According to a report published by Grand View Research, Inc.; the organic peroxide market is likely to reach a valuation of around USD 1.2 billion by 2025. Increasing demand for the product as a catalyst in manufacturing commodities for personal care, detergents, and packaging can propel the market over the forecast period (2014 to 2025). In addition, rapid urbanization, increasing spending capacity, and rising concerns about cosmetics among consumers is likely to surge the product demand in textile, personal care, and polymer sectors.
Organic peroxide is utilized in several applications including manufacturing and production of paper and pulp, polymers, textiles. The product is extensively used for polymerization processes due to increasing demand for engineered plastics. Rise in infrastructure development in growing economies is expected to boost the demand for plastic material, thereby driving growth for the market. In addition, increasing use of rubber in the automobile sector is also expected to act as a driving factor for the market.
The worldwide organic peroxide market can be segmented on the basis of product, application, and regions. As per product, the market can be categorized into diacetyl peroxide, ketone peroxide, and benzoyl peroxide. The diacetyl peroxide segment is anticipated to display a 3.4% CAGR during the forecast period in terms of volume.
Based on application, the market can be divided into personal care, polymers, textile, paper and pulp, and detergent. The polymer segment is projected to grow at an estimated CAGR of 4.4% from 2017 to 2025. Personal care segment is expected to grow at a CAGR of 3.7% during the forecast period. Paper and pulp segment is anticipated to acquire for 21.06% share of overall volume till 2025.
Full Research Report On Organic Peroxide Market Analysis: https://www.grandviewresearch.com/industry-analysis/organic-peroxide-market
Geographically, the market can be divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa.
In 2016, Asia Pacific estimated for 27.43% of overall market share. Development of emerging countries such as India and China as a key manufacturer and exporter of plastics and textiles is anticipated to boost the product usage during the forecast period. In addition, robust availability of raw material and low labor cost is also expected to increase the foreign investments in the region. China’s position in the region is expected to remain strong due to increasing manufacturing facilities and high demand for plastics in international market.
In 2016, North America was the second largest market and registered for 17.69% of the total volume. But, the region is expected to show a slight decline in the next few years due to shift of bases of key manufacturing companies towards the Asia Pacific. Growing investments in developing a new product range is also expected to increase the demand for the product. The region is likely to exhibit a CAGR of 17.35% in terms of volume till 2025.
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Increasing demand for halal-based cosmetics in the Middle East countries such as Saudi Arabia, Jordan, and Iran is anticipated to create new opportunities in the market.
Prominent players operating in the market include Dow Chemicals, BASF SE, Arkema, AkzoNobel, and Evonik Industries. The market is extremely competitive due to the presence of small-scale and well recognized manufacturers. The competition is likely to increase in the coming years due to inconsistent prices of raw materials. It is also expected to act as a barrier for the new participants.
The market players are emphasizing on strategies like mergers, acquisitions, and partnerships in order to increase their market share. The participants are also expected to expand their capabilities and increase research and development (R&D) activities. For instance, recently, AkzoNobel Specialty Chemicals is making high investment to expand its production capacity and to upgrade its organic peroxides settings in Los Reyes, Mexico. This project is likely to competed through 2019. The new facility will manufacture Perkadox CH-50 organic peroxides which is a prime requirement for the thermoset resin market. One of the major breakthroughs is the ambient temperature curing of acrylic resins which are used in road construction and roofing and resurfacing applications.
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