Global Organic Peroxides Market
The global Organic peroxides market was valued at USD 1,162.32 million in 2019 and is expected to reach USD 1,940.47million by 2027, growing at a CAGR of 6.54% from 2020 to 2027.
Organic Peroxide is a white to yellow tinted liquid or solid composed of two oxygen (O2) atoms combined together. It can be found as fine powders, pastes or liquids and undergoes self-accelerating decomposition and results in severe burning and explosive decomposition.
Growing Demand from End-Use Industries
The growth of the organic peroxide market is fostered by the growing demand for organic peroxide from several end-use industries, such as automotive, construction, composites, electrical & electronics, food & beverages, pharmaceuticals, plastic and rubber, personal care, paper & pulp and textile industry among others.
Organic peroxide is the chemical compound widely used as a catalyst for the initiation of process called polymerization to produce plastic polymers. Beside this, they are also employed as accelerators, activators, catalysts, cross-linking agents, curing agents, hardeners, initiators and promoters.
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Entitled with several advantages, the plastic and rubber industry are the largest consumer of organic peroxide. The increasing production of rubber during recent years has consecutively fostered the demand for organic peroxide.
Asian countries such as Thailand, Indonesia, Malaysia, and India are the top producer as well as consumer of rubber. Also, the rapid production of polyvinyl plastic across the world has stimulated the organic peroxide demand. For instance, according to the reports of The Federation of Indian Chambers of Commerce & Industry (FICCI) 2019, the global PVCs market was valued at US$ 56 billion, and is expected to grow by 3.9%.
Safety Issues Restricting Import/Export
Safety, handling & transportation of organic peroxide is a major concern hampering the global Organic peroxides market growth.
The major hazards related to organic peroxides are their fire and explosion hazards. Organic peroxides may also be toxic /corrosive. Depending on the material, route of exposure (inhalation, eye or skin contact, or swallowing) and dose or amount of exposure, they could harm the human body.Many manufacturing companies are focused on developing diverse packaging options for organic peroxide handling to avoid any hazardous while transportation
Multi-Functionality of Organic Peroxides
Various types of organic peroxides have multi functions based on their characteristics and chemical composition. For instance, hydrogen peroxide has gained a momentous traction in medical industry owing to its special features.
Organic Peroxide is a mild antiseptic used on the skin to avert infection of scrapes, minor cuts & burns. It may also be used as a mouth rinse to help eliminate mucus or to dismiss minor mouth irritation (e.g., due to canker/cold sores, gingivitis).
The benzoyl peroxide acts as initiater of the polymerisationrxn. The polymerisation occurs via free radical mechanism breaking the double bond between alkenes thus forming new bonds.
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Covid-19 Impact Analysis
The chemicals industry is anticipated to experience the impact of the (COVID-19 (Coronavirus) pandemic from every direction. Just as supply chains are being interrupted by epidemics in important regions, demand may fall owing to ambiguity in the global economy and capital markets. Workforces are facing the risk of COVID-19 infection & governments are beginning to enact restrictions on movement — and both add an unpredictable dimension to the global crisis.
The COVID-19 pandemic is causing extensive concern and economic hardship for consumers, businesses and communities across the world. The situation is fast-moving with varied-ranging impacts. There’s no one-size-fits-all approach to the current environment — and it’s positively not business as usual. Most organizations already have business continuity plans, but those may not address the fast-moving & unknown variables of an outbreak such as COVID-19.
Market Analysis by Region
On the basis of region, the global Organic peroxides market is divided into North America, Middle East & Africa, Asia Pacific, Latin America, and Europe. Asia-Pacific Organic peroxides market accounts for the highest revenue share of 32.71% in 2019 and is estimated to reach 35.88% by 2027, at a CAGR of 7.78%. In Asia-Pacific, the China dominated the market and is projected to maintain its position over the forecast period.
Market Key Players
Various key players are discussed in this report such as Akzonobel N.V, Arkema, Pergan GmbH, United Initiators Inc, NOF Corporation, Novichem, MPI Chemie B.V., Vanderbilt Chemicals, LLC, Chinasun Speciality Chemicals, etc.
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