According to the research report titled ‘Global Hydrogen Peroxide Market by Function (Oxidant, Disinfectant, Bleaching), By Application (Healthcare, Wastewater Treatment), by End-user Industry (Paper & Pulp, Chemical, Wastewater Treatment, Mining), and Regional Forecasts 2021-2027’, available with Market Study Report, global hydrogen peroxide market size was remunerated USD 1.56 billion in 2020 and is expected to multiply at a CAGR of 4.7% over 2021-2027, subsequently reaching USD 2.15 billion by the end of the forecast period.
 

Surging product demand due to the outbreak of COVID-19 pandemic is primarily driving global hydrogen peroxide market growth, cites the study.
 

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For the unaware, hydrogen peroxide is a chemical compound applied to the skin to keep cuts, scratches, and burns from infection. It has a pale blue tint and has a slightly higher viscosity than water. It is also used as a bleaching agent and an oxidant, which adds to the product demand.
 

The chemical has a wide range of application in wastewater treatment since it is an excellent oxidizer, is environmentally safe, and adaptable in nature, which allows the product to expand, further contributing to the market development. In fact, the water treatment industry is observing tremendous growth in the US market creditable to the country facing long-term illness due to water-borne diseases.
 

On the downside, strong oxidizing nature of the chemical compound along with its compatibility issues with other metals such as alloys and copper are anticipated to hamper the remuneration scope of the industry.
 

Moving on to regional bifurcation, North America, Asia Pacific, Europe, and Latin America are the leading contributors to the overall industry progression. Of these, Asia Pacific held 39.5% share of worldwide hydrogen peroxide market in 2019, owing to growing penetration of chemical formulators, medical industries, and personal care products.
 

Meanwhile, Europe comes second in the list of top consumers of hydrogen peroxide due to the presence of textile, paper, water purification, etc. Further, Germany also significantly contributes to the overall market expansion. 
 

Major organizations profiled in global hydrogen peroxide market report are Hodogaya Chemical Co. Ltd., Hansol Chemical Co. Ltd., Gujarat Alkalies and Chemicals Ltd. (GACL), Guangdong Zhongcheng Chemicals Inc. Ltd., Evonik Industries AG, Ercros S.A., Chang Chun Petrochemical Co. Ltd., Airedale Chemical Co Ltd., Arkema Group, and Aditya Birla Chemicals (India) Ltd. (ABCIL).