Evonik Industries AG The production in these sites are expected to start by 2019. The project will increase
hydrogen peroxide production by almost 50%. The plant is due for completion in 2020.
Solvay has expanded the production of hydrogen peroxide at Jemeppe-sur-Sambre in

Solvay Belgium, Europe. The company has further plans of expansions in hydrogen peroxide
capacity in Bernburg (Germany) and Voikkaa (Finland).

4. MARKET DYNAMICS
4.10 REGULATORY POLICIES

◼ Article 16(2) of Directive 98/8/EC of the European Parliament approved hydrogen peroxide as an existing active substance for use in biocidal products, for product-
types 1, 2, 3, 4, 5, and 6.
◼ According to the Code of Federal Regulation, (CFR) Title 21, hydrogen peroxide meets the specification of Food Chemical Codex. In accordance with 184.1(b)(2), the
ingredient is to be used in food processing only within the following specific limitations:
Food Maximum Treatment Level (%) Functional Use
Milk, intended for use during cheese making

0.05 Antimicrobial agent
process
Dried eggs, dried egg whites, and dried egg yolk Amount sufficient for the purpose Oxidizing and reducing agent
Tripe, beef feet, herring, and instant tea Amount sufficient for the purpose Bleaching agent
Starch 0.15 Antimicrobial agent
Reduce sulfur dioxide levels in the finished corn

Corn syrup 0.15
syrup
Colored (annatto) cheese whey 0.05 Bleaching agent
Remove sulfur dioxide from wine prior to

Wine vinegar Amount sufficient for the purpose
fermentation, to produce vinegar
Emulsifiers, containing fatty acid esters 1.25 Bleaching agent

5. MARKET
SEGMENTATION
5.1 By Product Function
5.2 By End-user Industry
5.3 Geography

5.1 BY PRODUCT
FUNCTION
5.1.1 Disinfectant
5.1.2 Bleaching
5.1.3 Oxidant
5.1.4 Other Product Functions

5. MARKET SEGMENTATION
5.1 BY PRODUCT FUNCTION
HYDROGEN PEROXIDE MARKET, GLOBAL

Volume in Kilo tons, by Product Function, 2016-2024
Product Function 2016 2017 2018 2019 (est.) 2024 (f) CAGR (2019-2024)
Disinfectant
453.42 472.10 491.69 512.34 631.78 4.28%
Bleaching
2877.85 3001.13 3127.25 3258.72 4005.22 4.21%
Oxidant
1308.76 1362.81 1419.89 1480.46 1832.51 4.36%
Other Product Functions 127.78 132.61 137.70 143.01 173.16 3.90%
Total 4767.81 4968.65 5176.52 5394.53 6642.67 4.25%
51 REPORT – HYDROGEN PEROXIDE MARKET

5. MARKET SEGMENTATION | 5.1 BY PRODUCT FUNCTION
5.1.1 DISINFECTANT
 Hydrogen peroxide helps in killing various types of bacteria and viruses. This property of hydrogen peroxide has led to its use as a disinfectant in the various industries
and processes.
 It is used in the medical industry for treating inflammation of gums, sterilization of surgical tools, and disinfecting wounds. Moreover, it is advocated that hydrogen
peroxide can also be used in medicines for fighting ailments, like influenza, emphysema, AIDS, and cancer. The practitioners have been making efforts to develop such
medical applications for hydrogen peroxide.
 Hydrogen peroxide is used as a disinfectant in aseptic packaging in the food processing industry, to clean and disinfect packages in contact with food products. It is one
of the most used disinfectants for sterilizing cardboard and plastic packaging materials that come in contact with food products. Most sterile packaging systems use
hydrogen peroxide at a concentration of 35%, and sometimes 25%.
 Furthermore, during disinfection treatment in food processing, the excess peroxide is decomposed while drying with hot air. A major advantage of using hydrogen
peroxide in food processing is the odorless decomposition of peroxide. In addition, the rinsing step in food processing can also be skipped if hydrogen peroxide is used
as a disinfectant.
 Additionally, hydrogen peroxide finds application in wastewater treatment process for removing the organic impurities from the water, and it helps to decompose
pollution from the wastewater with free oxygen radicals, due to which only water is left behind for use.
 Hence, it finds application as a disinfectant to combat excessive microbial growth in water systems, water treatment plants, and cooling towers. Moreover, it also holds
the ability to purify the air by removing pollutants.
 Moreover, it is also used in the cosmetic industry, as it acts as an antimicrobial agent during oxidative hair dying, in pastes, and mouthwash.
 Therefore, the demand for disinfectant in various application is likely to increase the demand for hydrogen peroxide over the forecast period.

5.1.2 BLEACHING
 Hydrogen peroxide, in its liquid form, is widely known for its cleaning and bleaching properties. The strong oxidizing nature of the hydrogen peroxide has made it a
widely useful bleaching agent in various markets, including textile, paper and pulp, cosmetics, etc.
 In the pulp and paper industry, it is extensively used in the production of various types of pulps, such as mechanical, chemical, and recyclable pulps, and it helps to
provide optimal whitening to the pulps. Hydrogen peroxide serves as a principal bleaching agent in the bleaching of mechanical pulps. The mechanical defiberization of
wood yields fibers (that are rich in lignin) that requires mild bleaching agents, like hydrogen peroxide, which can dominantly oxidize the chromophores of lignin.
 Moreover, in the re-pulping procedure, ink removal is done under mildly alkaline conditions, where a small amount of hydrogen peroxide is added to avoid alkaline
yellowing and provide a high degree of brightening effect.
 In the textile industry, hydrogen peroxide finds wide applications as a bleaching agent, activator, and for enhancing colors of the fabrics and clothes. Hydrogen peroxide
helps in breaking the chemical bonds of chromophores (i.e., color producing agents), which make it widely accessible for use in removing stains from clothes. Hence, it
is widely used in laundry to remove stains and odor, brighten colors, whiten white clothes, and clean and disinfect the washer.
 It is also used for coloring fabrics, both natural, as well as synthetic (such as cotton, wool, silk, linen, rayon, etc.), as it helps in improving the consistency of dye transfer
to the fabric and clothes. Moreover, animal fiber can only be bleached by peroxide, which helps provide a high and stable degree of whiteness.
 In the cosmetics industry, it is used as an active ingredient in producing hair dyes and bleaches. Furthermore, in 2018, the cosmetic industry witnessed a growth of
about 5.5% from 2017. The growth in the cosmetics and skin care market is due to rising online beauty spending, social media promotions, increasing consumer
interest in new and premium products, etc. Asia-Pacific is the largest market for the cosmetic industry followed by North America and Europe. This, in turn, is expected
to increase the demand for bleaching agents.
 Therefore, the demand for bleaching in various application is likely to increase the demand for hydrogen peroxide over the forecast period.

5.1.3 OXIDANT
 Hydrogen peroxide serves as one of the most powerful oxidizers. The oxidizing strength of hydrogen peroxide is more than chlorine, chlorine dioxide, and potassium
permanganate, owing to which, it has been replacing the use of these oxidants in various industrial applications.
 Hydrogen peroxide can be converted into hydroxyl radicals through catalytic reaction. This hydroxyl radical holds the second-highest reactive ability, after fluorine as
oxidizer, making it one of the most reliable and efficient oxidant.
 Moreover, the environmental concerns related to clean and healthy nature, are further increasing the application of hydrogen peroxide as an oxidant, which is because,
there is no harmful by-product of hydrogen peroxide oxidizer and the only by-product produced is water.
 Furthermore, it is also widely used in wastewater collection and treatment systems, chemical synthesis processes, and the electronics and mining industries.
 Hydrogen peroxide is widely effective in controlling sulfide and organic related odors in wastewater collection and treatment systems.
 In the mining industry, it is used as an oxidant, recovery agent, and as an oxygen source in metallurgical processes, such as ore leaching, effluent treatment, concentration
preparation, etc.
 In the electronic industry, it is used in the production of semiconductors, which uses high-quality electronic grade hydrogen peroxide as both oxidizing and cleaning agent.
Moreover, according to JEITA, semiconductor manufacturing was estimated to have registered the fastest growth of 16% in 2018, while in 2019 it is forecasted to rise by
3%.
 The Semiconductor Industry Association (SIA) representing US semiconductor manufacturing, design and research, announced that the worldwide sales of semiconductors
reached USD 468.8 billion in year 2018, an increase of 13.7% from year 2017. This, in turn is likely to increase the demand for hydrogen peroxide.

5.1.3 OXIDANT
 Moreover, it is also used in rockets, which have standard liquid-fueled bipropellant rocket engine. In
these engines, liquid fuel and oxidant are stored in separate containers, and both these components are
to be fed to the rocket engine to operate it. Hence, this is done through decomposing liquid hydrogen
peroxide over a heavy-metal catalyst to produce overheated steam and oxygen, which further drives the
turbopumps to supply kerosene and liquid oxygen to the rocket engine.
 In the cosmetics industry, it is used as an oxidizing agent for making dyestuffs during oxidative hair
dyeing.
 Moreover, monopropellant engines use hydrogen peroxide as the fuel for air-independent underwater
propulsion applications.
 The demand for non-cryogenic propellant has been increasing, especially after these propellants have
become commercially available in high concentration and high-purity form.
 This is because, these propellants, including hydrogen peroxide, can be stored at more regular
temperatures, helping in the storage of propellants for a longer period.
 Owing to the superior oxidizing ability and environment-friendly properties of hydrogen peroxide, the
demand for hydrogen peroxide oxidants is increasing from these industries.

5.1.4 OTHER PRODUCT

FUNCTIONS
 Hydrogen peroxide is also used as a cleaning agent

in industries, such as electronics, food processing,
textile, medical and healthcare, etc.
 In the electronics industry, high-quality electronic

grade hydrogen peroxide is used as a cleaning
agent during the production process of
semiconductors.
 In the textile industry, it is not only used as

bleaching agent but also as a cleaning agent.
Hence, it is widely used in the drycleaner industry
and homes, for cleaning stains.
 Furthermore, it can also be used in cleaners for

cleaning places, where food and dishes are stored,
and to produce other home cleaners.

5.2 BY END-USER
INDUSTRY
5.2.1 Pulp and Paper
5.2.2 Chemical Synthesis
5.2.3 Wastewater Treatment
5.2.4 Mining
5.2.5 Food and Beverage
5.2.6 Cosmetics and Healthcare
5.2.7 Textiles
5.2.8 Other End-user Industries

5.2 BY END-USER INDUSTRY

Volume in Kilo tons, by End-user Industry, 2016-2024
End-user Industry 2016 2017 2018 2019 (est.) 2024 (f) CAGR (2019-2024)
Pulp & Paper 2027.27 2112.42 2200.93 2293.81 2824.47 4.25%
Chemical Synthesis 955.47 996.03 1036.64 1079.24 1323.12 4.16%
Wastewater Treatment 329.46 343.33 357.75 372.95 459.45 4.26%
Mining 107.75 112.15 116.75 121.52 148.56 4.10%
Food & Beverage 178.79 186.39 194.43 202.73 250.83 4.35%
Cosmetics & Healthcare 402.40 419.59 437.67 456.75 567.02 4.42%
Textiles 585.49 610.37 636.37 663.48 818.94 4.30%
Other 181.18 188.38 195.99 204.05 250.28 4.17%
Total 4767.81 4968.65 5176.52 5394.53 6642.67 4.25%

5. MARKET SEGMENTATION | 5.2 BY END-USER INDUSTRY
5.2.1 PULP AND PAPER

 Hydrogen peroxide is extensively used in the paper and pulp industry as a bleaching agent, and
PRODUCTION OF PAPER AND CARDBOARD, GLOBAL
itt is used in the production of various types of pulps, such as mechanical, chemical, and in million tons, 2012-2017
recyclable pulps. It helps ensure optimal whitening of the pulps for these industries.
 Hydrogen peroxide serves as a principal bleaching agent in the bleaching of mechanical pulps. It
419.69
can be used alone or with other bleaching agents. The use of hydrogen peroxide helps impart
optimal whitening to the mechanical pulp.
412.85
 In the manufacturing of chemical pulp, hydrogen peroxide and sodium chlorate are the most
406.5 406.7
extensively used bleaching agents. Hydrogen peroxide is the principle bleaching agent on total
chlorine-free (TCF) sequence and is used to ensure a high degree of brightness, while minimizing 402.6
the impact of effluents. 399.3
 Hydrogen peroxide also finds its application in re-pulping of wastepaper over other bleaching
agents, as it aids in reducing the bleaching costs and decreases the effluent color.
 Furthermore, according to VDP, in 2017, the global production of paper and cardboard increased
by 1.69% from 2016. The demand for paper is majorly due to the increasing demand for 2012 2013 2014 2015 2016 2017
packaging, tissue papers, and pulp for hygiene products. Additionally, the paper and pulp SOURCE: VDP
industry has been experiencing demand from textile industry for the preparation of dissolving
pulp from bamboo for use in textile applications

5.2.1 PULP AND PAPER
PRODUCTION OF PULP AND PAPER, GLOBAL

 The United States, Asia-Pacific, and Europe are expected to witness strong demand for in %, 2017
hydrogen peroxide in applications relating to the paper and pulp industry.
 According to Food and Agriculture Organization of the United Nations, in 2017, the pulp and
United States
paper production by the countries was about 26% by the United States, 10% by Brazil, 9% by
Brzail
China, 9% by Canada, 6% by Sweden, 6% by Finland, 5% by Japan, 5% by Russian Federation,
3% 3%
China
4% by Indonesia, 3% by India, and about 3% by Chile. 4%
26% Canada
5%
 The aforementioned factors are likely to increase the demand for hydrogen peroxide over the Sweden
forecast period. 5% Finland
6% Japan
Russia Federation
6% Indonesia
10%
India
9%
9% Chile
SOURCE: Food and Agriculture Organization of United Nation

5.2.2 CHEMICAL SYNTHESIS

 Hydrogen peroxide is an economical and environment-friendly oxidizing agent, which is extensively used in the chemical industry, for the manufacturing of organic
compounds. Due to its low molecular weight, hydrogen peroxide is more effective on a weight-per-weight basis than potassium dichromate or permanganate. Therefore,
the chemical manufacturing companies prefer hydrogen peroxide as an oxidizing agent for chemical manufacturing.
 Hydrogen peroxide is highly stable and safe when handled correctly and has the additional benefit of being soluble in water, numerous organic solvents, or in the substrate
itself. Moreover, it is an environmentally friendly chemical compound as it disintegrates in just water and oxygen.
 Hydrogen peroxide is used in the manufacturing of inorganic chemicals, like persalts (perborate, percarbonate, persulfates, metal peroxides, etc.), as well as sodium chlorite
and chlorine dioxide. It is also used as an oxidizing agent in the production of organic chemicals, such as hydrazine hydrate and hydroxyl-amines, hydroquinone, epoxy
products (oils, latex), organic peroxides, peracetic acid, sulfur derivatives, etc.
 Due to the increasing demand for propylene oxide, flame retardants, and amine oxide surfactants, the chemical synthesis industry has been witnessing a robust growth in
the consumption of hydrogen peroxide.
 The various applications where hydrogen peroxide is used as the oxidizing agent of choice in chemical synthesis include propylene oxide (alkene epoxidation
via HPPO process), organic peroxide initiators (e.g. benzoyl peroxide, lauryl peroxide), epoxidized soy bean oil plasticizers (fatty acid epoxidation), flame retardants
(bromination), initiator for catalytic polymerization reactions (free radical source) ,catechol production (hydroxylation), preparation of pharmaceutical precursors (oxidation),
amine oxide surfactants (N-oxidation), herbicide production (S-, N-oxidation), and percarboxylic acid production (e.g. peracetic acid)
▪ Furthermore, polypropylene oxide is witnessing a strong demand and is expected to witness an increase in demand by around 4% in over 10 years. The demand for
polypropylene oxide is majorly driven by the polyurethane's applications, such as flexible foam used in mattresses as modern furniture.

