Benzoyl Peroxide Market Size was valued at USD 0.36 Billion in 2023. The Benzoyl Peroxide industry is projected to grow from USD 0.37 Billion in 2024 to USD 0.49 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.00% during the forecast period (2024 - 2032). Rising demand for benzoyl peroxide in automobiles and increasing demand for generics are the key market drivers enhancing the market growth.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Market CAGR for Benzoyl Peroxide is being driven by the rising number of automobiles. Benzoyl peroxide is a significant peroxide due to its utility and magnitude of production. Benzoyl peroxide could be a chemical that's utilized as an anti-microbial and for fading floor, hair fading, teeth whitening, and material dying. In any case, its primary application is within the pharmaceutical division. For example, benzoyl peroxide is used to treat skin breakouts. Numerous individuals are enduring skin break, which is additionally known by the National Center for Biotechnology Data (NCBI) as the eighth-most uncontrolled infection around the world, with 9.5% of the worldwide populace enduring it, and this makes up for a gigantic benzoyl peroxide showcase in pharmaceuticals.
Additionally, rising demand for benzoyl peroxide in automobiles, flying and development businesses and, expanding demand in aviation and development, and mechanical structures such as capacity tanks and pipelines owing to its viable utilization as an initiator are major variables driving market development. In expansion, warm solidness, reactivity, stoichiometric reliance, and compartmentalization in comparison with other catalysts increments its appropriateness in other segments. Besides, it is perfect to be utilized as a catalyst on account of its relative solidness at room temperature and its capacity to rapidly deteriorate at polymer-preparing temperatures. Moreover, the expanded request for this chemical as a catalyst in polymerization forms for composites is another figure driving the showcase's income development amid the estimated period.
In spite of the fact that benzoyl peroxide is a solvent in ethylene glycol and isopropyl myristate, it isn't steady in these solvents, which avoids its utilization in different medications. Different anesthetics, corticosteroids, clindamycin, pimecrolimus, and Sucralose discover various restorative applications, but they cannot be utilized within the strategy owing to its response, which is expected to control income development of the market amid the forecast period. Utilization of benzoyl peroxide in skin brightening confront creams, cleansers, moisturizers, gels, Toners, and confront washes presents an opportunity for income development of the showcase because it is a compelling dying operator. Its utilization for fast and useful dying is credited to its capacity to create an even-looking and brighter skin tone. For instance, the Indian Paper Manufacturers Association (IPMA) reports that in FY 2021–2022, exports of paper and paperboard from India increased by about 80%, reaching a record of INR 13,963 crore (~USD 1,773.30 million). India's paper mills have invested over INR 25,000 crore (~USD 3,175 million) in the previous five to seven years to introduce clean and green technologies and build new capabilities. Thus driving the Benzoyl Peroxide market revenue.
The Benzoyl Peroxide Market segmentation, based on Product Type, includes 50% Benzoyl Peroxide Powder and 50% Benzoyl Peroxide Paste. In 2023, the 50% Benzoyl Peroxide Powder segment dominated the market. In terms of physicochemical stability and shelf life, powdered form performs better than liquid form, which increases its utilization in chemical enterprises for particular purposes. The substance dissolves rapidly in the solution when added in powder form, initiating the reduction process and yielding results faster.
The Benzoyl Peroxide Market segmentation, based on Application, includes Chemical and Plastics Industry, Building and Construction, Automotive and Transportation, and Others. In 2023, the Chemical and Plastics Industry generated the most income. This is because certain monomers employ it as a contriving agent. Light acts as a reluctance to initiate a redox reaction, which is what causes the process to begin and set off a polymerization chain reaction. Additionally, because extremely tiny amounts of the molecule can effectively initiate the reaction, it is recommended for use.
Figure 1: Benzoyl Peroxide Market, by Application, 2023 & 2032 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
By region, the study provides the market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American Benzoyl Peroxide market area will dominate this market due to the expanding utilization of handled nourishment products in this locale. In addition, the growing number of established health clubs and fitness facilities will boost market growth in this region.
Further, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: BENZOYL PEROXIDE MARKET SHARE BY REGION 2023 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Europe Benzoyl Peroxide market accounts for the second-largest market share due to factors like urbanization, financial development, and shifting lifestyles. Further, the German Benzoyl Peroxide market held the largest market share, and the UK Benzoyl Peroxide market was the European market with the most rapid expansion.
