Investments & Expansions is the key Strategy Adopted by the Major Players to Achieve Growth in the Global Industrial Hydrogen Peroxide Market
The global industrial hydrogen peroxide market is projected to reach USD 4.28 Billion by 2026, at a CAGR of 5.53% from 2016 to 2026. Industrial hydrogen peroxide is used as a strong oxidizing agent, bleaching agent, sterilizing/disinfecting agent, propellant and etching agent. It is preferred, as it is easy to handle and its decomposition produces oxygen and water, which makes it an environmental friendly chemical. In addition to this, industrial hydrogen peroxide reduces manufacturing cost, as it is the only one chemical that is required. The growing demand for industrial hydrogen peroxide by end-use industries such as, pulp & paper, textiles and chemicals has increased its global demand.
Investments & expansions is the key strategy adopted by the major players to achieve growth in the global industrial hydrogen peroxide market between 2014 and 2016. This strategy accounted for the major share of all the strategies adopted from 2014 to 2016. Some of the major players in the industrial hydrogen peroxide market include, AkzoNobel N.V. (Netherlands), BASF SE (Germany), The Dow Chemical Company (U.S.), Solvay SA (Belgium), Evonik Industries AG (Germany), Ecolab Inc. (U.S.), Kemira Oyj (Finland), Arkema SA (France), Merck Group (Germany), and Mitsubishi Gas Chemical Company, Inc. (Japan). Besides expansions, companies also adopted agreements, joint ventures & collaborations as key strategies to strengthen their positions in the global industrial hydrogen peroxide market.
In January 2016, AkzoNobel N.V. (Netherlands) acquired the complete shares of EkO Peroxide LLC (U.S.), from its joint venture partner, OCI Peroxygens LLC, a subsidiary of OCI Enterprises, Inc. (U.S.). This acquisition has further strengthened the company’s position in the North American market.
In September 2015, BASF SE (Germany), Solvay SA (Belgium), and SK Chemicals (South Korea), jointly invested in a production plant based in South Korea to build a hydrogen peroxide-to-propylene oxide facility. This helped the company to expand its production capacity and serve its customers in South Korea.
In July 2015, Solvay SA (Belgium), in collaboration with Siberwood LLC (Russia), constructed a new hydrogen peroxide capacity in Russia. This facility will serve the paper & pulp industry in the country by using Solvay's innovative myH2O2 technology. The company has also signed a global license agreement with the British polymer technology company, Revolymer PLC, in March 2015. Revolymer uses its encapsulation technology to increase the performance of Solvay’s organic peroxide EurecoTM, used in detergents and other applications.
Related Reports:
Industrial Hydrogen Peroxide Market by Function (Bleaching, Propulsion, Oxidizing), End Use Industry (Pulp & Paper, Chemical Synthesis, Healthcare & Personal Care, Food Processing, Textile), Region - Global Forecast to 2026
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