5.2.2 CHEMICAL SYNTHESIS
 Furthermore, according to BASF, globally, the total chemical production is likely

to increase by 2.7% in 2019. Countries, such as China. The United States, etc.
have a significant impact on the global growth rate of the chemical production.
▪ In 2019, the chemical production in China is likely to grow by 3.6% from

2018. This is likely to increase the production of organic and inorganic
chemicals, such as hydrazine hydrate and hydroxyl-amines,
hydroquinone, persulfates, metal peroxides, etc. This, in turn, is likely to
increase the demand for hydrogen peroxide.
 Additionally, the demand for hydrogen peroxide as an oxidizing agent in the

herbicide production is expected to witness a positive impact, during the
forecast period..

5.2.3 WASTEWATER TREATMENT
 Wastewater treatment is a process where impurities, such as undesirable chemicals, biological contaminants, suspended solids, and gases, are removed from the
contaminated water. The goal of this process is to produce water fit for a specific purpose.
 Water treatment serves a wide range of purposes, which include meeting requirements of agricultural, medical, household, pharmacological, chemical, and industrial
applications.
 Hydrogen peroxide is particularly used in the treatment of urban wastewater for desulfiding and deodorizing processes, and it is known to restrict corrosion and odor
caused by hydrogen sulfide. Hydrogen peroxide is also used to remove hazardous materials from industrial effluents containing cyanides, phenols, sulfides, and other
compounds.
 In the chemical industry, it is used to support the already existing system, like Claus Claus-Pol, and thus, helps by avoiding the maintenance period and getting a short
return on investments. In refineries, it is used to support or replace strippers in treating low concentration hydrogen sulfide and mercaptans.
 Hydrogen peroxide acts as a source of oxygen for aerobic biological treatment, mainly used for removing the dissolved pollutants from hydrocarbon-contaminated sites.
Moreover, it is used in the treatment of swimming pool water, as a bactericide-algicide, for preventing water decontamination.
 Stringent environmental norms in treating wastewater are aiding the increase in the demand for hydrogen peroxide.
 The current wastewater treatment capacity is estimated to be more than 65% of the generated wastewater in developed countries, such as United States,, and only 8% in
developing countries. With the well-established suite of technologies, various cities and countries have effectively deployed to increase the amount of wastewater that is
recycled and reused. The most significant driver for the water reuse is majorly water scarcity.

5.2.3 WASTEWATER TREATMENT
 Various countries are introducing several projects for expanding sewer network
and wastewater treatment capacity.
 In Kampala, Uganda, the Kampala Sanitation project of extended

infrastructure in the sewer area is a key achievement of National Water
and Sewerage Corporation. The project includes implementation of
wastewater treatment plant and expansion and rehabilitation of the
sewer network.
 In Delhi, the Delhi Jal Board permitted to set up a new sewage treatment
plant (STP) at Okhla, which is expected to hold a capacity to treat about
124 million gallons of wastewater per day and may come up at a cost of
INR 1,161 crore in three years.
 The aforementioned factors are anticipated to influence the market studied

positively, during the forecast period.

5.2.4 MINING
 In metallurgical processes, such as ore leaching, concentrate preparation, or eluent treatment, hydrogen peroxide is widely used as an oxidant. It is mainly used as an
oxidant in the mining industry to produce gold and uranium.
 Consumption of hydrogen peroxide depends upon ore composition, as well as leaching conditions. Knowing the composition of ore helps save the amount of eluents
and acids used, and simplifies the management of chemicals or waste, and improves the overall process control.
 Uranium is naturally available in the form of tetravalent or hexavalent oxide minerals i.e., uraninite or pitchblende. In the acidic or alkaline media tetravalent, uranium
has very little solubility. Thus, for optimum uranium recovery, oxidation to the soluble hexavalent state is of great importance. Trivalent iron compounds are usually used
to augment uranium’s oxidation state.
 It is used in the regeneration of active Fe (III) ions in the eluent. In recent times, the cyanidation process is extensively used for gold production, which involves the
leaching of gold-comprising ores by diluting aqueous cyanide solutions in the presence of lime and oxygen.
 Hydrogen peroxide is added to increase the total oxygen concentration during the leaching process in the system, and to promote deeper leaching by direct oxidation.
Moreover, toxic intermediates are not formed during the single-step cyanide oxidation. It is also commonly used to remove cyanides from wastewater in the
downstream side.
 Furthermore, Australia, Chile, and Canada, etc. are anticipated to show a robust growth in mining activities, which is expected to further augment the usage of
hydrogen peroxide. Some of the new mining projects includes:

5.2.4 MINING
▪ Quell Aveco copper mine, Peru: Anglo American and Mitsubishi are
expected to spend around USD 5 billion to USD 5.3 billion on the new
copper project. It is likely to start production in 2022, and increase the
output to 300,000 metric ton per year, at a price of USD 1.05 per pound
the following year.
▪ South Flank iron ore mine, Australia: The new mine is likely to improve
the quality of the ore, increasing the iron grade from 61% - 62% and the
proportion of lump from 25% - 35%.
▪ Eagle gold mine, Canada: Production is estimated at 12.5 million metric

ton per annum over a ten-year lifespan, with the mine expected to have
paid for itself after 2.8 years.
 Such projects are likely to increase the demand for hydrogen peroxide over the
forecast period.

5.2.4 MINING
GOLD MINE PRODUCTION, GLOBAL

in tons, by Country, 2017-2018
1000
900
800
700
600
500
400
300
200
100
0
Papua
United South Other
Australia Brazil Canada China Ghana Indonesia Kazakastan Mexico New Peru Russia Uzbekistan
States Africa Countries
Guinea
2017 237 301 80 164 426 128 75 85 126 64 151 270 137 104 883
2018 210 310 81 185 400 130 85 85 125 65 145 295 120 105 920
SOURCE : USGS

5.2.5 FOOD AND BEVERAGE
 Hydrogen peroxide is often utilized in many food processing applications due to its significant chemical properties and biological degradability. It is one of the most
extensively used peroxygen reagents for bleaching processes in the food industry.
 Many types of compounds are bleached with peroxygen‒natural oils, waxes, gums, natural sugars, and starches. Hydrogen peroxide is used as a color adjuster in
materials, such as herring, instant tea, starch, cheese whey, tripe, or natural fatty acid emulsifiers, to enhance the whiteness.
 Due to its anti-microbial and fungicidal activity, it is used for the preservation of natural proteins, carbohydrates, and milk in the production of cheese. Also, it is used in
the production of various food additives in the food and beverage industry.
 In addition to these, on-the-go lifestyles, longer working hours, longer commuting time, and less inclination toward preparing food have increased the demand for ready-
to-eat foods among the consumers. This has increased the demand for packaged food products, globally.
 Globally, the revenue generated by the food industry in 2018 was about USD 2.9 trillion. Milk products is one of the major segment followed by meat products and bread
and bakery products. Milk product segment is expected to reach about USD 674,866 million in 2019.
 Furthermore, the food and beverage industry is expected to grow nearly 4% over the forecast period. Countries, such as the United States, China, India, Japan, the United
Kingdom, and Germany, etc., are the major countries contributing to the food market.
▪ In 2018, the revenue of the US food market was about USD 660, 831. 37 million, and in 2019, the market is expected to reach about USD 683,086 million. The
demand for food in the United States is increasing majorly due to changing consumer preferences, like preference to easy to store food, and e-commerce, etc.

▪ According to Associação Brasileira das Indústrias da Alimentação, in

2018, the food the beverages industry increased by 2.09% from 2017. In
2018, the revenue generated by food and beverages industry was about
BRL 656 billion.
▪ Additionally, in the UK food and beverage industry is the largest

manufacturing sector, larger than the automotive and aerospace
combined. The food and beverage industry has a turnover of GBP 104
billion, accounting for 19% of the total UK manufacturing sector. In 2018,
total food and beverage export figures were more than GBP 23 billion.
The major export markets for the United Kingdom includes Ireland, the
United States, and France, etc. According to the Food and Drink
Federation, the export of branded food and beverages is likely to reach
about GBP 6 billion in 2020. The opportunities for food and beverages
manufacturers in 2019 include domestic demand, healthy food products,
investment, etc.
 This, in turn, is driving the market for hydrogen peroxide for applications in the
food and beverage industry.

FOOD MARKET, GLOBAL

in USD million, by Country, 2018
700000 660831.37
600000
500000 452335.43
400000
300000
233433.43
200000
135553.92 132001.64
118263.64 104693.55 104057.82 91608.86
100000
0
United States China India Japan United Kingdom Germany France Brazil Italy
SOURCE : Statista

5.2.6 COSMETICS AND HEALTHCARE

 Hydrogen peroxide is used in cosmetics and personal care products as an antimicrobial and oxidizing agent. It is mainly used to form dyestuffs during oxidative hair
dyeing or to oxygenate stains on teeth to increase whiteness.
 Hydrogen peroxide is used to lighten hair in the hair coloring process, due to its bleaching properties attained by the oxidative elimination of brown-black melanin.
 Hydrogen peroxide, as well as carbamide peroxide (urea-H2 O2 complex), are the primary bleaching components in the tooth whitening products, such as pastes or
gels. The aforementioned chemicals impart whiteness in the teeth by removing stains through oxidation.
 Hydrogen peroxide topical solutions (3wt%) are widely used in medicines, as an antiseptic for wound treatment and for soft contact lens disinfection.
 In the healthcare industry, hydroxide are majorly used in sterilization, also known as hydrogen peroxide gas sterilization, it is a low temperature sterilization process
generally used to sterilize heat-sensitive devices and other materials, which includes single-use devices sterilized at the time of production and reusable devices used
for various clinical, surgical, and therapeutic applications.
 Vaporized hydrogen peroxide sterilization is more commonly used over ethylene oxide sterilization, due to its low temperature sterilization system. This, in turn, is
likely to increase the demand for hydrogen peroxide over the forecast period.
 Furthermore, according to L’Oréal, in 2018, the cosmetic industry witnessed a growth of about 5.5% from 2017. The growth in the cosmetics and skin care market is
due to continuous progress in online beauty spending, expanding usage of social networks, increasing consumer interest in new and premium products, accelerating
urbanization, and the growth of upper middle-class population.
 Asia-Pacific is the largest market for cosmetics and personal care, due to its increasing population and increasing awareness about beauty products. In 2018, the
region accounted for more than 39% of the global beauty and personal care marketplace in terms of revenue, followed by North America with 25%, and Western
Europe with 18%.


 Furthermore, the production of cosmetics in Asia-Pacific reached very high
levels, becoming a major hub for exporting cosmetics and personal care
products to developed nations, such as the United States, Canada, and Austria,
among others.
 In Asia-Pacific, countries, such as China, South Korea, Japan, and India, etc., are
the major cosmetics market.
▪ China is experiencing a positive growth in cosmetic and personal care

industry, owing to rise of the millennial generation, which is contributing
to the higher consumer demand. All the international and domestic
brands are taking advantage of digital landscape by focusing highly on
social media, e-commerce platforms, and Chinese reviewing and
shopping platforms, such as Xiaohongshu.
▪ The United States has a booming skin care market. The skin care segment
has the largest share of revenue generated by the beauty and personal
care market in the country. In 2018, more than 50% of the US consumers
used skincare products on a daily basis, and only 6% of the consumers
avoid using skincare products.
 Such positive growth is likely to increase the demand for hydrogen peroxide,
during the overcast period.
BREAKDOWN OF THE COSMETIC MARKET REVENUE, GLOBAL

Revenue Share (%), by Product Category, 2016-2018
45
39.00
40 36.40 37.00
35
30
25 22.90 22.00 21.00

18.20 19.00 19.00
20
15 12.00 12.00
10.50 10.00 11.00 10.00
10
0
2016 2017 2018
Skincare Haircare Make-up Perfumes Hygiene products

SOURCE : L’Oréal

5.2.7 TEXTILES
 Hydrogen peroxide is used as a bleaching agent for the treatment of natural and synthetic fibers
(cotton, wool, silk, linen, and rayon). PRODUCTION OF TEXTILES, INDIA
in billion square meters, FY2015-FY2018
 It conserves the mechanical properties of textile fibers, along with imparting a high degree of
brightness to them. The bleaching of textiles using hydrogen peroxide is generally carried out in
an alkali medium. 66.9
 The fiber that is bleached by hydrogen peroxide, globally, is cotton. About 80-90% of all cotton
fabrics are bleached with hydrogen peroxide.
 Typically, bleaching with 0.3-0.6wt% solutions of hydrogen peroxide at a pH of 10.5-11.5 is 64.6

64.3
carried out for 1-3 hours, at a temperature of 90-95°C.
63.6
 Countries, such as China, India, Europe, and the United States, etc., are the major producers of
textile, and a continuous upward trend in production was observed in the past five years. It is
expected to increase at a moderate rate during the forecast period. In countries, like India and
China, the textile industry has higher percentage consumption of hydrogen peroxide in the
overall market.
FY15 FY16 FY17 FY18
▪ In India, rising per capita income, favorable demographics, and a shift in preference to SOURCE: IBEF
branded products boost the demand for the textile industry. According to the IBEF, the
textile industry in India is estimated to reach about USD 223 billion by 2021.

5.2.7 TEXTILES
▪ Textile production in FY2018 was around 66.9 billion square meters and
around 58.1 billion square meters in January 2019. The textile industry is
growing due to promising trade policies and superior quality of textile
exports.
▪ According to the National Council of Textile Organization (NCTO), in the

United States, the capital expenditures for textile and apparel production
was about USD 2.0 billion, in 2017. The United States is a global
competitive manufacturer of textile raw materials, yarns, apparel, fabrics,
and home furnishings, etc.
 All these aforementioned factors are likely to increase the demand for
hydrogen peroxide over the forecast period.

5.2.8 OTHER END-USER INDUSTRIES

 Other applications include various uses in the transportation industry, electronics and semiconductors, and aseptic packaging, etc.
 It is also used as a substitute for environmentally harmful fluonitric blends in treating stainless steel, zirconium, titanium, etc.
 Additionally, hydrogen peroxide is used in detergents and cleaning agents for home and personal-use textile. High-concentration hydrogen peroxide is used as a propellant
in rocket engines.
 In the electronics industry, hydrogen peroxide is either used by itself or mixed with sulfuric acid to pickle copper (in microelectronics).
 It is also extensively used in the manufacturing of semiconductors as an oxidizing and cleaning agent. It is also used in making printed circuit boards as an etchant.
 In semiconductor manufacturing, due to its high performance, it is used in common cleaning and surface conditioning sequences, such as photoresist stripping, post-resist
strip cleaning, and residue removal.
 Hydrogen peroxide is the most preferred etchants, as it is less expensive, effective, and generates less waste disposal issues.
 Hydrogen peroxide-based copper etchants are also used in making LCD displays, which are replacing aluminum etchants, due to their low costs and ability to recover
copper from a peroxide etchant solution.
 Increasing market penetration of high-end electronics products, such as HDTVs and tablets, are increasing the usage of hydrogen peroxide in the Asia-Pacific region. The
electronics manufacturing market in Asia-Pacific is expected to grow rapidly during the upcoming years, due to the presence of a large number of OEMs in the region.

5.2.8 OTHER END-USER

INDUSTRIES
 Factors, such as low cost, availability of raw materials, and cheap labor are
driving the growth of the sector.
▪ The German electronic industry is the Europe’s biggest, and the fifth-
largest worldwide. The electrical and electronics industry accounted for
11% of the total German industrial production and about 3% of the
country’s GDP. The electronic industry generated a turnover of EUR
179.8 billion from January to November 2018. In 2018, the production
growth in the electronic industry witnessed a 2.8% increase, a lower
growth in production, when compared to the previous year.
▪ The US electronics market is the largest market in the world in terms of

size and it is expected to remain as the leading market over the forecast
period, owing to the usage of advanced technologies, increase in the
number of R&D centers, and increasing demand from consumers.
 The aforementioned factors are expected to augment the demand for

hydrogen peroxide in the electronics and semiconductors segment in the
coming years.

