Rising disposable income coupled with increasing spending on personal care products such as shampoo, hair dyes hair bleaches, and conditioners in the region is expected to fuel market growth for specialty oxidants. Moreover, key players operating in the market has increased investment in emerging economies due to low setting up production plant cost.
Global Specialty Oxidants Market Information- By Type (Sodium Chlorate, Hydrogen Peroxide, and others), By Application (Defoliant, Bleaching, Propulsion, Cleaning & Extraction, and others), By End Use Industries (Healthcare & Personal Care, Wastewater & Water Treatment, Food Processing, Pulp & Paper, Textile, and others) and By Region- Forecast Till 2023
Asia Pacific is expected to dominate the market during the forecast period due to increasing consumption of specialty oxidant in end use industries such as pulp & paper, wastewater & water treatment, food processing among others. Asia Pacific will continue to see significant growth in demand due to global shift of pulp & paper industry towards, India, China, Vietnam, Malaysia, and Australia owing to availability of cheap raw material and cost effective labor force.
Furthermore, lenient government norms as compared to the developed regions can be further attributed to the growth of specialty oxidants market in the Asia Pacific region. The region accounted for around 30% global specialty oxidants market.
The continuous growth of pulp & paper industry, coupled with rising application of specialty oxidant as an environment-friendly bleaching agent and the impressive growth of electronics industry in Asia Pacific has propelled the regional market for specialty oxidants.
Asia Pacific accounted for the largest market share in 2016 followed by Europe and North America. Europe is predicted to witness steady growth over the forecast period.
Increasing demand from textile sector is expected to drive the market for specialty oxidants in the region. Moreover rising awareness about the eco-friendly personal care products coupled with increasing number of working professionals is expected to fuel market growth.
European countries such as Germany, Italy, and France are the major contributors to the regional growth of specialty oxidants in the region and is expected to be the dominant countries during the forecast period. North America market growth is attributed due to expansion of personal care and textile industry..
In the Middle East & Africa, specifically in Saudi Arabia and United Arab Emirates, surge in demand of specialty oxidant is due to rising spending of large number of consumers on sanitation and personal care products. Furthermore, the increasing demand for specialty oxidant to be used as a disinfectant in wastewater treatment to address the need for clean drinking water is expected to fuel market growth for specialty oxidants in the region.
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The global specialty oxidants market is divided on the basis of type, application, end use industries, and regions. On the basis of type, the market is divided into sodium chlorate, hydrogen peroxide, and others.
On the basis of application, the market is segmented into defoliant, bleaching, propulsion, cleaning & extraction, and others. Among all bleaching is expected to be the largest segment.
On the basis of end use industries, the market is categorized into healthcare & personal care, wastewater & water treatment, food processing, pulp & paper, textile, and others. Regionally, the market is segmented into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.
Key industry participants include Akzo Nobel N.V (the Netherlands), Aditya Birla Chemicals (India), Gujarat Alkalies and Chemicals Ltd (India), Evonik (Germany), Arkema Group (France), MITSUBISHI GAS CHEMICAL COMPANY, INC (Japan), Solvay (Belgium) among others.
Specialty oxidants are those chemical species that eliminate one or more electrons from another reactant in a chemical reaction. Specialty oxidants being good electron receptors, it is widely used in bleaching agent, defoliant, and chemical synthesis among other applications across an array of end use industries such as healthcare & personal care, wastewater & water treatment, food processing, pulp & paper, textile, and others.
Market impetus factors associated with the global specialty oxidants market includes the increasing consumptions of specialty oxidants such as sodium chlorate and hydrogen peroxide in bleaching and de-inking processes applied to recycled paper in the paper industry coupled with the recycled paper market growth is expected to drive market growth over the forecast period. Furthermore, rising demand for specialty oxidants in the healthcare & personal care industry applications such as sterilization, toothpaste, sanitizer, bleaching is also likely to positively influence the market during the forecast period On the plus side, increasing investment in the wastewater & water treatment industry as well as expansion of food processing industry in the developing markets is anticipated to boost overall specialty oxidants demand.
Additionally, specialty oxidants are used as a cleaning agent across the electronics industry. Thus, considering the bolstering growth of electronics industry, especially in the Southeast Asian countries is anticipated to offer lucrative market growth opportunities for global specialty oxidants market.
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The global specialty oxidant market is divided into five regions namely — Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa. Among the aforementioned regions Asia Pacific market is anticipated to grow at a highest CAGR during the forecast period due to the rising demand from end use industries such as pulp & paper, textile, among others.
The demand for specialty oxidant is expected to surge in developing countries such as India, Japan, China, and Bangladesh due to growing food processing and water treatment sector. Moreover, increasing demand for eco-friendly specialty oxidant such as hydrogen peroxide along with the increasing production volume of paper & packaging resulted in the growth of pulp & paper market and further drive the demand for specialty oxidants in near future.
Asia Pacific emerged as the largest market for specialty oxidant followed by Europe and North America. European countries such as Italy, Germany, and UK have developed as the prominent consumer market and predicted to witness steady growth over the forecast period.
Rising consumer spending and purchasing power with the expansion of paper & packaging in the European region is predicted to rise demand of specialty oxidant. Additionally, North American countries such as Canada, U.S and Mexico are contributing and expected to continue in the regional market growth.
Latin American countries such as Brazil, Chile, and Colombia are also predicted to witness moderate growth with the introduction of new technologies and new business models. In the Middle East & Africa, market is expected to grow significantly due to increasing number of water treatment projects including desalination in countries such as United Arab Emirates (UAE), Qatar, and Saudi Arabia.
Moreover, major players are probing the Middle East market due to the increased demand for wastewater & water treatment industry.
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The global specialty oxidants market is segmented on the basis of type, application, end use industries, and regions. On the basis of type, the market is segmented into sodium chlorate, hydrogen peroxide, and others.
Based on the application, the market is segmented into defoliant, bleaching, propulsion, cleaning & extraction, and others. Bleaching based segment is the largest segment as compared to other applications.
On the basis of end use industries, the market is categorized into healthcare & personal care, wastewater & water treatment, food processing, pulp & paper, textile, and others. Based on regions, the market is segmented into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.
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