An organic peroxide is created when two oxygen atoms are present in an organic molecule. It is a substance that ranges in colour from white to yellow and can be solid, liquid, or paste-like. It decomposes quickly, which causes severe burning and explosive decomposition. In contrast to undiluted organic peroxide, which is unstable when exposed to heat or physical shock, some substances, such as water, mineral spirits, and phthalate esters, do not react with organic peroxides. Instead, they are used to dilute organic peroxide. Due to their distinctive characteristics, these organic peroxide compounds are perfect for usage in a variety of end-use industries, including personal care, coatings and adhesives, paper & textile, detergents, polymers & rubber, and others.
The organic peroxide market size was valued at USD 1.7 billion in 2022 and is projected to reach USD 1.77 billion in 2023 to USD 2.46 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.20% during the forecast period (2023 – 2032).
Market Dynamics
Drivers
Growing demand for PVC and other plastics from various end-use industries is the major driving factor of the growth of the organic peroxide market. Increasing the chemical industries in emerging countries like China, Indonesia, and India are expected to boost the growth of the market in the coming years. Growing demand for high-quality plastics & rubbers, rapid industrialization, rising expansion of the paper & textile industry is the factors driving the market growth. Growing tourism activities in the emerging nations along with increasing laundry business is fueling the consumption of detergent which increases the organic peroxide market growth.
Increasing the adoption of organic peroxide in coatings coupled with growing automotive production and sales is predicted to foster the market growth in the review period. Rising construction & building activities coupled with growing adhesive usage produced from organic peroxide are expected to fuel the market growth in the estimation period. Moreover, rising per capita disposable income in developing countries coupled with increasing use of personal care products are expected to drive the growth of the market.
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Restraint
Growing regulations on the usage of products in food applications are restricting market growth. Safety, handling, and transportation are the major concerns restraining the market growth. However, to avoid any types of hazardous, companies are focusing on the different packaging options for handling organic peroxide.
Opportunities
Increasing research and development regarding its multifunctionality is creating an opportunity to fuel the growth of the market. Growing demand for renewable raw materials due to demand for a clean and safe environment and the developments in the product propels the market growth. Organic peroxides are used in multipurpose ways which provide a lucrative opportunity for the market players to increase market growth in the coming years.
Challenges
Rising regulations in the import and export of organic peroxide are expected to hinder the market growth.
Market Segmentation:
The market for organic peroxide is divided into segments based on type, application, and geography. The market is divided into ketone peroxide, diacetyl peroxide, percarbonates, peroxy ketals, and others depending on type. Peroxyesters, dialkyl peroxides, and hydroperoxides are examples of the other type. The organic peroxide market is segmented based on application into coatings & adhesives, personal care, detergents, plastics & rubber, paper & textiles, and others. The market is split into Latin America, North America, Asia Pacific, Europe, the Middle East, and Africa based on region.
Regional Analysis:
Europe, Latin America, Asia Pacific, North America, and the Middle East and Africa are the five geographical segments that make up the global market for organic peroxide. Asia Pacific, which accounted for 34.8% of the global market in 2016, is expected to grow significantly at a healthy CAGR during the assessment period of 2017–2023. This is due to rising demand from a variety of end-use industries, including the building and construction, electronics, automotive, and healthcare sectors. Thailand, Singapore, South Korea, Japan, India, Vietnam, China, Malaysia, Taiwan, and the rest of Asia Pacific make up the organic peroxide market in this region. Due to expanding industrial complexes and rising demand for plastic items on global markets, which is driven by the simplicity in which plastic products may be manufactured, China and India are likely to maintain their dominant positions in the Asia Pacific.
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Key Players:
Key players operating in the organic peroxide market are United Initiators (U.S.), Pergan GmbH (Germany), Arkema S.A. (France), Akzonobel N.V. (the Netherland), NOF Corporation (Japan), Chinasun Speciality Chemicals Co., Ltd. (China), MPI Chemie B.V. (the Netherland), Akpa (Turkey), Vanderbilt Chemicals, LLC (U.S.), ACE Chemical Corp (Taiwan), Plasti Pigments Pvt. Ltd. (India) among others.
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