5.3 BY GEOGRAPHY
5.3.1 Asia-Pacific
5.3.2 North America
5.3.3 Europe
5.3.4 South America
5.3.5 Middle East & Africa

5.3 BY GEOGRAPHY

Volume in Kilo tons, by Region, 2016-2024
CAGR % (2019-
Region 2016 2017 2018 2019 (est.) 2024 (f)
2024)
Asia-Pacific 2,505.45 2,617.16 2,732.25 2,852.87 3,553.46 4.49
North America 745.87 774.66 804.72 836.26 1,017.12 3.99
Europe 965.14 1,003.27 1,042.69 1,083.98 1,311.24 3.88
South America 218.62 227.45 236.66 246.34 301.88 4.15
Middle East & Africa 332.73 346.11 360.19 375.07 458.97 4.12
Total 4,767.81 4,968.65 5,176.52 5,394.53 6,642.67 4.25

5.3.1 ASIA-PACIFIC
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 ASEAN Countries
5.3.1.6 Taiwan
5.3.1.7 Rest of Asia-Pacific

5. MARKET SEGMENTATION | 5.3 BY GEOGRAPHY
5.3.1 ASIA-PACIFIC
HYDROGEN PEROXIDE MARKET, ASIA-PACIFIC

Volume in Kilo tons, by Country, 2016-2024
CAGR % (2019-
Country 2016 2017 2018 2019 (est.) 2024 (f)
2024)
China 1,474.82 1,538.97 1,606.38 1,676.58 2,084.33 4.45
India 260.47 274.74 290.05 306.17 401.87 5.59
Japan 15.76 16.52 17.32 18.15 23.08 4.92
South Korea 291.95 306.11 318.38 331.63 407.37 4.20
ASEAN Countries 47.94 49.98 52.14 54.41 67.48 4.40
Taiwan 58.87 61.22 63.70 66.30 81.25 4.15
Rest of Asia-Pacific 355.64 369.62 384.29 399.62 488.08 4.08
Total 2,505.45 2,617.16 2,732.25 2,852.87 3,553.46 4.49

5. MARKET SEGMENTATION | 5.3 BY GEOGRAPHY | 5.3.1 ASIA-PACIFIC
5.3.1.1 CHINA
RARE EARTH MINERAL PRODUCTION, GLOBAL

 In Asia-Pacific, China is the largest economy in terms of GDP. The annual growth rate of the
In %, 2018
Chinese GDP was 6.7% in 2017 and 6.6% in 2018. China is one of the fastest-growing
economies globally and almost all the end-user industries have been growing, owing to the 3%
rising population, living standards, and per capita income. However, owing to the
international trade turbulences and unfavorable geopolitical affairs, the growth rate is 2% China
12%
expected to slow down in the initial years of the forecast period. But the growth is expected USA
3%
to take up pace in the later part of the forecast period, considering the favorable conditions
and relations in the future. 9% Russia
Australia
 The country holds the highest share in rare minerals production, followed by other major
countries, such as Australia, the United States, and Russia, among others. Further growth 71% Myanmar
prospects in this sector are expected to provide positive outlook for the market studied in
Others
the near future.
SOURCE: U.S. Geological Survey
 China is a hub for chemical processing, accounting for a major chunk of the chemicals
produced, globally. With the increasing demand for various chemicals globally, the demand
for hydrogen peroxide from this sector is projected to rise during the forecast period.  The electronics industry in China is the largest in the world. Electronic
products, such as smartphones, OLED TVs, tablets, etc., have the highest
 China is the largest pulp and paper producing nation in the world; as per the China Paper growth in the market in the consumer electronics segment. With the
Association (CPA) estimations, 2018 Q3 report, the production was about 103 million metric increase in disposable income of middle-class population, the demand for
ton. The industry is modern and highly mechanized, and the labor is inexpensive. Due to electronic products is projected to rise in the near future, thereby driving
government afforestation initiatives, forest cover is increasing in China. While this is a the hydrogen peroxide market.
positive sign, there are concerns regarding social and environmental issues. As the largest
wood importer in the world, with complex and opaque supply chains, significant challenges  Hence, with growth in the various end-user sectors in the country, the
are also present. demand for hydrogen peroxide is likely to increase in the future.

5.3.1.2 INDIA
 India is a growing economy and holds great potential for future market opportunities. Its GDP growth registered in 2017 was 7.3% and grew at 7.44% in 2018. Its GDP
is expected to grow over 7% during 2019. Despite demonetization and GST reforms affecting the national production volume, the impact of such reforms is slowly
waning. Moreover, the country’s government has been taking initiatives to attract FDIs in the manufacturing sector to make India a manufacturing hub. The
government is targeting an increase in the share of the manufacturing sector in GDP, from 16% to 25%, by 2022.
 The Indian paper industry has become more promising, as the domestic demand is on the rise. Increasing population, literacy rate, and improvements in the
manufacturing sector are expected to augment the growth in the Indian paper industry. The focus of the paper industry is currently shifting toward more eco-friendly
products and technologies.
 Approximately 20% of the demand in India for H2O2 is met by imports from countries, like Thailand, Bangladesh, Turkey, and Indonesia.
 According to the Indian government, the total production of chemicals and petrochemicals stood at 47,882,000 MT during 2017-18, a 2.62% increase over 2016-
17. Currently, India’s refining capacity is about 249.366 MMTPA. The demand for petrochemicals has been increasing. Reliance Industries, in India, is planning to
expand the capacity of its dual refinery complex in Gujarat from 30 million metric ton to 100 million metric ton, by 2030
 The consumption of cosmetics in India has been increasing among the teenagers and middle-aged consumers, because of the increasing desire to “look good”.
 The cosmetics and personal care industry is one of the fastest-growing consumer product sectors in India. The industry in the country has observed continued strong
growth, with increasing shelf space in retail stores and boutiques.
 India’s textiles sector is one of the oldest industries in the Indian economy dating back several centuries. India's overall textile exports during FY 2017-18 stood at USD
39.2 billion in FY18 and is expected to increase to USD 82.00 billion by 2021 from USD 31.65 billion in FY19 (up to January 2019).
 All the aforementioned factors, coupled with government support, are contributing to the increasing demand for hydrogen peroxide in India.
 National Peroxide Ltd, Gujarat Alkalies and Chemicals Ltd (GACL), and Indian Peroxide Ltd are the major hydrogen peroxide manufacturers in the country, in the current
scenario.

5.3.1.3 JAPAN
 Japan’s economy performed relatively well in the first quarter of 2019. The GDP of the
country grew by 2.1% in Q1 2019 after posting 1.6% growth in the last quarter of 2018. PAPER AND PAPERBOARD PRODUCTION, JAPAN
The major industries contributing to the economy are automotive and transportation, In million tons, 2018
consumer electronics, and construction, among others.

26.48 26.51
 The paper industry in Japan is likely to be the main driving force for the steady growth of
26.24 26.28
the global paper industry, in which packaging paper and household paper companies 26.23
have a better development prospect. 26.06
 Japan is one of the largest markets for cosmetic and personal care products across the
world. Japanese consumers are extremely sophisticated and well informed regarding the
chemical formulations in hair products. Japanese consumers have the highest per capita 2013 2014 2015 2016 2017 2018
SOURCE: Japan Paper Association
expenditure on cosmetics, which can boost the consumption of hydrogen peroxide.
 The cotton textile industry plays a vital part in the national economy of Japan. The higher  According to the Japan Electronics and Information Technology
demand for Japanese goods is boosting the demand in the manufacturing industry. The Industries Association (JEITA), the production of display, server, storage
adoption of latest technologies is boosting the demand in the textile industry. equipment, electro-medical equipment, and electronic measuring
 Japan has already achieved a strategic advantage in electronic production and process equipment is increasing at a steady pace on a Y-o-Y basis. The growth
technologies. The country’s continuous perfecting of its electronics manufacturing in the electronics industry is expected to increase the usage of
systems has enabled it to attain market leadership in the region. The country is a main hydrogen peroxide during the forecast period.
competitor of the United States, in terms of semiconductor manufacturing, and is home  Hence, such growth trends are anticipated to drive the market studied
to Sony and Toshiba, which are the top companies in the electronics industry. in the country.

5.3.1.4 SOUTH KOREA

 South Korea is a highly export-oriented economy. The economy of the country had shown
a considerable growth in 2017, supported by a supplementary budget and low interest INVENTORY : HYDROGEN PEROXIDE, SOUTH KOREA
Volume in metric ton, Q4 2017 - Q1 2018
rates. During 2017, South Korea witnessed about 3.1% growth in its GDP and it has further
grown at 2.9% in 2018. 13380 13,645
12726 12203 12,356
10,661
 South Korea has a large market for beauty and personal care products, with the presence
of companies, such as Amorepacific Corporation, Nature Republic, and Dr. Jart+. The
market is forecasted to witness a CAGR of 5.22%. Increasing demand for anti-aging
products and increasing popularity of men’s grooming products are some of the key
factors that are expected to drive the market. October, Nevember, December, January, February, March,
2017 2017 2017 2018 2018 2018
 According to the United Nations Comtrade database on international trade, South Korea
SOURCE: Statistics Korea
exports of paper and paperboard, articles of pulp, paper, and board were USD 3.3 billion
 The South Korean government’s Ministry of Environment (MoE)
during 2018. The exports have registered higher growth rates, due to the increasing
announced the Water Environment Management Master Plan of 2016-
demand from importing countries.
2025 in December 2016. The goals of the 10-year plan are set in order
 South Korea has some of the largest and most advanced oil refineries in the world. Oil and to promote and ensure a healthier water environment in agricultural
natural gas companies are investing, exploring, and seeking new opportunities to improve and fishing villages, high-quality water treatment systems, and smart
the country’s energy security, thus, driving the market studied. South Korea is one of Asia’s water management systems. Various government initiatives for
largest exporters of petroleum products. The presence of the largest oil refineries is expanding the wastewater treatment facilities are expected to drive the
expected to drive the market studied. market studied, during the forecast period.

5.3.1.5 ASEAN COUNTRIES

 Thailand, Indonesia, Malaysia, and Vietnam are the major consumers of hydrogen peroxide in the ASEAN region. Thailand, owing to its vast production base of
propylene oxide, is home for Solvay’s joint-venture mega plant and is also the leading consumer of hydrogen peroxide in the ASEAN region.
 The pulp and paper industries in Vietnam, Malaysia, and Indonesia are key sectors in the forest industry, and are growing with large focus on exports in the region. The
increase in forest cover, in general, is a positive trend. However, there are concerns regarding natural forest conversion to plantations.
 Vietnam is emerging as the clear leader in low-cost manufacturing and sourcing. Labor costs in Vietnam are 50% of those in China and around 40% of those reported in
Thailand and the Philippines. The free trade agreements (FTAs), most notably, make it an attractive market for investment across various industries. The
Vietnamese garment industry has been impressive. In Q1 2018, exports rose by 15.4%, with a projected growth rate for the first six months in Q2 to go up 14%.
 Countries, like Indonesia and Malaysia, are home to the mining and metallurgy industries in the region. The increasing demand for various minerals has led to an
increase in mining operations and is likely to contribute to the demand for hydrogen peroxide in the region.
 Thailand, Malaysia, and Vietnam are the key manufacturing hubs for electrical and electronics products in the global market. Thailand is the largest production base for
electrical appliances in the ASEAN region.
 Besides, ASEAN countries hold a significant market share for processed foods and beverages. Governments of various ASEAN giants, such as Indonesia, Thailand, and
Singapore, are more focused toward taking pro-measures to maintain the flow of growth through various investment policies. Hence, with growth in such vast sectors in
these developing and developed economies, the market for hydrogen peroxide is likely to benefit during the forecast period.

5.3.1.6 TAIWAN
 The economy of Taiwan witnessed growth in 2018, owing to increasing foreign direct investments and increasing trade activities. In 2018, the GDP of Taiwan witnessed
growth of 2.6%.
 The chemical production in Taiwan experienced a growth in 2017-18, with the production value expected to exhibit a growth of 4.88%, as compared to the previous
year, to reach a value of nearly NTD 4.68 trillion (USD 150 billion). This growth is mainly being driven by the increasing production of basic chemicals and specialty
chemicals for domestic applications.
 The wastewater treatment resources in Taiwan are underdeveloped, majorly due to the lack of a proper sewage network in the country. The growing industrial
production and expanding manufacturing activities in the country are expected to increase the requirement for wastewater treatment facilities, in turn, augmenting the
demand for hydrogen peroxide.
 The consumption of packaged foods in Taiwan has been increasing at a healthy rate due to the changing lifestyles and increasing consumer incomes. The increasing
number of retail stores has been driving the sales of processed foods in the country.
 Taiwan is the United States’ 10th largest trading partner in overall goods. The electronics and semiconductor industry in Taiwan is among the leading markets around the
world. Increasing production of integrated circuits for artificial intelligence and mobile phones are the driving factors for the growth of the semiconductor market in the
country. This further supports the consumption of hydrogen peroxide used in the electronics sector.
 Chang Chun Group, Santoku Chemical Industries Co. Ltd, and Nan Ya Plastics are the major producers of hydrogen peroxide in Taiwan.
 The food processing industry in Taiwan accounted for a value of nearly USD 17.9 4 billion of processed foods and drinks. The production and supply of frozen seafood
and dairy products in the country are expected to further drive the food and beverage sector in the country.

5.3.1.7 REST OF ASIA-PACIFIC

 Rest of Asia-Pacific includes Australia & New Zealand, Pakistan, Nepal, Bhutan, Bangladesh, and Sri Lanka, among others.
 Australia & New Zealand are developed economies, and registered annual GDP growth rates of 3.2% and 3.1%, respectively, in 2018. The recent election and political
changes are in favor of a stable economy for Australia. The consumer confidence and the dynamics in business have also supported the Australian economic growth. In
New Zealand, the economic growth is proportional to the increase in private investments and consumptions.
 Each year, in Australia, the local pulp and paper manufacturing industry’s annual production replaces imports whose estimated value is greater than AUD 4.5 billion. The
local production of paper and paperboard was substantial, at about 3.251 million metric ton in 2017-18.
 Mining is one of the major contributors to the Australian economy. The country’s mining sector benefits from stable environment regulations, low sovereign risks,
access to highly skilled workforce, and world-leading technologies. Moreover, the aforementioned factors have resulted in the lowest cost for mining operations in
Australia. With increase in mining activities in the country, the demand for hydrogen peroxide is expected to rise at a large scale in Australia during the forecast period,
therefore, benefitting the overall market to a great extent.
 Bangladesh holds a considerable share in the hydrogen peroxide market in the region, majorly owing to the textile production sector in the country. Bright prospects, in
terms of exports, are projected to further augment the demand for hydrogen peroxide in the country in the near future.
 Pakistan’s textile industry has been a major sector contributing to the country’s GDP. The use of hydrogen peroxide is likely to increase in the textile industry in the
country, due to increasing investments in the textile sector during the forecast period. Chinese businessmen have announced to invest USD 300 million in the country’s
textile sector, by forming joint ventures with various local companies.
 Thus, the expected growth in various industries in these countries is likely to boost the demand for hydrogen peroxide during the forecast period.

5.3.2 NORTH
AMERICA
5.3.2.1 North America
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.2.4 Rest of North America

5.3.2 NORTH AMERICA
HYDROGEN PEROXIDE MARKET, NORTH AMERICA

Volume in Kilo tons, by Country, 2016-2024
CAGR % (2019-
Country 2016 2017 2018 2019 (est.) 2024 (f)
2024)
United States 584.39 606.30 629.10 653.01 789.53 3.87
Canada 94.80 98.90 103.24 107.82 134.25 4.48
Mexico 60.19 62.73 65.40 68.20 84.67 4.42
Rest of North America 6.49 6.73 6.98 7.24 8.67 3.68
Total 745.87 774.66 804.72 836.26 1,017.12 3.99

5. MARKET SEGMENTATION | 5.3 BY GEOGRAPHY | 5.3.2 NORTH AMERICA
5.3.2.1 UNITED STATES

 The United States is the largest and most powerful economy in the world, and in 2018, the
SMART HOME PENETRATION RATE FORECAST, UNITED STATES
country’s GDP registered a growth of 2.9%.
Rate (%), 2017 - 2023
 According to the American Chemistry Council’s (ACC) Mid-Year 2019 Chemical Industry
Situation and Outlook, the chemical sector of the country is expected to continue to grow 53.9%
48.8%
in 2019. The sector stands to be one of the most attractive markets for foreign investment. 43.7%
38.6%
33.2%
The chemical output is expected to grow by 3.9% in 2019, and hence, this is expected to 27.6%
21.7%
drive the market studied.
 The United States is the second-largest producer of paper, globally, with China being the
largest producer. The world’s largest pulp and paper mill is in Memphis, Tennessee, and is 2017 2018 2019 2020 2021 2022 2023
SOURCE: Statista
owned by International Paper. The country also exports large amounts of pulp and paper-
related products to various countries, globally. The demand for hydrogen peroxide from
the pulp and paper industry is projected to increase at a steady rate through the forecast  In addition, the Clean Water Act too requires mining operations to
period. meet standards for surface water quality and for controlling discharges
to surface water. A resurgence in the manufacturing sector is creating a
 Owing to the rapid pace of innovation in the advancement of technology and R&D
demand for industrial wastewater treatment, given the rising need for
activities in the electronics industry, there is a high demand for newer and faster electronic
water conservation and stringent environmental regulations. This, in
products. There is a spur in the number of manufacturing plants and development centers
turn, has increased the need for water treatment operations, thereby,
in the United States, focusing on high-end products, which is expected to boost the
driving the market studied.
demand for pure-quality hydrogen peroxide over the forecast period.

