Electronic Grade Hydrogen Peroxide Market Trends
Growth Drivers
- Economies of Gauge in Electric Creation – Manufacturers are looking for new opportunities to increase their market share and presence in a highly competitive electronics industry by offering advanced products at reduced costs through shorter deadlines, with superior product quality and greater performance. In addition, the market is driven by a growing demand for electronic components to be removed from printed circuit boards at affordable prices.
- Increasing Demand for Etch ICs- Growing silicone water surface area and fab capacity have boosted the demand for IC (integrated circuit) process chemicals, and new emerging technologies are projected to maintain this trend. The market has grown due to the number of steps taken in manufacturing, as well as a demand for etch and chemical disinfectants.
- Increased Use of Electronic Grade Hydrogen Peroxide in the Paper and Pulp Industry - In order to produce mechanical, chemical, or recyclable fibers as bleaching agents, the paper and pulp industry uses a large amount of hydrogen peroxide. It is employed in the whitener pulp industry in these industries. The most widely used type of paper in the world, containerboard, is expected to see a 27% increase in demand by 2032.
Challenges
- Harmful Effects of Hydrogen Peroxide – If they contain more than 3% hydrogen peroxide, the main drawback of using hydrogen peroxide products is that they can be very dangerous to handle. Because of its powerful oxidative characteristics, this chemical might be detrimental to the skin, eyes, and breathing system. Hair whitening and eye irritation may occur as a result of prolonged exposure.
- High Cost Associated with Raw Materials
- Corrosive in Nature
Electronic Grade Hydrogen Peroxide Market: Key Insights
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
7.30% |
|
Base Year Market Size (2024) |
USD 1.15 billion |
|
Forecast Year Market Size (2037) |
USD 2.87 billion |
|
Regional Scope |
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