The trends in organic peroxide market landscape are being largely propelled by the ongoing strategic efforts and innovations by leading market players such as Arkema, Solvay, AkzoNobel Specialty Chemicals, Jiangsu Yuanyang Pharmaceutical Co., Nouryon, and others.
A recent study by Global Market Insights Inc., reveals that the organic peroxide market size is projected to surpass USD 2.5 billion by 2027 end.
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With the polymer and plastic industry significantly expanding worldwide, the demand for organic peroxides is gradually soaring to new heights. These chemicals are used in the modification of polymers for the creation of cross-linked materials, like elastomers, for healthcare and sanitation applications. Reports suggest that alternation of polymers can enhance or add desirable characteristics to plastics or other substances.
Increasing use of organic peroxide in healthcare to impel the market dynamics
Organic peroxides boast of umpteen applications in the different end-user industries, with the healthcare and medical fraternity being the leading revenue-generating vertical in the global market. The compound is long recognized to be vital in the treatment of moderate to mild acne and in other pharmaceutical products.
This would imply that the prevalence of acne vulgaris worldwide would support the use of organic peroxide. Studies estimate that the condition would affect nearly 80% of the American population during their lifetime.
One of the key organic peroxides in acne treatment is benzoyl peroxide. The chemical is a topical antibacterial agent which stands to be a foremost treatment for acne, owing to its bacterial resistance and anti-inflammatory properties over its counterparts.
One popular research depicted that 6% of benzoyl peroxide gel is considered more effective for suppressing acne, compared to 1% clindamycin gel. Likewise, when combined with topical clindamycin, the treatment of benzoyl peroxide results in decreased lesions and acne.
In addition, a small number of organic peroxide formulations are used in sanitization in areas of medical instrument cleaning, packaging, meat cutting, and others. Needless to mention, the outbreak of the coronavirus pandemic has produced considerable demand for disinfectants and sanitizers, stirring up the organic peroxide market demand.
Industry experts claim that the organic peroxide market share from healthcare applications accounted for 8% in 2020.
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Asia Pacific: a lucrative growth pocket for organic peroxide market
Asia Pacific organic peroxide market is slated to garner significant proceeds over 2021-2027. This can be credited to the flourishing construction and automotive sectors in the continent that call for high-grade plastics and polymers.
As per International Trade Administration, China continues to be the world leader in automotive annual sales and manufacturing output, with domestic production anticipated to hit 35 million vehicles by 2025. This surge has urged automakers to make considerable use of high-grade plastic, which can be sufficed by organic peroxide.
Free radicals in organic peroxide are useful in operations that produce rigid fiberglass reinforced plastics. The product is also utilized to vulcanize rubber compounds that are highly stable thermally and offer low compression set at elevated temperatures, thus being useful in aerospace and automotive applications across the region.
An inherent vertical of the chemical industry, the organic peroxide market is all set to accrue substantial gains in the coming years with the healthcare industry opening new growth prospects and opportunities for the business leaders and APAC being the potential growth hub.
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.