5.3.2.2 CANADA
 Canada has a highly developed economy. The country witnessed about 2.8% growth in GDP BY INDUSTRY, CANADA
GDP during 2018. Due to the lucrative business policies for the domestic and global Value in CAD billion, May 2019
markets, and a strong R&D infrastructure, the industries in the country are growing at a
rapid rate. Management of companies and… 10,949
Arts, entertainment and recreation 15,640
 The Canadian pulp and paper industry has been growing at a descent pace over the Other services (except public… 38,524
past few years. To further increase the pulp production, Resolute announced a USD 52.3
Agriculture, forestry, fishing and hunting 40,605
million strategic investment plan for its Saint-Félicien pulp mill, located in the Lac-
Saint-Jean region of Quebec. This significant investment at Saint-Félicien is expected to
Utilities 42,586
increase the average daily production capacity of pulp by 76 metric ton.
Accommodation and food services 44,964
Administrative and support, waste… 52,626
 The chemical industry in the country is growing at a rapid rate. According to the Information and cultural industries 58,781
Chemistry Industry Association of Canada (CIAC), the country experienced about 6% Transportation and warehousing 89,569
growth in sales in 2018, reaching a value of over USD 25 billion. The announcement of Retail trade 100,194
the Petrochemicals Diversification Program (PDP) is expected to further drive growth Wholesale trade 103,884
during the forecast period. Educational services 105,761
Professional, scientific and technical… 114,068
 Mining and metallurgy is also a key industry of the country. Canada supplies over 60
metals and minerals to different countries. The total mines established in Canada in
Finance and insurance 129,889
2017 were 1189, which generated a revenue of USD 43.9 billion in the country.
Public administration 131,926
Health care and social assistance 137,717
 In addition to the existing wastewater treatment plants in Canada, ongoing advances Construction 137,926
are taking place in the country, such as the expansion of existing wastewater sewage Mining, quarrying, and oil and gas… 153,029
treatment plants in Ontario and establishment of new sewage treatment plants in Manufacturing 206,292
Quebec and British Columbia. Hence, all these factors are expected to boost the Real estate and rental and leasing 250,691
demand for hydrogen peroxide. SOURCE: StatCan

5.3.2.3 MEXICO
◼ In 2018, the GDP increased by around 2.1% and is expected to increase by 2.3% during TEXTILE SECTOR EXPORTS TO UNITED STATES FROM MEXICO
2019. The textile sector represents 1.3% of Mexico’s GDP. Mexico and the United States Value in USD billion, 2016-18
textile trade value has a great significance in the North American region.
◼ According to the Mexican National Institute of Statistics and Geography (INEGI), 63% of
the Mexican textile industry is concentrated in the central and north-eastern parts of 1.67 1.68
the country, including Puebla, Mexico City, and the states of Mexico, Hidalgo, Tlaxcala,
Jalisco, Guanajuato, Nuevo Leon, and San Luis Potosi.
◼ As a result of the United States-Mexico-Canada Agreement (USMCA), the chemical 2016

industry of the country is going strong with new capacity expansion and foreign
investments. 2017
2018
◼ The Mexican pulp and paper industry has been growing and is attracting foreign 0.88
investments in the sector, as the demand increases. A number of multi-national paper
companies now operate in Mexico, including International Paper, Kimberly-Clark,
Smurfit Kappa, CMPC, and SCA. While a high percentage of recycled material is used in 0.58 0.57
Mexico, the pulp and paper industry currently relies upon imports of virgin fiber for its 0.51
raw material inputs. This situation, however, is changing, owing to increased foreign
investment into the sector and the plantation industry. 0.29 0.26 0.27
◼ The Mexican healthcare industry has significant growth prospects. The manufacturing
cost in the country is also lower by 18.6%, when compared to the United States.
Moreover, the companies are investing in the country for the production of drugs and
medicines. Apparel Yarns Fabrics
SOURCE: Export.gov

5.3.2.4 REST OF NORTH AMERICA

 Apart from the United States, Canada, and Mexico, other countries that are likely to contribute to the growth of the market are Cuba, Puerto Rico, Costa Rica,
Panama, and Jamaica, among others.
 Jamaica has a booming bauxite and alumina industry, which has a positive impact on the economy. With the country attracting potential investors for the
growing mining industry, the market studied is expected to grow at a steady rate during the forecast period.
 In Puerto Rico, the demand for hydrogen peroxide is observed from the processing, textiles and clothing, and other industries.
 Cuba contributes very little to the market demand and is expected to grow at a decent rate in the upcoming years. Cuba seeks to revive its mining industry with
the opening of new lead and zinc mines in the northwestern parts of the country. Additionally, there have been increasing number of mining projects in Cuba.
For instance, Anaconda Mining Company initiated drilling for the second stage of an expanded 7,000-metre diamond drill program at its Goldboro Project in
Nova Scotia.
 Panama has a flourishing service sector and investments. Panama, with its Free Trade Agreements in force with Canada, the European Union, (EU), Mexico,
Colombia, Peru, Chile, Taiwan, and the Central America (Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua), has scope foe a boom in the energy,
mining, and logistics sectors.
 Panama’s food and beverage industries constitute one of the main manufacturing and export sectors of the economy, and the US–Panama Trade Promotion
Agreement (TPA) is helping facilitate investment opportunities in this area.
 Due to the increasing demand from different end-user industries in different countries, the demand for hydrogen peroxide is expected to rise at a steady pace in
the region during the forecast period.

5.3.3 EUROPE
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 Italy
5.3.3.4 France
5.3.3.5 Nordic Countries
5.3.3.6 Rest of Europe

5.3.3 EUROPE

Volume in kilo metric ton, by Country, Europe, 2016-2024
CAGR (%) 2019-
Country 2016 2017 2018 2019 (est.) 2024 (f)
2024
Germany 319.85 332.05 344.54 357.49 426.89 3.61
United Kingdom 56.77 58.86 61.00 63.25 75.93 3.72
Italy 78.96 81.96 85.10 88.35 106.41 3.79
France 71.44 74.21 77.10 80.12 96.64 3.82
Nordic Countries 51.92 54.04 56.23 58.55 71.58 4.10
Rest of Europe 386.20 402.15 418.72 436.22 533.80 4.12
Total 965.14 1,003.27 1,042.69 1,083.98 1,311.24 3.88

5. MARKET SEGMENTATION | 5.3 BY GEOGRAPHY | 5.3.3 EUROPE
5.3.3.1 GERMANY
 The German economy is the largest in Europe, and the fifth-largest in the world and in 2018, the economy grew by about 1.5%, which had been its weakest growth rate
in the past five years.
 The economic growth of the country is affected by various factors, such as trade tensions leading to reduced exports, and tariff disputes triggered by the US
government. However, the country is expected to rise from such fluctuations in economic performance over the forecast period.
 The revenue from the German textile and fashion industry accounted for around EUR 17.8 billion (62% textiles and 38% clothing) in 2018, with an increment of 0.56%
from 2017. The textiles and clothing industry is the second-largest consumer goods industry in Germany. The increasing demand for technical textiles is expected to
drive the regional market substantially.
 The paper industry in the country witnessed a year-on-year growth of about 3.4%. The increase in demand for paper packaging in food products, due to health and
environmental concerns, has also provided growth prospects to the paper industry.
 Hydrogen peroxide is used substantially for industrial waste and sewage treatment purposes. Germany has the largest market for industrial wastewater treatment in
Europe, with almost 3,000 treatment plants, and around 12,000 discharging companies. More than 920 million cubic meter of industrial wastewater is treated annually in
the country, before being discharged to the outside environment.
 The German Chemical Industry Association (VCI) reported that Germany accounted for 29% of EUR 537 billion in sales in the total European chemicals market. The
dominant players in the chemicals industry in Germany are BASF, Bayer, Henkel, Evonik, Covestro, Merck, Lanxess, Freudenberg, Wacker, and Atlanta. With the increasing
demand coming from the major end-user industries, the market for hydrogen peroxide is projected to grow during the forecast period.

5.3.3.2 UNITED KINGDOM

 The economy of the United Kingdom has slowed down after Brexit. In 2018, the GDP
CONSUMPTION OF PAPER AND BOARDS, UNITED KINGDOM
growth rate was 1.4%, which is the slowest growth rate since 2010. The higher inflation, Volume in metric ton, 2017
stemming largely from the pound’s sharp fall, since the Brexit vote has been affecting
the market performance in the country. 4%
 The chemical industry in the country is shifting toward environment friendly policies Packaging
that focuses on low-impact products and production process. This is likely to provide 34% Tissue
50%
opportunities for the adoption of hydrogen peroxide over other bleaching agents, for Grpahics
water treatment applications. Speciality

12%
 As per the CPI, the economic value of the UK’s paper-based industry, in 2018, was GBP
11.5 billion. The UK pulp and paper industry witnessed a moderate growth, over the
past few years. Paper production in the country was growing by over 2%, in 2018. The SOURCE: CPI
 The United Kingdom is the largest European market for high-end
country is also one of the largest markets for recovered paper. However, the industry is
consumer electronics products with more than 18,000 UK-based
expected to experience several downfalls, during the forecast period.
electronics companies. There has been an increase in automation and
 Textiles and clothing manufacturing is a long-established industry in the United
adoption of smart digital technologies in the country lately.
Kingdom. The country is already growing in the fashion and textiles sector exports in a
market worth over GBP 1.4 trillion for clothing alone, and forecast to be almost GBP 2  Thus, with the increasing demand from end-user industries, the
trillion by 2020. The UK textiles production, particularly apparel and homewares, still demand for hydrogen peroxide is expected to increase during the
contributes significantly to the national economy. forecast period.

5.3.3.3 ITALY
 In Italy, the key end-user sectors, such as chemical processing, cosmetics, and COSMETICS PRODUCTION, ITALY
municipal water treatment, among others, have been registering moderate growth Revenue in USD million, 2015-2018
rates in the recent past.
 Under the wastewater segment, upgradations of existing facilities and plans are
being laid out in Italy. For instance, in early 2019, Suez received a contract to 12,813
develop the Naples-North (Napoli Nord) wastewater treatment plant, during the
forecast period. 12320
 The cosmetics manufacturing in Italy has been on a rise since 2015 (as shown in
the graph), and further growth is expected in the sector, owing to the increasing
exports and increase in the domestic demand for skin care products and naturally 11,622
derived cosmetics.
 The Italian textile sector is highly specialized with the presence of manufacturing 11,064
facilities pertaining to different segments along the textile industry value chain.
The textile sector has been showing signs of recovery since 2017, owing to the
growth in the export of fabrics, majorly to countries, such as China.
 The country has the largest segment – apparel, with a market volume of USD
2,544 million in 2019. The total revenue in Italy in the fashion segment amounts to
USD 4,541 million in 2019. The expected annual growth rate (CAGR 2019-2023) of
11.2%, is projected to result in a market volume of USD 6,938 million by 2023. 2015 2016 2017 2018
 Such factors are forecast to support the growth of the hydrogen peroxide market
at a moderate rate in the coming years. SOURCE: Cosmetica Italia

5.3.3.4 FRANCE
 The French economy, which is the third-largest in Europe, recorded a GDP growth rate of 1.7%,
in 2018. In manufacturing, France is one of the global leaders in the automotive, aerospace, SMART HOME PENETRATION (%), FRANCE
and railway sectors, as well as in cosmetics and luxury goods 2017-2022
 France ranks sixth among all other countries in the world, in terms of R&D investments in the
18%
chemical industry, spending around USD 2.1 billion each year. The chemical industry in France 15%
has 3,335 companies, of which 94% are SMEs and consists of nearly 6,000 production sites. In 12%
2017, federation of the chemical industry in the country, France Chimie, signed partnerships 9%
7%
with Trimatec, Axelera, and IAR, to speed up innovation sharing with companies, especially 4%
SMEs.
 France has the one of world's largest beauty and personal care industries, with the highest 2017 2018 2019 2020 2021 2022
number of employees in the cosmetics industry in the European Union. There is a significant
SOURCE: Statista
number of major international cosmetics firms in the country. With the largest domestic
cosmetic market, the industry invests heavily in R&D and product innovation. The country  The French textile industry witnessed a significant growth. It is home to
continues to be the largest exporter of cosmetic products in the world. the world’s top fashion brands, including Chanel, Louis Vuitton,
Christian Dior SE, Yves Saint Laurent, and Lacoste. Apparel production
 In the electronic sector, the sales are driven by the demand for consumer electronics, including
in the country has witnessed a constant growth, owing to the presence
smart phones, 4G network, and tablets. Being one of the most technologically advanced
of these companies. This factor has led to an increase in demand for
countries in the world, penetration levels of these products are incredibly high in French
hydrogen peroxide from the textile industry in the country.
households, which is expected to increase the demand for hydrogen peroxide market, for its
application in the manufacturing of semiconductor devices.

5.3.3.5 NORDIC COUNTRIES

 The Nordic countries consist of Denmark, Finland, Iceland, Norway, and Sweden and their
SMART HOME PENETRATION (%), SWEDEN
associated territories, which include the Faroe Islands, Greenland, Svalbard, and Aland.
2017-2022
 The Swedish pulp and paper industry is booming with numerous investments lined-up by the
major companies. Few investment include:
31%
▪ Restructuring of Metsä Board Husum mill in Northern Sweden of worth USD 250 million. 27%
24%
20%
▪ Capacity expansion at Södra Cell Värö pulp mill in Southern Sweden. 16%
12%
▪ BillerudKorsnäs Gruvön has one of the biggest board machines in the world, courtesy of a
USD 650 million investment.
2017 2018 2019 2020 2021 2022
 The exports of pulp and paperboards are on the verge of recovery in Finland in 2019, owing to
SOURCE: Statista
increase in the capacity utilization rates in the country.
• The smart home penetration in Sweden to hit 31% by the end of 2022
 The Nordic countries are known for their high-quality food production, with Denmark leading
(as shown in the graph). This, along with the increasing demand for
the list. Denmark, with a significant position in the development of technology for the food
other consumer electronics is expected to support the demand for
industry, is one of the world’s largest exporters.
semiconductors and other components in the coming years.
 After a downfall over the past two years, the electronics industry in Norway improved
significantly. This resulted in a boost in sales in the electronics industry, majorly due to improved • All such aforementioned factors are expected to increase the
performance in new categories, such as televisions and wireless speakers. Hence, with this, the consumption of hydrogen peroxide in the region at a steady pace,
demand for hydrogen peroxide is expected to increase from the electronics segment. during the forecast period.

