Market Dynamics: The global benzoyl peroxide market exhibited strong performance in 2021 and is projected to experience rapid revenue growth over the forecast period. This growth is primarily driven by the increased utilization of benzoyl peroxide in various applications, including medical antiseptic use, catalyst in plastic manufacturing, and polymerization initiation in the plastic and chemical industries.
Benzoyl peroxide, also known as dibenzoyl peroxide, is a chemical compound found in the form of white granules with a slight benzaldehyde odor. It is commonly used as an organic solvent and holds significant importance in organic chemistry due to its ability to release oxygen upon decomposition, making it a convenient oxidant. Moreover, it serves as a potent bleaching agent utilized in the food and beverage industry to whiten wheat, fats, oils, waxes, and cheeses. The hospitality sector benefits from its stain-removing capabilities without causing fading.
The compound also plays a crucial role as a radical initiator in chain-growth polymerization processes, particularly in the production of materials like polyester and polymethyl methacrylate. It is employed in dental cements and restorative materials due to its ability to facilitate dental redox reactions safely. Additionally, benzoyl peroxide is used as an antiseptic in the pharmaceutical industry for its germ-killing properties, making it effective for treating acne, dark spots, blackheads, and whiteheads. Its demand is further driven by its capacity to eliminate microorganisms beneath the skin and assist in the shedding of dead skin cells and excess sebum. Moreover, its availability in various concentrations provides consumers with options to choose the most suitable one. The increasing use of this product in bleaching and acne treatment contributes to its rising market revenue.
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Key Factors Driving Global Benzoyl Peroxide Market Revenue Growth:
- Growing demand for benzoyl peroxide in the automotive, aviation, and construction industries, as well as its use in aerospace and construction for applications such as storage tanks and pipelines, owing to its effectiveness as an initiator.
- The compound’s thermal stability, reactivity, stoichiometric dependence, and ease of use compared to other catalysts enhance its applicability in various industries.
- Its suitability as a catalyst, attributed to its stability at room temperature and quick disintegration at polymer processing temperatures, contributes to increased demand in polymerization processes for composites.
Key Factors Restraining Global Benzoyl Peroxide Market Revenue Growth:
- The compound’s instability in the presence of nucleophilic agents and acidic species can hinder market revenue growth.
- The extreme volatility of the product makes it challenging to formulate certain medicines, reducing its demand in pharmaceutical preparations.
- While benzoyl peroxide is soluble in ethylene glycol and isopropyl myristate, it is not stable in these solvents, limiting its usage in various medications.
Opportunities for Market Players in the Global Benzoyl Peroxide Market:
- The use of benzoyl peroxide in skin whitening face creams, cleansers, lotions, gels, toners, and face washes presents an opportunity for revenue growth due to its effective bleaching properties and ability to improve skin tone, remove dark spots, and reduce scars.
- Increasing use of benzoyl peroxide in skin smoothing treatments and products is expected to drive market growth.
Factors Contributing to Global Benzoyl Peroxide Market Revenue Growth by Product Segment:
- The 50% powder form of benzoyl peroxide is anticipated to witness significant revenue growth due to its role as a catalyst and oxidizing agent in various redox reactions. The ease of administering specific quantities and its physicochemical stability give powdered form an advantage over the liquid form.
- The cost-effectiveness of powdered dosage forms increases their demand, leading to revenue growth.
Factors Leading the End-Use Segment in the Global Benzoyl Peroxide Market:
- Within the end-use segment, the chemical and plastics industry is expected to experience substantial revenue growth. Benzoyl peroxide is employed as a reductant for initiating redox reactions, making it a preferred choice for polymerization processes, including those in the chemical and plastics sector. Additionally, it is used for removing color and ink stains from various vinyl products due to its bleaching properties.
Regions Contributing to the Largest Revenue Share in the Global Benzoyl Peroxide Market:
- North America is projected to account for the largest share of revenue growth in the global benzoyl peroxide market. The region’s increased consumption of processed food items drives the demand for benzoyl peroxide as a bleaching agent for various food products. Moreover, its usage in flour bleaching and the preference for dry powder formulations contribute to its growth in North America.
- The Asia Pacific region is expected to lead in terms of revenue CAGR, with an increasing number of chemical industries adopting benzoyl peroxide for polymerization processes. China, as a major chemical manufacturer, further propels its usage due to its oxidizing properties. The region’s growth as a primary chemical producer is expected to drive product demand in this area.
Major Companies in the Market and Their Strategies:
- Akzo Nobel N.V. (Netherlands)
- United Initiators, Inc. (Germany)
- Arkema S.A. (France)
- Chinasun Specialty Products Co., Ltd. (China)
- Taizhou Yuanda Chemical Materials Co., Ltd. (China)
- Jiangsu Haixiang Chemical Industry Co., Ltd (China)
- Zhongjiang Hengtai Chemistry Co., Ltd. (China)
- Jain Chemicals (India)
- Corden Pharma GmbH (Germany)
- Zydus Lifesciences (India)
- Yuh Tzong Enterprise Ltd. (Taiwan)
Strategies and Objectives of Major Companies:
- Zydus Lifesciences received final approval from the U.S. Food and Drug Administration (USFDA) for its adapalene and benzoyl peroxide topical gel, aimed at reducing acne pimples’ number and severity to serve its customers better.
- Nouryon commenced the manufacturing of a novel dibenzoyl peroxide, which serves as a curing agent for various applications, including road markings, flooring, elastomeric roof coatings, chemical anchors, and adhesives. This investment aims to better serve its customers in the polymer market.
The Global Benzoyl Peroxide Market Segmentation:
- Product Type Outlook (Revenue, USD Billion; 2019-2030):
- 50% Benzoyl Peroxide Powder
- 50% Benzoyl Peroxide Paste
- End-use Outlook (Revenue, USD Billion; 2019-2030):
- Chemical and Plastics Industry
- Building and Construction
- Automotive and Transportation
- Others
- Regional Outlook (Revenue, USD Billion; 2019-2030):
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East and Africa
- Saudi Arabia
- UAE
- South Africa
- North America
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