The organic peroxide market is witnessing significant growth. The market increase attributes to the rising consumption of organic peroxide across applications. Besides, increasing demand from automotive industries, seeing production and sales impacts the market growth positively. Moreover, the spurting rise in the personal care and paper & textile industries escalates the market growth to furthered height.
According to Market Research Future (MRFR), the global organic peroxide market is projected to perceive a significant growth by 2023, posting a phenomenal CAGR during the assessment period (2017-2023). Wide range of applications, including paper & textiles, detergents, plastics & rubber, coatings & adhesives, personal care, and others, influence market growth.
Moreover, government initiatives to reduce water consumption boost the growth of the market, increasing investments by industry players. Focusing on improving sustainability at their respective production sites to meet governments’ stringent requirements, manufacturers make substantial investments. They install innovative technology to minimize the discharge of wastewater.
They also invest in installing advanced equipment that can streamline their production processes by reducing water and energy consumption and removing volatile organic compounds. Moreover, rising R&D investments and technological upgrades in manufacturing techniques foster market growth. Conversely, price volatility, and the demand-supply gap in raw materials required for the production are the key factors estimated to impede the growth of the organic peroxide market.
Global Organic peroxide Market - Segmentation
The report is segmented into three dynamics;
By Type : Ketone Peroxide, Diacetyl Peroxide, Percarbonates, Peroxy Ketals, and others (Peroxyesters, Dialkyl Peroxides, and Hydroperoxides).
By Application : Paper & Textiles, Detergents, Plastics & Rubber, Coatings & Adhesives, Personal Care, and others.
By Regions : Americas, Europe, Asia-Pacific, Middle East & Africa, and Rest-of-the-World
Global Organic Peroxide Market - Regional Analysis
The Asia Pacific region dominates the global organic peroxide market. The largest market share attributes to the rapid growth in numerous end-use applications such as plastic & rubber, coatings & adhesives, and detergent, among others. Besides, the rising consumption of organic peroxide in adhesive and paints & coatings industries in many countries drives the regional market growth. Moreover, the increasing consumer base for plastic products in this region fuels the growth of the market.
North America is another lucrative market for organic peroxide uses globally. The market is majorly driven by the recovery of the industrial sector and rising investments to revitalize the building & construction sector. Moreover, the presence of well-developed end-user industries acts as a significant tailwind for the regional market growth. Due to the strong consumer base for personal care products and textiles, the U.S and Canada account for major shares in the regional organic peroxide market.
Europe organic peroxide market is growing rapidly. Factors such as the strong base of the automotive industry and rising R&D investments in developing high-quality plastic boost the regional market growth. Additionally, increasing consumer spending on personal care and growing automobile production and sales in the region increase the market size. Furthermore, the presence of major manufacturers of organic peroxide in the region positively impacts the market growth.
Global Organic peroxide Market - Competitive Analysis
Highly competitive, the organic peroxide market appears fragmented due to the presence of several well-established industry players. To gain a larger competitive share, industry players incorporate strategic initiatives such as mergers & acquisitions, expansion, and product/technology launch. Industry players make substantial investments to expand their production capacity, distribution network, and supply chain in emerging markets.
In such a scenario, obtaining strong financial support becomes the sole strategy for suppliers to sustain in the market. To minimize the cost of their product, manufacturers develop cost-effective production techniques.
Major Players:
Players leading the global organic peroxide market include Pergan GmbH (Germany), United Initiators (U.S.), Arkema S.A. (France), NOF Corporation (Japan), Akzonobel N.V.(the Netherland), Chinasun Speciality Chemicals Co., Ltd. (China), Akpa (Turkey), MPI Chemie B.V. (the Netherland), Vanderbilt Chemicals, LLC (U.S.), Plasti Pigments Pvt. Ltd. (India), and ACE Chemical Corp (Taiwan), among others.
Industry/ Innovation/ Related News:
June 22, 2020 ------- Nouryon (Formerly part of Akzo Nobel Netherlands), specialty chemicals, announced the completion of its organic peroxide expansion in Brazil. The expansion would add capacity of methyl ethyl ketone peroxides (MEKP) and dibenzyl peroxide (BPO) pastes and waxes. These essential ingredients are used to produce composites serving fast-growing markets, including wind turbines and civil construction.
The expansion would allow the company to offer greater supply reliability for composites across its organic peroxides product portfolio. This latest in a series of investments would strengthen Nouryon’s Polymer Catalysts business, including organic peroxides and metal alkyls. In 2019, Nouryon acquired the largest producer of triethyl aluminum (TEAL) in China - Zhejiang Friend Chemical Co. In April 2020, the company announced an agreement to acquire the merchant TEAL business of Sasol.