5.3.3.6 REST OF THE EUROPE

 The major countries in the Rest of Europe, include Russia, Spain, Turkey, Belgium, the Netherlands, and Czech Republic, among others. The economies in these countries
are rising moderately with sustainable growth rates.
 Owing to political uncertainties in the country, the economy in Spain has struggled to recover in the past few years. The economy of Spain grew by 3.1% and 2.5% in
2017 and 2018, respectively. The country is the home for one of the most developed chemical industries in Europe. With more than 3,000 chemical companies and a
turnover of more than EUR 63 billion in 2018, the country’s chemical sector is one of the largest in Europe.
 Russia has a huge textile production market, owing to the presence of giant textile producers, such as Rodniki Textile, Bryansk, and Sverdlovsk. With a wide range of
usage of hydrogen peroxide for bleaching purposes in the textile industry, the demand for hydrogen peroxide is large in Russia.
 Russia is also one of the leading producers of minerals in the world. Additionally, it is the sixth-largest gold producer in the world. Moreover, the country produces 20%
of the total nickel and cobalt, and about 5-7% of the overall iron ore and coal. The country is also a major producer of diamonds, platinum group metals, potassium
salts, non-ferrous metals, steel, gold, tungsten, tin, bauxite, and silicon. Among all minerals, the production of gold is expected to grow at a steady rate, owing to the
expected projects to be operational in the next four years.
 In the water treatment industry, Spain is one of the leading European countries regarding the re-use of treated wastewater. Continuous growth in the treatment facilities
for industrial and sewage wastewater is expected to drive the market for hydrogen peroxide in Spain, during the forecast period.
 Belgium and the Netherlands are the major producers and exporters of hydrogen peroxide in the Europe region. Major players, such as Evonik and Solvay, have their
production plants in these countries. Pulp and paper and chemical industries account for a major share of the hydrogen peroxide produced in the region. The
Netherlands is also one of the largest producers of recycled paper across Europe and possesses a robust chemical manufacturing sector. The capacity utilization rates of
the paper production facilities in the Netherlands have been pretty much stable in the past two years, while Belgium witnessed a slight increase in pulp production in
2018-19.
 Thus, with the growth of the end-user industry across Europe, the demand for hydrogen peroxide is expected to witness a boost during the forecast period.

5.3.4 SOUTH
AMERICA
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America

5.3.4 SOUTH AMERICA
HYDROGEN PEROXIDE MARKET, SOUTH AMERICA

Volume in kilo metric ton, by Country, 2016-2024
CAGR % (2019-
Country 2016 2017 2018 2019 (est.) 2024 (f)
2024)
Brazil 108.65 113.02 117.63 122.48 150.38 4.19%
Argentina 37.08 38.66 40.25 41.89 51.19 4.09%
Rest of South America 72.89 75.77 78.78 81.97 100.31 4.12%
Total 218.62 227.45 236.66 246.34 301.88 4.15%

5. MARKET SEGMENTATION | 5.3 BY GEOGRAPHY | 5.3.4 SOUTH AMERICA
5.3.4.1 BRAZIL
 The Brazilian economy was volatile in the past few years. Political instability, high inflation, low prices of export of goods, and depressed confidence levels have caused a
contraction in the Brazilian economy. In 2018, the country registered a GDP growth of 1.1%.
 Brazil’s chemical sector is the eighth largest in the world and the sector holds a leading position, in terms of trade and production across the entire Latin America. The
chemical sector is putting its focus on renewable chemistry, agrochemicals, and cosmetics.
 Brazil lacks proper sewage treatment facilities, with even major cities capable of treating only a small portion of the wastewater generated. Thus, the government is
planning to build proper water treatment facilities, which is likely to augment the growth of the hydrogen peroxide market in the future.
 The sales of consumer electronics reached a saturation point in the country. The consumers are more careful while buying expensive products and this trend is expected
to continue during the forecast period. However, many sub-categories were actually helped by the sale of various expensive items, like 4K television. Despite the
challenging situation, the companies like, Samsung and LG, are continuing to strengthen their positions in the country.
 The Brazilian textile industry is the fifth-largest in the world in terms of manufacturing and is expected to register a significant growth rate with the advancements in
technology. Textile and apparel goods in Brazil is one of the strongest sectors. According to the Brazilian Textile and Apparel Association, the textile production inf the
country witnessed a growth of 4.2%, in terms of volume in 2017-18. This, coupled with the growing exports to the neighboring countries such as Colombia, is expected
to augment the growth of the textile manufacturing sector in near future.
 Owing to the aforementioned factors, the market for hydrogen peroxide is projected to register a moderate growth rate during the forecast period.

5.3.4.2 ARGENTINA
 Argentina’s economy has been facing high inflation rates in the past few years. The government’s policy for the devaluation of peso resulted in a slowdown of the
economy since 2016. In 2018, the country witnessed decline in its GDP by 2.5%.
 The country has been experiencing slow economic activity in the past few years, due to inconsistencies in the domestic policy framework, lower commodity prices,
weak external demand, and the depreciation of the peso. However, the trade and investment-friendly policies, due to the new agenda of liberalization, are expected to
support the Argentine economy, in both the medium and long-terms.
 The consumption of hydrogen peroxide is high in the paper industry, as it is a growing industry in the country. The country holds a huge potential for pulp production,
which however, is yet to be fully utilized. However, the paper industry is expected to register a steady growth.
 Although the growth of electronic appliances market declined after the devaluation of the ARS, it is expected to regain its market position during the forecast period.
With the growth of the electronics industry, the demand for hydrogen peroxide is expected to increase over the forecast period.
 The chemical, manufacturing, and mining industries have been recording a steady growth rate in the recent past, which has led to an increase in demand for water
treatment in the country. Additionally, the government has been combining efforts to reduce water pollution. The World Bank is aiding the Argentine government to
monitor the 50 most industrial polluters in the country, who account for about 95% of the total industrial wastewater discharge.
 Currently, Argentina is focusing on its mineral-rich neighbors, Chile and Peru, in mining investments, although Argentina has rich deposits of copper, gold, silver, and
zinc. This is due to the stringent laws prevalent in Argentina. In order to counteract this, the Argentine government is planning to unify mining regulations under a
proposed federal law that may permit open-pit mines to operate throughout the country, as a part of an effort to start investing in the sector.
 Currently, the Argentine government is working to double the investments in its mining sector to USD 25 billion in the next eight years. All the aforementioned factors
are expected to provide an opportunity for steady growth of the market studied during the forecast period.

5.3.4.3 REST OF SOUTH AMERICA

 The major countries considered under the rest of the South American region are Chile, Peru, and Colombia. This region is beginning to assert its own identity in the
rapidly globalizing world. The countries in this region have ample opportunities for growth and development.
 The economy of Chile witnessed an increased growth rate by 4% in 2018 and the industrial sector contributed 29.96% to the GDP. Despite falling behind in the
manufacturing sector, compared to its Latin American counterparts, such as Brazil, Argentina, and Mexico, Chile holds a key advantage from a geographical standpoint.
The country’s long coastline offers excellent trade access to the potential countries, such as Asia-Pacific.
 Colombia offers economic and political stability for businesses to thrive. This factor has captured the attention of the companies throughout the chemical value chain in
Latin America, such as Anastacio Overseas, the international trading arm of Sao Paulo-based Química Anastacio. The company experienced its sharpest growth in the
region from its Colombian operations.
 Colombia has several key players in its chemical industry, including a mix of foreign, national, private, and state companies for the manufacturing of products that are
mostly consumed domestically. However, the country has been increasingly engaging in export operations in the recent years.
 Among the South American countries, Columbia is poised for new economic activities. It is set to spearhead the growth trajectory in the Andes sub-region of South
America.
 The economies of most of the countries in the region were effected with the drop in oil prices in 2015. the economies are recovering at very slow rates. Overall, the
market for hydrogen peroxide in the rest of South America is expected to witness a moderate growth rate, with the increasing demand from various end-user industries,
as well as increased income levels.

5.3.5 MIDDLE-EAST &
AFRICA
5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 Rest of Middle-East & Africa

5.3.5 MIDDLE-EAST & AFRICA
HYDROGEN PEROXIDE MARKET, MIDDLE-EAST & AFRICA

Volume in kilo metric ton, by Country, 2016-2024
CAGR % (2019-
Country 2016 2017 2018 2019 (est.) 2024 (f)
2024)
Saudi Arabia 283.82 295.28 307.36 320.15 392.51 4.16%
South Africa 21.39 22.21 23.06 23.92 28.59 3.63%
Rest of Middle East &

27.52 28.61 29.77 31.00 37.86 4.08%
Africa
Total 332.73 346.11 360.19 375.07 458.97 4.12%

5. MARKET SEGMENTATION | 5.3 BY GEOGRAPHY | 5.3.5 MIDDLE-EAST & AFRICA
5.3.5.1 SAUDI ARABIA

◼ The economy of Saudi Arabia is recovering, after it slowed down in 2014, due to lower crude oil prices and the country’s regulatory policies. The country recorded a GDP
growth of about 2.21% in 2018, after witnessing decline in GDP by 0.7% in 2017.
◼ The market’s openness and investment opportunities in Saudi Arabia are less, compared to other emerging economies. However, the government in its 10th development
plan, is planning to reform the economic policies with investments in diversified sectors and is trying to attract private investments in the country, in order to make it a
diversified economy that is not dependent on oil.
◼ The country has the largest chemical industry in North Africa and Middle East. The chemical sector is expected to double in size by 2030, owing to the increasing demand
for basic, intermediate, and specialty chemicals. Saudi Arabia has already embarked on a transformational program that will generate a significant industrial growth in
various sectors. This is expected to be the main driver for the development of the chemical sector in the near future.
◼ Saudi represents the region's largest IT market. Massive public investments in infrastructure, health, and education have paved the way for the penetration of advanced
technology and security systems in the country. However, the electronics manufacturing sector is at a relatively nascent phase, compared to other countries worldwide.
Hence, the growth rate of the electronics sector is expected to be very low in the country.
◼ On the other hand, the growing emphasis on encouraging private investments has been augmenting the participation of private players in the sector in the recent times.
Despite the limited production of medical devices in the country, the consumption of medical devices is gradually rising owing to the change in the manufacturing
regulations in the country. This is expected to augment the consumption of hydrogen peroxide to some extent.
◼ Saudi Hydrogen Peroxide Co. , the joint venture between Solvay and Sadara, has a production plant in Jubail for hydrogen peroxide with a production capacity of over 300
kilo metric ton per year. The plant is the largest in the Middle East & Africa regions and majority of the proportion of hydrogen peroxide produced from the plant is
employed for making propylene oxide. Solvay, the market leader in the hydrogen peroxide market, is looking forward to leverage the plant’s production capacity by
enhancing the product portfolio and making use of its distribution network to cater to the domestic and surrounding markets, such as United Arab Emirates, Jordan, and
Qatar.

5.3.5.2 SOUTH AFRICA

 The South African economy has been witnessing a crisis since 2016, with the depreciation in its currency value and high unemployment rate, which have caused the
shrinkage of economic growth. South Africa is the largest recipient of FDI from the United Kingdom. As a result, the United Kingdom’s exit from the European Union has
had a negative effect on the South African economy.
 However, the GDP recovered and witnessed a growth rate of 0.8% in 2018. The government is planning on improving new businesses, promoting investments, and
building up consumer confidence.
 According to Chemical and Allied Industries' Association, the chemical sector of the country accounts for 25% of the manufacturing sales. It is the most developed
sector in Africa.
 The country’s textile and clothing industry, with an aim to make South Africa a preferred global supplier of textiles by using its technological and human resources, is
also likely to increase the demand for hydrogen peroxide. However, due to less technological developments, the local textile production has turned into a capital-
intensive business.
 South Africa’s mining and mineral processing, manufacturing, and chemical processing industries have recorded a considerable growth rate during the past few years.
The growing industries have triggered the need for water treatment in the country. This factor, in turn, is expected to augment the growth of the market.
 The electronics market in South Africa slowed down, due to the lack of government support and high import duties on many electro-mechanical components and
switches. The potentials of growth of the electronics market is high because of the quality products, owing to the major supportive plans by the government, FDI, and
an increase in production demand.
 Overall, owing to the above-mentioned factors, the market for hydrogen peroxide is expected to register a steady and slow growth during the forecast period.

5.3.5.3 REST OF MIDDLE EAST & AFRICA
 United Arab Emirates, Egypt, Oman, and Qatar are the major consumers of hydrogen peroxide in the Middle East & Africa region.
 In Egypt, the chemical industry is expanding at a significant rate and is anticipated to register growth rate of about 6% by the end of 2019.
 The pulp and paper sector is likely to augment the demand for hydrogen peroxide in the region over the forecast period, with the setting up of a new paper line by
Valmet for the Ittihad International Investment LLC in Abu Dhabi that has a capacity of 2 million metric ton.
 The petrochemical sector is expected to drive the market’s growth over the forecast period, due to the increasing expansions of production facilities in the country. In
November 2016, the state-owned company, Abu Dhabi National Oil Company (ADNOC), announced plans to double the production of petrochemicals, as a part of its
2030 strategy. Ethylene and propylene constitute a large chink of the overall production from petrochemical complexes in the region and most of the produced
polyolefin is used in the production of polyethylene, polypropylene, and related products.
 The Egyptian textile industry is also likely to witness growth, with the increase in investments from the Chinese companies. This factor is likely to boost the demand for
hydrogen peroxide in the country. Shandong Rui, a Chinese company, announced its plans to invest USD 800 million on the construction of readymade garment
factories in Egypt.
 The water requirement in Qatar is continuously increasing. Aspire Zone also entered a contract with Suez to build and design a post-treatment plant, to reuse the
recycled wastewater and meet the needs of the 250 ha sports complex of the FIFA 2022 world cup stadium.
 Overall, the increasing demand from various end-user industries in different countries is projected to drive the market’s growth during the forecast period in the region.

6. COMPETITIVE
LANDSCAPE
6.1 Mergers, Acquisitions, Joint Ventures,
Collaborations, and Agreements
6.2 Market Share Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles (Overview, Financials,
Products and Services, and Recent
Developments)

6.1 MERGERS, ACQUISITIONS, JOINT VENTURES, COLLABORATIONS, AND AGREEMENTS
DATE NEWS
In December 2018, Evonik signed an agreement with One Equity Partners to acquire PeroxyChem for USD 625 million. However,
in August 2019, the Federal Trade Commission filed a lawsuit seeking to block Evonik’s proposed acquisition of PeroxyChem
Aug 2019 alleging that the merger of the chemical companies would substantially reduce competition in the Pacific Northwest and the
Southern and Central United States for the production and sale of hydrogen peroxide. This lawsuit has delayed the acquisition
indefinitely.
2019 DowDuPont has split into three companies, namely Dow, DuPont, and Corteva Agriscience.

6.2 MARKET SHARE ANALYSIS

Market Share (%), by Production Capacity, Global, 2018  The global hydrogen peroxide market is consolidated in nature, with the top
five players occupying nearly 70% of the market, as of 2018.
Solvay (Including JVs)
 Solvay is the leading producer in the global market, with production bases
spread around the world. The company caters majority of its hydrogen peroxide
Evonik Industries AG products for chemical production (majorly for production of propylene oxide).
29.4% 28.9% Solvay holds over 65% of the overall hydrogen peroxide used for propylene
oxide, in the global scenario.
Mitsubishi Gas Chemical
Company, Inc.  Evonik is the second-largest producer in the market and is further focusing on
expanding its production capacity in the European region, in the near future.
Arkema Group
4.8%  Mitsubishi Gas Chemical Company Inc. and Arkema Group are other dominant
players in the market. Mitsubishi accounts for over 60% of Japan’s high purity
Kemira Oyj
7.7% 18.3% hydrogen peroxide market.
10.8%  Kemira Oyj, Nouryon, National Peroxide Ltd, and Guangdong ZhongCheng
Others
Chemicals Inc. Ltd are other companies occupying considerable shares in the
global hydrogen peroxide market.
*Market share has been calculated, based on publicly available production
capacities (annual reports, SEC filings, association data, etc.), third party paid  Majority of companies are focusing on expanding their production capacities,
sources information (D&B Hoovers), and our estimation of the companies’ primarily in the Asia-Pacific region. Growing end-user segments, such as
production capacities in the relevant market (in case of unavailability of specific electronics and consumer goods, have been the prime focus areas for a lot of
data in public domain)“ companies in the recent times.
Source: Mordor Intelligence Analysis

6.3 STRATEGIES ADOPTED BY LEADING PLAYERS
SOLVAY
Solvay SA has one of its businesses solely dedicated to peroxides, under the name, ‘Peroxides’. This business has benefitted from the high consumption of paper pulp, and
the worldwide demand for high, value-added special derivatives. The company has come up the concept of mini-plants to be located at proximity to its industrial
customers’ manufacturing plants. The increasing demand for propylene oxide has also driven the growth of the business. The partnerships with other companies in
building mega-plants producing hydrogen peroxide as feedstock for propylene oxide, in the framework of Hydrogen Peroxide to Propylene Oxide (HPPO), have also
helped the company to increase its sales of hydrogen peroxide products at a significant rate. Apart from this, the company is also in plans to expand its production base in
Europe, to cater to niche and innovative applications in the peroxides sector.
EVONIK INDUSTRIES AG
Evonik Industries AG is one of the major players in the hydrogen peroxide market and its products are extensively used in various industries. The company has been
focusing on partnerships and acquisitions lately, as a strategy to maintain its position as one of the leading players in the market. For instance, in 2017, the company
partnered with MOL group, for innovations in the HPPO process. The company has also been making efforts to acquire PeroxyChem, a leading player in the peroxides
market in North America. Evonik is emphasizing on supplying environmental-friendly products, to take advantage of the growing environmental regulations and concerns,
majorly in the developed economies. The company is also looking forward to enhance its sales of specialty products for end-user segments, such as electronics and
ground water treatment.