The Asia-Pacific Benzoyl Peroxide Market is expected to grow at the fastest CAGR from 2024 to 2032. This is due to variables like contamination, sticky climate, and dietary propensities. Moreover, China’s Benzoyl Peroxide market held the largest market share, and the Indian Benzoyl Peroxide market held the record for the most rapid expansion in the Asia-Pacific area.
Leading market players will contribute to the further expansion of the Benzoyl Peroxide market as companies make substantial investments in R&D to broaden their product offerings. Additionally, in order to increase their worldwide presence, market participants are taking part in many important projects, with important market developments including the introduction of new products, contracts, M&A transactions, increased investment, and cooperation with other enterprises. To grow and endure in a more cutthroat and dynamic market, Benzoyl Peroxide industry must provide reasonably priced goods.
One of the main business strategies used by manufacturers is to produce locally in order to reduce operating expenses in the global Benzoyl Peroxide industry, enhance customers, and grow the market area. In recent years, the Benzoyl Peroxide industry has provided medicine with some of its greatest benefits. Major players in the Benzoyl Peroxide market, including Akzo Nobel, United Initiators, Arkema, Chinasun Specialty Products, Taizhou Yuanda, Haixiang, Hentai, SACI, Jain and Jain, YUH TZONG, Mil-Spec Corp, are making efforts to boost market demand via funding R&D projects.
Akzo Nobel N.V., stylized as AkzoNobel, could be a Dutch multinational company that makes paints and execution coatings for both industry and buyers around the world. Headquartered in Amsterdam, the company has exercises in more than 150 countries. AkzoNobel is the world's third-largest paint producer by revenue after Sherwin-Williams and PPG Businesses. AkzoNobel features a long history of mergers and divestments. Parts of the current company can be followed back to 17th-century companies. In May 2019, after dissolving its bioscience division, ICI divided into two publicly traded companies: ICI and Zeneca—Zeneca would subsequently combine with Astra AB to establish AstraZeneca, the pharmaceutical business that exists today.
United Initiators could be a worldwide pioneer in the production of claim-to-fame chemicals, especially centering on initiators and peroxides utilized within the polymer industry. They specialize in fabricating substances that are basic for starting chemical responses, especially within the generation of plastics and elastics. The company's item portfolio incorporates a wide range of natural peroxides, persulfates, and forte chemicals utilized as initiators for polymerization forms. These chemicals are pivotal in different businesses, including cars, development, hardware, and customer products. In June 2019, United Initiators (UI) and Wanhua Chemical Bunch (Wanhua) entered into a joint wander to make a company named UI Wanhua (Yantai) Peroxide Co. Ltd. The complete center of the joint wander is to center on the generation and deals of natural peroxides
June 2022: Zydus Lifesciences has been granted final approval by the U.S. Food and Drug Administration (USFDA) to utilize benzoyl peroxide and adapalene topical gel. With the goal of providing better customer service, the company has created a blend of benzoyl peroxide and adapalene to reduce the quantity and intensity of acne lesions.
April 2019: Nouryon started producing unique dibenzoyl peroxide that will be utilized as a curing agent for chemical anchors, flooring, elastomeric roof coatings, and road markings.
April 2022: Evonik Industries AG presented a new sustainability strategy aimed at reducing the negative environmental imprint and increasing the positive environmental effect of hydrogen peroxide.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 0.36 Billion |
| Market Size 2024 | USD 0.37 Billion |
| Market Size 2032 | USD 0.49 Billion |
| Compound Annual Growth Rate (CAGR) | 4.00% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019-2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Akzo Nobel, United Initiators, Arkema, Chinasun Specialty Products, Taizhou Yuanda, Haixiang, Hentai, SACI, Jain and Jain, YUH TZONG, Mil-Spec Corp, |
| Key Market Opportunities | · Rising demand for benzoyl peroxide in automobiles |
| Key Market Dynamics | · Increasing demand for generics |
Frequently Asked Questions (FAQ) :
The Benzoyl Peroxide Market size was valued at USD 0.36 Billion in 2023.
The global market is projected to grow at a CAGR of 4.00% during the forecast period, 2024-2032.
North America had the largest share in the global market
The key companies in the market are Akzo Nobel, United Initiators, Arkema, Chinasun Specialty Products, Taizhou Yuanda, Haixiang, Hentai, SACI, Jain and Jain, YUH TZONG, Mil-Spec Corp.
The 50% Benzoyl Peroxide Powder category dominated the market in 2023.
The Chemical and Plastics Industry category had the largest share in the global market.
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Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
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