An increase in such initiatives is expected to drive the business expansion over the forthcoming years. As per the latest research published by Global Market Insights Inc., organic peroxide market size is estimated to surpass USD 2.5 billion by 2027.
The organic peroxide market is set to expand at a commendable rate over the ensuing years. The growth can be mainly attributed to an increase in the adoption of strategic initiatives such as mergers and acquisitions by leading industry players. Many companies are focusing on the reformulation of their expansion strategies for maintaining a strong position in the industry.
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For instance, in March 2022, Solvay announced plans for its separation into two independent publicly traded companies dubbed EssentialCo and SpecialtyCo. Of the two, EssentialCo would comprise the company’s mono-technology businesses that include silica and coatis, peroxides, and soda ash. The move has been taken in a bid to sharpen the strategic focus, build the foundation for the future, and optimize the growth opportunities.
Some of the prominent trends that are slated to propel the business landscape have been enlisted below:
Growing product adoption in the automotive sector
Organic peroxide formulations find extensive applicability in the automotive sector. The free radicals are useful in operations that are centered on the creation of rigid fiberglass reinforced plastics like gasoline or chemical-resistant storage tanks. Furthermore, a range of rubber preparations can also be deployed in applications such as seals and gaskets for the aerospace and automotive industries.
Considering other applications, the market share from coatings & adhesives application is anticipated to exceed USD 50 million by 2027. Some of the leading players operating in the organic peroxide industry comprise Chinasun Specialty Chemicals, Suzhou Hualun Chemical Co., United Initiators, NOVICHEM, Jiangsu Yuanyang Pharmaceutical Co., NOF Corporation, and others.
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Rising research activities centered on hydro peroxides
The organic peroxides market revenue from hydro peroxides is expected to expand at a CAGR of 4.5% over 2021 and 2027. This rise can be credited to an upsurge in research activities pertaining to the formation of these compounds.
One such study was conducted by scientists at the King Abdullah University of Science and Technology. The findings offered a new explanation for the formation of hydrogen peroxide in water microdroplets produced by spraying and condensation. The team designed a series of experiments for depicting that water microdroplets cannot produce hydrogen peroxide without the chemical transformation and uptake of ozone.
An increase in such activities is set to bolster product innovations throughout the forecast period.
Increasing capacity expansion initiatives in the Asia Pacific region
Numerous organic peroxide manufacturers in the Asia Pacific region are focusing on expansion strategies for the consolidation of their position in the industry. Quoting an instance, Nouryon announced full-scale production at the company’s organic peroxide greenfield site situated in Tianjin, China. The move is estimated to support the surging product demand from the coatings, paints, packaging, and construction industries in the region.
A rise in such steps is anticipated to impel the business landscape in the APAC market. To consider other regions, North America organic peroxide market share is likely to account for over 20% of the global industry revenue by 2027.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.