6.4 COMPANY
PROFILES
6.4.1 Arkema Group
6.4.2 BASF SE
6.4.3 Chang Chun Group
6.4.4 Dow
6.4.5 Evonik Industries AG
6.4.6 Grasim
6.4.7 Guangdong ZhongCheng Chemicals Co. Ltd
6.4.8 Gujarat Alkali and Chemicals Ltd
6.4.9 Hodogaya Chemical Co. Ltd
6.4.10 Kemira Oyj
6.4.11 Kingboard Holdings Limited
6.4.12 Merck KGaA
6.4.13 Mitsubishi Gas Chemical Company Inc.
6.4.14 National Peroxide Ltd
6.4.15 Nouryon
6.4.16 PeroxyChem
6.4.17 Qingdao LaSheng Co. Ltd
6.4.18 Solvay

6. COMPETITIVE LANDSCAPE | 6.4 COMPANY PROFILES
6.4.1 ARKEMA GROUP - OVERVIEW
 Arkema Group is a global manufacturer of specialty chemicals and advanced materials, and
operates mainly through three business segments, such as High-performance Materials,
Industrial Specialties, and Coating Solutions.
 The company has presence in 50 countries with 133 production plants. The company Founded in 2004
manufactures a wide range of products, intended for major industries, including construction,
packaging, chemical, automotive, electronics, food manufacturing, pharmaceuticals industries,
and many more. Colombes, France
 Arkema offers hydrogen peroxide through the High-performance Materials segment, under
the brand names lbone, Peroxal, and Valsterane. www.arkema.com
(+33) (0) 1 49 00 80 80
REVENUE, GLOBAL
In EUR million, 2016-2018
EUR 8,816 million
~20,000 Employees 8,816.00
Revenue (2018)
8,326.00
7,535.00
EUR 707 million EUR 1,474 million

Net Income (2018) EBITDA (2018)
2016 2017 2018
Source: Annual Report

6.4.1 ARKEMA GROUP – FINANCIALS
REVENUE BREAKDOWN, BY BUSINESS SEGMENT REVENUE BREAKDOWN, BY REGION

Revenue Share (%), Global, 2018 Revenue Share (%), Global, 2018
24.12% 45.17%
High-performance Materials 31.00% 31.00%
North America
Industrial Specialties
Europe
Coating Solutions
Asia & Rest of the World
30.71%
38.00%

6.4.1 ARKEMA GROUP - PRODUCTS AND SERVICES
Product Description
Peroxal grades of hydrogen peroxide are 30%, 35%, 50%, 60%, and 70% hydrogen peroxide solutions that are designed for
Peroxal
specialty applications, such as electronic, personal care, cleaning, and chemical process applications.
Albone is formulated for general hydrogen peroxide applications. It is mostly used in the bleaching of paper pulp and natural and
Albone synthetic textile fibers, chemical synthesis, as well as environmental applications, such as wastewater treatment and gas
treatment. It is also used in the mining and metal treatment industries.
Valsterane is a product range of high-purity and high-performance hydrogen peroxide specialty products. This product range has
Valsterane been specially designed for all aseptic technologies (spray, vapor or bath processes) as a disinfectant for cardboard and PE/ PET
packaging in direct contact with food and beverages.

6.4.1 ARKEMA GROUP – RECENT DEVELOPMENTS

M Merger and Acquisition I Product Innovation E Expansion P Partnership
Arkema introduced Valsterane S-HP, a new brand of hydrogen

peroxide for spray Aseptic packaging systems. The product is
available in two concentrations 25% and 35%. The product is
majorly suitable for applications in food packaging.
APR 2019

6.4.2 BASF SE - OVERVIEW
 BASF SE is one of the largest chemical companies, globally. The BASF Group comprises
of subsidiaries and joint ventures, in more than 80 countries, and operates six integrated
production sites and 390 other production sites, in Europe, Asia, Australia,
the Americas, and Africa.
Founded in 1865
 BASF is structured according to five segments, which comprise of 13 divisions with operational
responsibility, namely chemicals, performance products, function materials and science,
agricultural solutions, and oil and gas. BASF has customers in over 190 countries and supplies Ludwigshafen am Rhein,
products to a wide variety of industries. Germany
 The company offers hydrogen peroxide to industries, such as medical, cosmetics, pulp and www.basf.com
paper, semiconductor, and more. BASF’s hydrogen peroxide production takes place at its site in
Antwerp, Belgium. The plant was established as a joint venture between Solvay and BASF, in
February 2006, with a capacity of 230,000 ton per annum hydrogen peroxide plant. +49 621 60 42525
Subsequently, a partnership was set up for financing the plant.
REVENUE, GLOBAL
In EUR million 2016-2018
EUR 62,675 million
~122,000 Employees
Revenue (2018) 62,675.00
61,223.00
57,550.00
EUR 4,707 million EUR 9,166 million

Net Income (2018) EBIDTA (2018)
2016 2017 2018

6.4.2 BASF SE - FINANCIALS

10%
3.48%
28%
22.15%
Chemicals
Europe
45.47%
Performance Products
North America
36%
Functional Materials & Solutions
Asia-Pacific
Agricultural Soutions
South America, Africa, and Middle East
26%
28.90%

6.4.2 BASF SE
PRODUCTS AND SERVICES
Product
BASF produces hydrogen peroxide for in-house consumption (captive consumption), to prepare propylene oxide.
RECENT DEVELOPMENTS
*There are no recent developments pertaining to the market.

6.4.3 CHANG CHUN GROUP
◼ Chang Chun Group deals with the manufacture of chemicals, circuit boards, and
petrochemical-derived specialties, through its different subsidiaries and affiliate companies,
around the world (such as Chang Chun Petrochemicals Co. Ltd, Chang Chun Plastics Co. Ltd,
Tsu Kong Co. Ltd, CCD Germany GmbH, Chang Chun Chemical Corporation, and many more).
Founded in 1949
◼ The company has production bases in China, Malaysia, Indonesia, and Singapore, for
manufacturing different types of chemicals, synthetic resin, thermosetting plastics, high-
performance engineering plastic, electronic materials, and semiconductor chemicals. Taipei, Taiwan
FINANCIAL OVERVIEW
www.ccp.com
*Financials of the company are unavailable.
PRODUCTS AND SERVICES +886-2-2500-1800
Product Description
Industrial grade hydrogen peroxide, with

Hydrogen Peroxide
different concentrations (31%, 35%, and 50%).
RECENT DEVELOPMENTS

6.4.4 DOW – OVERVIEW
◼ Dow is one of the major chemical manufacturers in the global market. The company, in 2015,
merged with DuPont to form DowDuPont. In April 2019, DowDuPont has completed the spin-
out of its materials science division into Dow.
Reorganized in 2019
◼ Dow serves the consumer, industrial and infrastructure, and packaging industries. The
company operates with 113 manufacturing sites worldwide.
Michigan, United States
◼ The company has a hydrogen peroxide plant in Thailand, in the form of a joint venture with
Solvay. The plant has a capacity of over 330,000 t/year of hydrogen peroxide at 100% www.dow.com
concentration.
+1 989-636-1000
USD 49.7 billion

*Revenue (2018) ~38,000 Employees
USD 9.1 billion USD 3 billion

*EBITDA (2018) *Net Income (2018)
Source: Annual Report * On a per forma basis

6.4.4 DOW - PRODUCTS AND SERVICES
Product
DOW produces hydrogen peroxide for in-house consumption (Captive Consumption), to prepare propylene oxide.

6.4.4 DOW – RECENT DEVELOPMENTS

DowDuPont splitted into three companies namely, Dow, DuPont,

and Corteva Agriscience.
M
2019

6.4.5 EVONIK INDUSTRIES AG - OVERVIEW
◼ Evonik Industries AG operates as a holding company, which engages in the manufacture of

specialty chemical products. The company operates through the following segments, Nutrition
and Care, Resource Efficiency, Performance Materials, and Services.
Founded in 2007
◼ Evonik is the second-largest manufacturer of hydrogen peroxide, with 13 production sites and
an annual capacity of approximately 950,000 metric ton.
Essen, Germany
◼ The company offers hydrogen peroxide through the brand names, such as HYPROX, PERSYNT,
OXTERIL, CLAMARIN, PERTRONIC, PROPULSE, and ASPERIX.
www.evonik.com
◼ Apart from its usual applications, hydrogen peroxide produced is also used in the innovative
Hydrogen-Peroxide-to-Propylene-Oxide (HPPO) process developed by Evonik and
ThyssenKrupp Industrial Solutions for the direct chemical synthesis of propylene oxide, an +49 201 17701
important precursor for polyurethanes, and can also be used in the production of caprolactam.
REVENUE
I n EUR million, Global, 2016-2018
EUR 15,024 million
~32,000 Employees
Revenue (2018) 15,024
14,383
12,732

Net Income EBITDA (2018)
2016 2017 2018

6.4.5 EVONIK INDUSTRIES AG – FINANCIALS

5.00% 3.00%
4.00%
Western Europe
26.00% Performance Materials
43.00% Eastern Europe
Nutrition and Care North America

21.00%
38.00% Asia-Pacific
Resource Efficiency
Central and South America
Services
Middle East & Africa
23.00%
31.00% 6.00%

6.4.5 EVONIK INDUSTRIES AG - PRODUCTS AND SERVICES
Product Product Description
• A standard hydrogen peroxide grade manufactured for general industrial purposes. They find major applications as bleaching agents
in the pulp and paper and textile industries. Also used in deinking in wastepaper recycling, along with applications in the chemical
HYPROX
industry for hydroxylation and oxidation reactions.
• The product is a high purity hydrogen peroxide, which is specially designed for food treatment, fine chemical synthesis, as well as for
PERSYNT major applications in the cosmetic and pharmaceutical industries.
• The product is a high purity, food grade hydrogen peroxide, and finds major applications in the aseptic packaging industry. The
OXTERIL products have complied with various regulations and been approved by main packaging machine suppliers.
• The products in this category are hydrogen peroxide grades that are used in various water treatment applications. The products have
CLARMARIN complied with various regulations and are recommended for use in drinking water preparation.

6.4.5 EVONIK INDUSTRIES AG - PRODUCTS AND SERVICES
• These are electronic grade hydrogen peroxide products, which meet the requirements of the electronic industry concerning purity
PERTRONIC and stability. They are also the leading 'wet chemicals' used in the semiconductor industry.
• These products are high concentration hydrogen peroxide grades that find applications in the aeronautics industry. They are used in
PROPULSE space rocket launches and as a mono-propellant in various underwater marine vessels.
• These products are hydrogen peroxide grades, which are used for healthy and sustainable aquaculture. They are effective and
ASPERIX provide a sustainable treatment against sea lice infestation.

6.4.5 EVONIK INDUSTRIES AG – RECENT DEVELOPMENTS

In Dec 2018, Evonik signed an agreement with

One Equity Partners to acquire PeroxyChem for
$625 million. However, in Aug 2019, the Federal
Trade Commission has filed a lawsuit seeking to
block Evonik’s proposed acquisition of
PeroxyChem, alleging the merger of the chemical
companies would substantially reduce
competition in the Pacific Northwest and the
Southern and Central United States for the
production and sale of hydrogen peroxide. This
lawsuit has delayed the acquisition indefinitely. FEB 2019
M E
2019 Evonik is in plans for expanding its
production capacity of hydrogen peroxide at
its Antwerp site in Belgium by 2020. The
addition of a new production line at the
facility is expected to augment the site’s
production capacity by nearly 50%.

6.4.6 GRASIM - OVERVIEW
◼ Grasim is a subsidiary of Aditya Birla Group located in Madhya Pradesh, India. The company
started out as a textile manufacturer and expanded into other business over the years. The
company operates through five major segments: Cement, Financial Services, Viscose,
Chemicals, and Others. Founded in 1947
◼ The major products offered by the company include viscose staple fiber, caustic soda, chlorine
derivatives, Telecom services, cement, fertilizers, textiles, etc. Birlagram, Madhya Pradesh, India
◼ The company provides hydrogen peroxides, which are suitable for bleach formulations and
disinfection applications, and also in the manufacture of cosmetics and pharmaceuticals. www.grasim.com
◼ Hydrogen peroxide is manufactured by Thai Peroxide (a joint venture between the Aditya Birla
Group and PeroxyChem Netherlands Holdings BV). + 040-6716222
REVENUE
in INR crore, Global, 2016-2019
INR 20,550 crore
~ 24,000 Employees
Revenue (2018-19)
20,550
15,786
10,346
INR 515 crore INR 4,639 crore

Net Profit (2018-19) EBITDA (2018-19)
2016-17 2017-18 2018-19

6.4.6 GRASIM
• Eco-friendly: breaks down into water and oxygen

• Removes odor from domestic, municipal, and industrial wastewater (caused by sulfur compounds, amines, mercaptans, and
ENCARE aldehydes)
Hydrogen peroxide for • Controls corrosion, by destroying residual chlorine, sulfides, sulfites, and thiosulfates, which form corrosive acids
the environment • BOD/COD reduction by activating inorganic and organic oxidation
• Gas scrubber for SOx/ NOx and H2S emissions
• Supplies oxygen: dissolved oxygen (0.235 ppm DO per ppm of ENCARE)
• Quickly supplies dissolved oxygen to pond water
• Controls nitrite and poisons, like CN and hydrogen sulfide
ECARE • Oxidizes organic waste to prevent formation of toxic chemicals
Hydrogen peroxide in • Controls the growth of plankton/algae
aquaculture • Helps the molting and fast growth of prawns
• Maintains hygiene and minimizes the mortality of prawns
• Saves time and manpower for pond soil tilling and preparation between each harvest
RECENT DEVELOPMENTS

6.4.7 GUANGDONG ZHONGCHENG CHEMICAL INDUSTRY CO. LTD
◼ Guangdong Zhongcheng Chemical Industry Co. Ltd manufactures and distributes chemical
products. The Company produces hydrosulfite, hydrogen peroxide, sodium carbonate
peroxide, sodium metabisulfite, sodium sulfite, liquid nitrogen, methanol, formaldehyde, and
other chemicals.
Founded in 1993
◼ Its products find applications in the textile, pulp and paper, food, detergent, and kaolin clay
industries
Guangdong,
China
FINANCIAL OVERVIEW
www.zhongcheng.gd.cn
*Financials of the company are unavailable.
PRODUCTS AND SERVICES + 86 76988825606
The company offers hydrogen peroxide, which is used in textile, pulp and paper, and food industries.
RECENT DEVELOPMENTS

6.4.8 GUJARAT ALKALIES AND CHEMICALS LIMITED - OVERVIEW
◼ Gujarat Alkalies and Chemicals Ltd engages in the manufacturing of chemicals, particularly
caustic soda, lye, and flakes. It offers special chlorine derivatives, sodium cyanide, caustic
potash, chloromethane, phosphoric acid, calcium chloride, hydrogen peroxide, and water
treatment chemicals.
Founded in 1973
◼ The company manufactures hydrogen peroxides using technologies, like the ‘Auto Oxidation’
process technology of UHDE, Germany and Chematur Engineering AB, Sweden.
Gujarat, India
◼ The company has two major hydrogen peroxide plants at Vadodara complex and Dahej
complex, with production capacities of 38 ton/day and 80 ton/day respectively.
www.gacl.com
+91 2652232681
REVENUE
in INR lakh, Global, 2017-2019
322215.00
261964.00
INR 3,22,215 lakh INR 69,019 lakh

