The Global "Organic Peroxide Market" is predicted to reach at a high CAGR during the forecast period (2022-2029).
Organic peroxides are organic composites having two oxygen atoms that find applications in polymerization, where they are utilized as initiators, such as the epoxy resins employed in glass-reinforced plastics. Additionally, they also function as activators, hardeners, accelerators, cross-linking agents, and curing & vulcanization agents, making organic peroxides dynamic chemicals employed in polymer chemistry.
Moreover, organic peroxides are used as disinfecting & bleaching agents. For instance, benzoyl peroxide is useful for treating most kinds of acne. Organic peroxides are usually employed as essential ingredients in explosives. The characteristic of organic peroxides utilized for producing explosives is that they deliberately initiate explosive polymerization in elements with unsaturated chemical bonds. Methyl ethyl ketone peroxide (MEKP) & hexamethylene triperoxide diamine (HMTD) are generally known as explosive organic peroxides.
Furthermore, diluted organic peroxides offer more stability when exposed to physical shock or heat than undiluted organic peroxides. Moreover, diluted organic peroxides are safer to handle, produce and use for further applications. In addition, an organic peroxide is used as a curing agent, high polymer initiator, cross-linking agent, accelerator, catalyst, hardener, activator and promoter. However, usage of activator and accelerator needs to be checked as these substances might result in an accident when mixed with organic peroxide.
The increasing inclination of consumers towards renewable raw materials due to the need for a clean & safe environment is triggering the demand for organic peroxide in recent times. Growing demand for the rubber industry creates a strong opportunity for the organic peroxide market growth.
Growing demand from the rubber industry is expected to propel the market growth
The growing demand for organic peroxide from the rubber industry is expected to increase the market demand during the forecast period. Organic peroxides are used in the vulcanization of rubber without using sulfur and for crosslinking of elastomers in the rubber industry. The organic peroxides market is expected to expand due to the increased usage of rubber globally. Another prominent industry that plays a role in the growth of the organic peroxide industry is the plastic industry. The Luperox organic peroxide by Arkema provides thermoplastics such as polystyrenes, polyvinyl chloride, and low-density polyethylene, which are then used in various products such as pipes, chairs, textiles and plastic bags. The organic peroxides market is expected to expand significantly due to increasing research and development on organic peroxide applications.
Increasing demand for renewable raw material
Furthermore, the growing demand for renewable raw materials due to demand for a clean and safe environment and product development is boosting the organic peroxide market growth. In addition, increasing the chemical industry in countries such as India, Indonesia, and China is expected to drive the demand for organic peroxide in the next five to six years. Advancements in the processing industry are anticipated to boost the organic peroxide market growth during the forecast period. Additionally, industrialization is an important factor leading to increasing demand for textiles & paper, coating adhesives, and chemical & plastic.
Safety, handling and hazardous while transportation is anticipated to hinder the market growth
However, organic peroxide's safety, handling, and transportation are major concerns hindering the market growth. Additionally, companies are focused on developing varied packaging options for organic peroxide handling to avoid hazardous during transportation.
By end-user, the market is segmented into chemical, paints & coatings, packaging, construction & building, automotive, textiles, personal care and others.
The textile sector dominated the organic peroxide market share, accounting for 27.89% of the global demand in 2016 in terms of volume. Growing demand for readymade clothing among the emerging middle-class population on trends such as adaptation of western fashion, designer wears and brand preferences are anticipated to increase the need for organic peroxide over the next eight years. Remodeling interior architecture as a part of the enhanced creative decoration is anticipated to raise the demand of the curtain & carpet industry, overall upscaling the need for mentioned products during the forecast period.
Moreover, the global demand for ketone peroxide is anticipated to grow at a significant CAGR in volume during the forecast period. Increasing demand for plastic reinforced glass or fiberglass, on account of the production of watercraft in marine parts, substituting the use of steel & wood structures, and growing demand of automotive in emerging economies are predicted to increase the consumption of ketone for various crosslinking. Surging growth in the aviation sector based on the increasing demand for low-cost fares is anticipated to swing the requirement of high-end fiberglass’s thus increasing the consumption of the product during the forecast years.
Based on the geography, the organic peroxide market is segmented into North America, Europe, South America, Asia-Pacific, and Middle East & Africa. The demand for organic peroxide in the North American market is expected to remain at the dominant position in sales and value generation due to the growing volume of trade and e-commerce in countries such as the U.S.
Asia Pacific region holds the significant market share of global organic peroxide
The Asia Pacific, except Japan, is expected to witness significant growth during the forecast period due to increasing demand for organic peroxide in packaging and paper and the chemical industry. Also, China is expected to account for maximum demand for organic peroxide in the APAC region. Moreover, APAC accounted for 27.42% of the global market in 2016. The Asia Pacific has been one of the largest consumers of plastic products accounting for over 41.89% of global demand, which is expected to grow during the forecast period. The emergence of India & China as major product manufacturing destinations coupled with gains in exports and domestic demand is anticipated to promote the product's usage over the forecast period.
Furthermore, factors such as the free trade agreement in Singapore, which is among the fastest rising market for technical textiles and the U.S. producers entering new regions, are expected to bring substantial growth during the predicted period. Moreover, North America is anticipated to witness a mild decrease in growth during the forecast period due to the shifting interest of manufacturers towards competitive regions that have abundant raw materials and low-cost labor. In addition, the availability of low-cost gas in North America is anticipated to generate over 22.5 billion pounds of different polymers during the predicted period. Growing expenditure in establishing new product lines depending on the process, plastic and application will grow the demand as a catalyst during the forecast years.
The organic peroxide market is fragmented with the presence of regional and global players. The competitive contour lies with the increase in the regional company and growing investment in upstream application. Arkema, AkzoNobel NV, MPI United Initiators, Pergan GmbH, Novichem, Suzhou Hualun Chemical Company Ltd., Dow Chemicals, BASF, Evonik, Vanderbilts Chemicals LLC. are the major player in the chemical market. The major players adopt several growth strategies such as product launches, acquisitions, and collaborations, contributing to growing the organic peroxide market globally.
Overview: Arkema is one of the growing global manufacturers of organic peroxide since 1953 due to its vast experience and high focus on innovation. The company offers organic peroxide solutions for a variety of today’s high-performance applications. In addition, the company products benefit multiple applications in daily life such as construction, packaging, renewable energies, automotive, etc.
Product Portfolio: Through its superior organic peroxide safety experts & R&D centers in King of Prussia (PA - USA), in Changshu (China) and Lyon (France), Arkema ensures local safety services and the development of new applications for rising and innovative products by providing a comprehensive range of organic peroxide market solutions such as:
The global organic peroxide market report would provide access to an approx. 61 market data table, 67 figures and 180 pages.
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