The global organic peroxide market size is expected to reach USD 1.20 Billion by 2025, at a CAGR of 4.3%, according to a report by Grand View Research, Inc. Rising consumer preference towards designer apparels as well as expansion of manufacturing facilities to cater to the global demand for polymers is expected to remain a crucial factor for the product’s growth.
Organic Peroxide finds its major application in industries which caters to uninterrupted manufacturing and production of textiles, polymers, and paper & pulp. Shift in global trends that constitutes development of existing infrastructure in emerging economies, will act as a major driving force for plastic materials. China’s strong position in Asia Pacific will continue to remain in sight, on account of growing industrial complexes and rising demand for plastic products in international markets that are driven by low price, and easy availability.
Growing population globally, aided with rapid adaptation of urban fashion is expected to play a major role in determining the demand of apparel over the next few years. Emerging economies such as China, India and Bangladesh are one of the major exporters of finished textiles on a global scale. The above-mentioned factors, are anticipated to play a crucial role in increasing demand for peroxide over the forecast period.
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Further key findings from the report suggest:
- Benzoyl peroxide was the dominant product segment and valued at USD 307.3 Million in 2016 on account of predominant consumption of the product in textile industry. The high demand for apparels and household textiles will lead to substantial demand for organic peroxide.
- Polymer sector is projected to foresee revenue growth at an estimated CAGR of 4.4% from 2017 to 2025. The growing popularity of plastic based product, on account of expanding construction activities and rising household demand in both developed and emerging economies is expected to surge the requirement for organic peroxide over the next eight years.
- Organic peroxide in personal care sector accounted for a market share of USD 152 million in 2016, and is expected to grow at a CAGR of 3.7% till 2025. Growth of halal based cosmetics in the Middle East countries including Saudi Arabia, Iran, and Jordan as a result of product innovation by personal hygiene manufacturers is expected to open new markets for peroxides.
- Textile was the largest application segment, accounting for 28.02% of the overall share in terms of volume in 2016
- North America was the second-largest organic peroxide market and accounted for 17.69% of the overall volume in 2016. The region is, however, anticipated to record a mild decline over the next eight years on account of global shift of major manufacturing firms towards Asia Pacific
- Key industry participants include BASF, AkzoNobel, Arkema, Evonik, and Dow Chemicals.
- In May 2017, AkzoNobel enlarged its business portfolio by completing an expansion project for Polymer Chemistry production facility in Los Reyes, Mexico. The expansion is expected to increase the company’s peroxyester capacity in North America by 40%.
- In March 2016, United Initiators (UI) and Wanhua Chemical Group (Wanhua) entered into a joint venture to form a company named UI Wanhua (Yantai) Peroxide Co. Ltd. The entire focus of the joint venture is to focus on the production and sales of organic peroxides, starting with the key raw material TBHP‐70‐AQs