Revenue (2018-19) Net Profit (2018-19) 2017-18 2018-19

6.4.8 GUJARAT ALKALIES AND CHEMICALS LIMITED

• As a bleaching agent for pulp and paper, textiles, and sugar industries
• Used in pharmaceuticals as an antiseptic agent
• Used in aseptic packing, as a sterilizing agent
HYDROGEN PEROXIDE
• In the electronics industry, as an etching and cleaning agent.
• For effluent treatment in the water treatment industry
• Propellants for aircrafts and rockets
RECENT DEVELOPMENTS

6.4.9 HODOGAYA CHEMICAL CO. LTD - OVERVIEW

◼ Hodogaya Chemical Co. Ltd is involved in the manufacturing and selling of organic industrial
chemicals.
◼ It operates through the following segments: Functional Colorants, Functional Polymers, Basic
Chemicals, Agro-Science, and Others.
Founded in 1916
◼ The company has manufacturing sites across various locations in Japan. Some of the famous
plants are Koriyama plant, Yokohama plant, and Nanyo plant.
Tokyo, Japan
◼ The company is a major producer of peroxide-related products, in Japan. The company offers
hydrogen peroxide under its Basic Chemicals segment.
https://www.hodogaya.co.jp/
◼ Nippon Peroxide Co. Ltd is one of the subsidiaries of the company. The company is involved in
the manufacture, sales, and export/import of hydrogen peroxide and its derivatives, such as
oxygen-type bleaching agents. + 81 3 52998000
REVENUE, FY 2017 – FY 2019

In JPY billion, Global
38.69
37.54
JPY 37.54 billion Approximately 731
Revenue (2018-2019) Employees 2017-18 2018-19
Source: Annual Report Financial results for the year ended March 31st

6.4.9 HODOGAYA CHEMICAL CO. LTD

Product Description Application
Hydrogen Peroxide (H2O2)

(35%)

(40%)
• Bleaching agent for paper pulp, textiles, and
Hydrogen peroxide is a transparent liquid, like water, with moderate other products.
Hydrogen Peroxide (H2O2) oxidizing strength. It decomposes into harmless water and oxygen.
Hence, it is used in environmental pollution control systems. • Oxidizer for industrial chemicals.
(60%)
It is stable when stored under proper conditions. • Sewage treatment for environmental
Hydrogen Peroxide (H2O2) pollution and other applications.
General item

Special item
RECENT DEVELOPMENTS

6.4.10 KEMIRA OYJ - OVERVIEW
◼ Kemira Oyj is a global chemicals company, which provides services to water-intensive

industries. The company is mostly focused on the pulp and paper, oil and gas, and water
treatment industries. Founded in 1920
◼ The company engages in the provision of water quality and quantity management solutions,
thereby, improving energy, water, and raw material efficiency. It operates through the following Helsinki, Finland
two segments: Pulp and Paper and Industry and Water.
◼ Kemira is one of the major producers of hydrogen peroxide, and has a wide range of expertise https://www.kemira.com/
in the usage of hydrogen peroxide in bleaching applications.

+ 358 108611
REVENUE, 2016-2018
In EUR million, Global
EUR 2,592.8 million Approximately 4,915
Revenue (2018) Employees
2,592.8
2,486.0
2,363.0
EUR 95.2 million EUR 314.8 million
Net Profit (2018) EBITDA (2018)
2016 2017 2018

6.4.10 KEMIRA OYJ – FINANCIALS

8.94%
16.09% Finland, Domicile of the Parent
Company
41.00% Other Europe, Middle East & Africa

Pulp and Paper
38.63%
59.00% Americas
Industry and Water 36.34%

Asia-Pacific

6.4.10 KEMIRA OYJ

Product Application
Chemical Pulp: Peroxide has strong application in the alkaline stages. In bleaching plants, hydrogen
peroxide and distilled peracetic acid (dPAA) are excellent alternatives for delignification and bleaching.
Mechanical Pulp: Hydrogen peroxide is widely used as a bleaching agent, for different mechanical
Hydrogen Peroxide and chemi-mechanical pulps.
Recycled Fiber: The produced hydrogen peroxide is used in the actual deinking process, or in a
separate bleaching stage.
Chemical Industry: Hydrogen peroxide is used in the chemical industry, as an oxidizing agent in
reactions, such as oil epoxidization.
RECENT DEVELOPMENTS

6.4.11 KINGBOARD HOLDINGS LIMITED - OVERVIEW

◼ Kingboard Holdings Limited is a Hong Kong-based investment holding company, which is
involved in chemical products-related businesses.
◼ The company operates more than 60 manufacturing plants, with business segments ranging
from Laminates to Printed Circuit Boards (PCBs), Chemicals, and Properties Development.
Founded in 1988
◼ The Laminates segment is involved in manufacturing and selling laminates. The Printed Circuit
Boards segment is involved in the manufacture and sales of single-, double-, and multi-layer
Hong Kong, China
and high-density interconnect PCBs.
◼ Kingboard is one of the leading suppliers of chemical products in China, with a diversified
https://www.kingboard.com/
product portfolio. Its main chemical business includes coal chemical, chemical refinery, phenol
and acetone, and bittern and other commodity chemicals, such as formalin, hydrogen
peroxide, and PVC. +(852) 2605 6493

In HKD million, Global
HKD 45,994.4 million Approximately 50,000
Revenue (FY 2018) Employees
43,371.3 45,994.4
35,830.3
HKD 6,075.8 million HKD 10,212.2 million

Net Profit (FY 2018) EBITDA (FY 2018)
FY2016 FY2017 FY2018

6.4.11 KINGBOARD HOLDINGS LIMITED – FINANCIALS

3.76%
1.80% The PRC (Country of Domicile)

5.84%
37% 40% Laminates Other Asian countries (including

Thailand, Japan, South Korea, and
Singapore)
Printed Circuit Boards Europe
Chemicals
America
23% 88.60%

6.4.11 KINGBOARD HOLDINGS LIMITED

Product Description
Hydrogen Peroxide 27.5% (Superior)

• These products are primarily used as oxidizing agents, antiseptics, and dechlorinating agents.
• In the chemical industry, they are widely used in producing epoxide, organic peroxide, and inorganic
peroxide acid, like sodium carbonate peroxyhydrate, sodium perforate, and peracetic acid.
Hydrogen Peroxide 35.0% • In the pharmaceutical industry, a diluted solution (below 3%) is used as an antiseptic, bactericide, and
preservative. For protecting the environment, they are used in sewage treatments. Hydrogen peroxide
solutions have detoxification properties, which contain cyanide and nitrite.
• In addition, a high concentration of hydrogen peroxide can be used as a rocket propellant.
Hydrogen Peroxide 50.0%
RECENT DEVELOPMENTS

6.4.12 MERCK KGAA - OVERVIEW
◼ Merck KGaA is a Germany-based company, which primarily focuses on healthcare, life science,
and performance materials. It is the world's oldest pharmaceutical and chemical company.
◼ Merck (Darmstadt, Germany) holds the global rights to Merck’s name and brand. The only
exceptions are the United States and Canada, where the company operates as EMD Serono in Founded in 1668
the biopharma market, as Millipore Sigma in the life science market, and as EMD Performance
Materials in the specialty chemicals and high-tech materials business areas.
Darmstadt, Germany
◼ The company offers a broad portfolio of 300,000 products, with manufacturing plants in more
than 120 countries. The company has sales units all over the world, with a customer base of
more than one million. https://www.merckgroup.com/en
◼ The company manufactures hydrogen peroxide products through Millipore Sigma.

+496151720
REVENUE, 2017-2018
EUR 14,836 million Approximately 51,749
Revenue (2018) Employees
14,836
14,517

2017 2018

6.4.12 MERCK KGAA – FINANCIALS

6.40% 3.67%
16.00% Europe
30.73%
Healthcare North America
33.47%
42.00%
Asia-Pacific (APAC)
Life Science
Latin America
Performance Materials
42.00%
25.73% Middle East & Africa (MEA)

6.4.12 MERCK KGAA

Product Brand
Hydrogen Peroxide 30% OmniTrace Ultra
Hydrogen Peroxide 31% Ultrapur
Hydrogen Peroxide 35% Emplura
Hydrogen Peroxide Solution 30% w/w Suprapur
Hydrogen Peroxide Solution 3% w/v Stabilized TITRISTAR
RECENT DEVELOPMENTS

6.4.13 MITSUBISHI GAS CHEMICAL COMPANY INC. - OVERVIEW

◼ Mitsubishi Gas Chemical Company Inc. is involved in manufacturing organic and inorganic
chemicals, petroleum-derived chemicals, and related products.
◼ The company operates its businesses through Natural Gas Chemicals, Aromatic Chemicals,
Specialty Chemicals, and Information and Advanced Materials.
◼ The company established the Yamakita plant and started the production of hydrogen Founded in 1918
peroxide, using the electrolytic method for the first time, in Japan.
◼ Kyoudou Kasankasuiso Corporation, Shinsanso Kagaku Co., MGC Pure Chemicals America Inc., Tokyo, Japan
MGC Pure Chemicals Singapore Pte. Ltd, MGC Pure Chemicals Taiwan Inc., PT Peroksida
Indonesia Pratama, Samyoung Pure Chemicals Co. Ltd, and Suzhou MGC Suhua Peroxide Co.
Ltd are the different companies, which are involved in the production of hydrogen peroxide, https://www.mgc.co.jp/
under the global company, Mitsubishi Gas Chemical Company Inc.
◼ The company operates its hydrogen peroxide business under the Inorganic Chemicals division +81-3-3283-5000
of the Specialty Chemicals business segment.

In JPY billion, Global
JPY 648.9 billion Approximately 8,276
Revenue (FY 2018) Employees
635.9 648.9
556.4
JPY 41.3 billion
JPY 55 billion
Operating Income
Net Income (FY 2018)
(FY 2018)
FY2016 FY2017 FY2018
Source: Annual Report For the year ended March 31st

6.4.13 MITSUBISHI GAS CHEMICAL COMPANY INC.

PRODUCTS & SERVICES
Product Description
Hydrogen Peroxide This product is mainly used as a bleaching agent for textile, paper and pulp, other industrial applications.
This product is primarily used as a cleaning, etching, and abrading agent in semiconductor, wafer, and device-manufacturing
Super-pure Hydrogen Peroxide
processes.
RECENT DEVELOPMENTS

6.4.14 NATIONAL PEROXIDE LTD - OVERVIEW

◼ National Peroxide Ltd is a manufacturer of hydrogen peroxide, sodium perborate, compressed
hydrogen gas, and peracetic acid.
◼ The company operates its businesses through two divisions: Manufacturing of Peroxygens and
Founded in 1954
Hydrogen Gas and Others, which consists of investment activities.
◼ The company produces hydrogen peroxide, with an installed capacity of approximately 95,000
Mumbai, India
metric ton per annum (MTPA), on a 50% weight-per-weight (w/w). basis.
◼ The company also produces hydrogen peroxide in concentrations of 35%, 60%, and 70%. The http://www.naperol.com/
company is a pioneer in peroxygen chemicals, in India, and the largest manufacturer of

hydrogen peroxide in the country. +91-22-66620000

In INR lakh, Global
42,061.07
32,423.82
26,776.20
INR 42,061.07 lakh Approximately 123

Revenue (2018-2019) Employees
2016-17 2017-18 2018-19
Source: Annual Report For the year ended March 31st

6.4.14 NATIONAL PEROXIDE LTD

Products Description
Hydrogen Peroxide (35% w/w,

Concentrated)
Hydrogen Peroxide (50% w/w, These products are used in the pulp and paper industry, for bleaching chemical and mechanical pulp and for
Concentrated) wastepaper recycling. In the textile industry, they are used as bleaches for natural and synthetic fibers, and as
desizing agents. Furthermore, they safely detoxify many industrial wastes, including phenolics and reduced sulfur
Hydrogen Peroxide (60% w/w, compounds. In addition, these products are also used in the extraction and finishing of metals.
Concentrated)
Hydrogen Peroxide (70% w/w, Distillate)
RECENT DEVELOPMENTS

6.4.15 NOURYON - OVERVIEW
◼ Nouryon (formerly AkzoNobel specialty chemicals) is a specialty chemicals company, which was
established as an independent company in 2018.
◼ The product portfolio of the company includes polymers, ethylene and Sulphur derivatives,
bleaching and oxidizing chemicals. surfactants, and caustic products, among others. The products of Reorganized in 2018
the company find applications in food, paints and coatings, electronics, personal care, water
treatment, agriculture, oil and gas etc.
Amsterdam, Netherlands
◼ Nouryon offers hydrogen peroxide through its subsidiary company Eka, under the brand name, Eka
HP.
www.nouryon.com
+31 88 969 78 09
REVENUE
in EUR million, Global, 2017-2018
5,064.00
4,987.00

Revenue (2018) EBITDA (2018) 2017 2018

6.4.15 NOURYON
Product Description
The hydrogen peroxide offered under the brand name Eka HP is available in concentrations of 35%, 50%, and 70%. The product is
Eka HP
majorly used for bleaching both mechanical and chemical pulps and as a reducing agent.
RECENT DEVELOPMENTS

6.4.16 PEROXYCHEM - OVERVIEW

◼ PeroxyChem is one of the global producers of specialty chemicals, like hydrogen peroxides,
persulfates, and peracetic acid.
◼ The company sells about 85% of its products through direct channels, using a mixture of
product-focused specialists and technical market experts.
Founded in the 1900’s
◼ The company is always engaged in the innovation of new and unique products, technologies,
and delivery systems for the end-user industries. This is evident from the registration of nearly
30 unique patent titles, spread across 62 countries. Pennsylvania, the United States
◼ About 80% of the company’s revenue is generated from the Americas, and the remaining part
of the revenue is generated from the rest of the world. The company has two joint ventures, http://www.peroxychem.com/
with Thai Peroxide Co. Ltd and Beijing Enviro-Chem, which operate in the Asia-Pacific region.
◼ The company is a leading manufacturer and supplier of hydrogen peroxide. PeroxyChem offers +1 866 860 4760
the broadest range of concentrations and purities, for various end-user applications.
FINANCIAL OVERVIEW
*Financials of the company are not available in the public domain.

6.4.16 PEROXYCHEM – FINANCIALS
REVENUE BREAKDOWN, BY CHEMISTRY REVENUE BREAKDOWN, BY MARKET

6.00% 8.00% 7.00% Electronics

6.00%
14.00% 10.00% Chemical Synthesis
Hydrogen Peroxide
10.00% Polymer Initiation
Persulfates Pulp and Paper

14.00%
Other
Peracetic Acid
21.00% 59.00% 17.00% Food Safety
Other Environment
28.00% Energy
Source: Corporate Brochure

6.4.16 PEROXYCHEM - PRODUCTS AND SERVICES

Product Description
This product is extensively used for pulp and paper, mining, textile, and environmental applications. It is formulated for high
Standard Grade Hydrogen Peroxide
stability and long-term storage.
Durox Food Grade Hydrogen Peroxide This product is used in aseptic packaging, as well as in other food sterilization and bleaching applications.
Technical grade is frequently used in the synthesis of organic chemicals, such as epoxides, organic peroxides, and amine
Chemical Synthesis Grade Hydrogen
oxides. Chlorate grade is specially formulated for hypochlorite control in chlorate cells and do not interfere with the
Peroxide
electrode performance.
Semiconductor Grade Hydrogen

This product is exceptionally pure and highly stable, designed for semiconductor manufacturing.
Peroxide
High-test Hydrogen Peroxide This product is designed to meet the propulsion industry's growing need for storable, low-toxicity oxidizers.
B-cap Antimicrobial Grade Hydrogen This product is used for bio-fouling control in cooling and process water systems, as a paper mill biocide and for general
Peroxide slime control.
Super D Cosmetic Grade Hydrogen

This product is stabilized for those customers who prepare diluted hydrogen peroxide solutions that require a long shelf life.
Peroxide
OxyPure Drinking Water Grade This product is used for the removal of iron and hydrogen sulfide from ground water, for taste and odor control, and for
Hydrogen Peroxide destroying ozone and chlorine residuals during the treatment of potable water.

6.4.16 PEROXYCHEM - PRODUCTS AND SERVICES

Product Description
This product is a hydrogen peroxide grade, specifically designed for the cosmetic, pharmaceutical, and dental industries, and
AOPACK (Europe) is used as a general antiseptic in dermatology applications, as an oxidizer or neutralizer for hair bleaching, and for the
cleaning of dentures or oral disinfection products.
This product is a hydrogen peroxide grade, specifically designed for the cosmetic, pharmaceutical, and dental industries, and
AOFARMA (Europe) is used as a general antiseptic in dermatology applications, as an oxidizer or neutralizer for hair bleaching, and for the
cleaning of dentures or oral disinfection products.
This product is a hydrogen peroxide grade, specifically designed for the cosmetic industry, and is used as an oxidizer or
AOCOSM (Europe)
neutralizer for hair bleaching applications.
This product is a hydrogen peroxide grade, that is used in detergents as a stain remover, bleach strengthener, chlorine-free
AOCOLOR (Europe)
lye, colored clothing lye, or a drain cleaner/deodorizer.
This product is an environmentally safe grade of hydrogen peroxide, specially developed for being used in OHP wastewater
OHP Grade Hydrogen Peroxide
treatment plants or in Fenton chemical oxidation treatment processes, for the reduction of COD and TOC in wastewaters.
This product is used for the treatment of facilities or machinery, related to the food industry. OxyPure C50 is used for
OxyPure C50 (Europe) disinfection and fumigation of public or private premises, fixed or mobile establishments, and transport systems and their
facilities.

6.4.16 PEROXYCHEM – RECENT DEVELOPMENTS

M Merger and Acquisition I Product Innovation E Expansion P Price Change
In December 2018, Evonik signed an agreement with One Equity

Partners, to acquire PeroxyChem, for $625 million.
However, in August 2019, the Federal Trade Commission filed a lawsuit,

PeroxyChem increased the prices of all the grades seeking to block Evonik’s proposed acquisition of PeroxyChem, alleging
of hydrogen peroxide, in the EMEA region. This that the merger between the chemical companies would substantially
was effective from September 1, 2018. reduce competition in the Pacific Northwest and the Southern and
Central United States, related to the production and sales of hydrogen
The increase in prices ranged between EUR peroxide.
60/MT and EUR 120/MT, across Europe and the
export markets. This lawsuit indefinitely delayed the acquisition.
P M
SEP 2018
2019

6.4.17 QINGDAO LASHENG CO. LTD

OVERVIEW
◼ Qingdao LaSheng Co. Ltd is a manufacturer of chemicals, based in Qingdao city, in northern
China. The company offers hydrogen peroxide, along with various other chemicals.
◼ The company provides hydrogen peroxide 50%, in good quality and at a competitive price. Founded in 1997
FINANCIAL OVERVIEW Quingdao, China
*Financials of the company are not available in the public domain.

Operations: China
+(86 532) 85708208
Product Description
The company offers hydrogen peroxide in three purity forms:

H2O2 50% MIN
Hydrogen Peroxide H2O2 35% MIN
H2O2 27.5% MIN
RECENT DEVELOPMENTS

6.4.18 SOLVAY - OVERVIEW
◼ Solvay manufactures chemicals and advanced materials. The company has over 35 specialty
polymers product lines, which are available in more than 1,500 formulations.
◼ The company offers its products and solutions to a wide range of markets, which include
agriculture, automotive and aerospace, building and construction, consumer goods and Founded in 1863
healthcare, electrical and electronics, and others.
◼ The company operates through its 115 registered locations, across 61 countries. Brussels, Belgium
◼ The Peroxides business unit of Solvay caters to the worldwide market and is a technology
leader in hydrogen peroxide. Solvay Peroxides operates 17 plants in North and South America, https://www.solvay.com/en/
Europe and Middle East, Asia, and Australia. It operates the biggest hydrogen peroxide plant
in the world and is developing in parallel myH2O2, a new small satellite plant concept,
designed for installation at the sites where the customers are located. +32-2-264-2111
REVENUE, 2016-2018
EUR 11,299 million Approximately 24,500
Revenue (2018) Employees 11,403 11,299
10,891

2016 2017 2018

6.4.18 SOLVAY – FINANCIALS
REVENUE BREAKDOWN, BY REGION

Revenue Share (%), Global, 2018
European Union
30.06%
27.32%
Europe – Other
North America
1.00% Latin America

10.80%
30.82% Asia and Rest of the World

6.4.18 SOLVAY - PRODUCTS AND SERVICES
Product Description Application End-user Market
• Aquaculture
• Aseptic Packaging
• Chemical
• Generating cleaner water, air, and soil
The company offers hydrogen peroxide, under the brand • Cleaning in Place
• Whitening papers and textiles
name of INTEROX. This product is available in various • Etchant/Photovoltaic
• Producing food more sustainably and
grades, such as standard grade, aseptic grade, chemical • Electronics
making it safer
grade, cosmetic grade, food grade, special grade, • Gas scrubbing
• Cleaning clothes
Hydrogen pharma grade, steril grade, and others. • Health Care
• Protection from harmful microorganisms
Peroxide The specific grades for the electronics industry are EG-ST • Home Care
(disinfection)
hydrogen peroxide 59%, EG-ST hydrogen peroxide 31%, • Mining
• Mining the planet’s resources in the most
EG-ST hydrogen peroxide 50%, EG-1 hydrogen peroxide • Propylene Oxide
efficient way
31%, EG-10 hydrogen peroxide 31%, and PicoPlus • Pulp and Paper
• Making electronic components purer
hydrogen peroxide 31%. • Personal Care
• Developing building blocks for goods
• Soil Treatment
• Textiles
• Wastewater Treatment

6.4.18 SOLVAY – RECENT DEVELOPMENTS

M Merger and Acquisition R Recognition E Expansion P Price Change
The company increased the production of

H2O2, at its hydrogen peroxide plant in
Jemeppe-sur-Sambre (Belgium).
Solvay Hydrogen Peroxide Joint Venture
(HPJV)*, located in Rayong, Thailand, was Further expansions are planned to take
awarded Highly Protected Risk (HPR), by place in Bernburg (Germany) and Voikkaa
JUL 2018 US the insurance company, FM Global. (Finland).
NOV 2018
P R E E
The company the increased prices of all
OCT 2018 The company opened a new electronic JUL 2019
hydrogen peroxide grades and derivates in
grade hydrogen peroxide plant in
Europe, by EUR 130 per dry metric ton.
Zhenjiang, China, with as annual
This was effective from September 1, 2018. The capacity up to 24,000 metric ton, for
change in price was due to the increase in the meeting the demand for electronic
prices of key raw materials and utilities, chemicals in the country.
coupled with the worldwide demand exceeding
the production capacity.

7. MARKET
OPPORTUNITIES AND
FUTURE TRENDS
7.1 Eco-friendly Alternative to Chlorine for
Wastewater Treatment
7.2 Growth of the Electronic Industry in Developing
Asian Countries

7.1 NEWER OPPORTUNITIES FOR HYDROGEN PEROXIDE IN WASTEWATER TREATMENT
 The global wastewater treatment market is experiencing rapid changes in response to strict environmental regulations. Major companies actively participate in the research
landscape of this market, with the intention to provide cost-effective and eco-friendly solutions.
 Demand for hydrogen peroxide is expected to increase in the next few years, due to government initiatives regarding wastewater treatment. It is an eco-friendly alternative
to liquid chlorine. Although liquid chlorine is still widely used in municipal wastewater treatment plants, the associated safety and pollution issues are likely to change the
consumer preference toward hydrogen peroxide for wastewater treatment.
 Hydrogen peroxide is environmentally safe, cost-effective, and easy to operate, as compared to the usage of chlorine for wastewater treatment purposes. It also has good
ability in reducing bonded chlorides, in both organic and inorganic compounds present in the wastewater.
 It has been used in different experiments to improve oxygen supply, and oxidation rate of suspended and dissolved particles that cause pollution in such water effluents.
Additionally, hydrogen peroxide is used as an oxidizing auto catalyst for the treatment of halogenated hydrocarbon in wastewater.
 In Asia-Pacific, the governments are taking serious steps to tackle the disposal of wastewater. Countries, such as Japan, Singapore, South Korea, and Australia, are investing
in water treatment, owing to strict environment laws. For instance, the South Korean Toxic Chemical Control Act provides momentum to the water treatment market. These
laws are expected to drive the demand for hydrogen peroxide in recent years.
 The North American and European countries have imposed strict regulations for wastewater treatment. High land, labor, and chemical costs make wastewater treatment
expensive in such countries.
▪ In the United States, plant personnel are forced to comply with tighter National Pollutant Discharge Elimination System (NPDES) guidelines for water treatment, as per
the Environmental Protection Agency (EPA) and individual state regulators mission, to deal with wastewater issues.
▪ In Europe, the guidelines for water treatment and wastewater issues are given by REACH, under compliance with the European Commission, across all countries in the
region. The guidelines have been tightened, which forces companies and plant officials to ensure correct water treatment systems.
 Conventional disinfectant technologies, such as chlorine, chlorine dioxide, ozone, peracetic acid, and ultraviolet (UV) radiation, are being increasingly replaced by
technologies involving the combination of ozone and hydrogen peroxide, as well as hydrogen peroxide and UV radiation.
 On the whole, the rising environmental regulations regarding wastewater treatment are expected to increase the demand for hydrogen peroxide, during the forecast period.

7.2 GROWTH OF THE ELECTRONIC INDUSTRY IN DEVELOPING ASIAN COUNTRIES

 The demand for hydrogen peroxide (H2O2) has been increasing from the electronics segment, due to its usage in electronics equipment and semiconductors.
 The electronics manufacturing market in Asia-Pacific is expected to grow rapidly during the upcoming years, due to the presence of large number of OEMs in the region.
Low cost and the availability of raw materials, coupled with cheap labor is driving the growth of the sector. The companies in the region provide manufacturing and
assembling services to companies in Germany, France, and the United States. Moreover, these companies are rapidly digitizing their business to achieve end-to-end
integration of their operation. This is further encouraging the OEMs from Europe and North America to outsource their production to Asia-Pacific.
 Some of the recent developments in electrical and electronics sector of the Asia-Pacific region include:
▪ In July 2018, Samsung inaugurated the world’s largest mobile phone factory in Uttar Pradesh, India. The factory already has plans to double the company’s mobile
phone production capacity to 120 million units by 2020.
▪ In March 2018, PC maker Lenovo bought a controlling stake of Fujitsu Client Computing Limited, which produces PCs and tablet devices.
 The electronics industry in Japan continues to provide opportunities for the market studied. The domestic production remains strong for products offering high reliability
and quality, semiconductors, and electronic equipment. The semiconductors demand has been on a rise in the Asia-Pacific region since 2018 (as shown in the figure).
 The Indian semiconductor industry offers high potential growth areas, as industries sourcing semiconductor in the country are witnessing high demand. India is considered
to have a very fast-growing electronics system design manufacturing (ESDM) industry.
▪ According to the Department of Electronics and Information Technology, around 2,000 chips are being designed every year in India.
▪ According to the Associated Chambers of Commerce of India, the Indian electronics and hardware industry has been estimated to reach USD 112-130 billion by 2018,
as electronics and hardware manufacturers are looking forward to increase their manufacturing capacity in India as well as the Middle East & Africa, and SAARC
countries.
 Furthermore, China is embracing its growing electronics industry. The average annual growth rate of the Chinese electronic sector is more than 10%. Global leaders, such as
Evonik Industries AG, Solvay, Dow, etc., are concentrating more in China, which is expected to boost the demand for hydrogen peroxide during the forecast period.
 With the growing electronics industry in the Asia-Pacific countries, such as China, India, and Japan, the demand for H2O2 is expected to increase from their respective
electronic manufacturing sectors in the coming years.

7.2 GROWTH OF THE ELECTRONIC INDUSTRY IN DEVELOPING ASIAN COUNTRIES
MONTHLY SEMICONDUCTOR SALES, ASIA-PACIFIC

In USD billion, by Country, March 2018- March 2019
16
14.11 14.42
13.59 13.82 13.97
14 13.16
12.38 12.71
11.95 11.63
12 10.84 10.86
10.32 10.32 10.46 10.53 10.33 10.72
10.22 10.13 10.28 9.96
10 9.45 9.26
6
3.39
3.39
3.39
3.39
3.38
3.36
3.32
3.19
3.16
2.99
3.3
2.86
4
0
Mar' 18 Apr' 18 May' 18 Jun' 18 Jul' 18 Aug' 18 Oct' 18 Nov' 18 Dec' 18 Jan' 19 Feb' 19 Mar' 19
China Japan Asia-Pacific (Other)
SOURCE: WSTS; SIA

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REPORT

GLOBAL HYDROGEN PEROXIDE

Industry Reports | Consulting | Intelligence Center

2 REPORT - GLOBAL HYDROGEN PEROXIDE MARKET

3 REPORT - GLOBAL HYDROGEN PEROXIDE MARKET

4 REPORT - GLOBAL HYDROGEN PEROXIDE MARKET

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1.1 STUDY ASSUMPTIONS

7 REPORT - GLOBAL HYDROGEN PEROXIDE MARKET

1.2 SCOPE OF THE STUDY

BY PRODUCT FUNCTION BY END-USER INDUSTRY

Pulp and Paper

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STEP 1 STEP 2 STEP 3

Decipher client requirements/ market to be

Tailor-made research approach for

Effective use of Mordor’s knowledge

Confirm the objectives of the assignment with

10 REPORT - GLOBAL HYDROGEN PEROXIDE MARKET

2.1 SECONDARY RESEARCH 2.2 PRIMARY RESEARCH

11 REPORT - GLOBAL HYDROGEN PEROXIDE MARKET

2.3 DATA TRIANGULATION AND INSIGHT GENERATION

An econometric model is a simplified representation of a real-world process. REPORT

12 REPORT - GLOBAL HYDROGEN PEROXIDE MARKET

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HYDROGEN PEROXIDE MARKET

 On the flipside, long-term exposure to hydrogen peroxide and the health

 Some of the prominent players in the global hydrogen peroxide market

2016 2017 2018 2019 (est.) 2024 (f)

SOURCE: Mordor Intelligence

14 REPORT - GLOBAL HYDROGEN PEROXIDE MARKET

HYDROGEN PEROXIDE MARKET HYDROGEN PEROXIDE MARKET

2.66% 9.50% 60.41% Disinfectant

Other Product Other Product

15 REPORT - GLOBAL HYDROGEN PEROXIDE MARKET

HYDROGEN PEROXIDE MARKET HYDROGEN PEROXIDE MARKET

Pulp and Paper Pulp and Paper

8.45% Mining 8.54% Mining

16 REPORT - GLOBAL HYDROGEN PEROXIDE MARKET

HYDROGEN PEROXIDE MARKET HYDROGEN PEROXIDE MARKET

6.96% 52.78% Asia-Pacific 6.91% 53.49% Asia-Pacific

North America 4.54% North America

Middle East & Africa 15.31% Middle East & Africa

17 REPORT - GLOBAL HYDROGEN PEROXIDE MARKET

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4.1.1 RISING DEMAND FROM THE PAPER AND PULP INDUSTRY

▪ Bleaching of wood pulp

▪ Recycling of wastepaper (de-inking)

19 REPORT – GLOBAL HYDROGEN PEROXIDE MARKET

4.1.1 RISING DEMAND FROM THE PAPER AND PULP INDUSTRY

PRODUCTION CAPACITY OF PAPER AND CARDBOARD, GLOBAL

260,000 258,772 259,223

20 REPORT – GLOBAL HYDROGEN PEROXIDE MARKET

4.1.2 INCREASING CONSUMPTION OF HYDROGEN PEROXIDE AS RAW MATERIAL FOR

POLYURETHANE DEMAND, GLOBAL

▪ It can also be used as an herbicide and solvent.

21 REPORT – GLOBAL HYDROGEN PEROXIDE MARKET

4.2.1 HEALTH HAZARDS ASSOCIATED WITH LONG-TERM EXPOSURE OF HYDROGEN

 Few hazards of hydrogen peroxide are as follows

▪ It is a strong oxidant and can promote combustion.

▪ Can cause bleaching of the skin and chemical burns.