The global organic peroxide market is expected to reach USD 1,069.1 Million by 2022, at a CAGR of 3.4% from 2017 to 2022. Organic peroxide is used in different application industries, such as chemicals & plastics, coatings, adhesives & elastomers, paper & textiles, detergents, personal care, and others. The growth of the organic peroxide market can be attributed to the increasing demand from the polymer industry.
Asia Pacific is estimated to be the largest market for organic peroxide. China is projected to be the largest market for organic peroxide in Asia Pacific during the forecast period. The growth of the market in China is expected to be driven by increased foreign investments because of low-cost labor and easy availability of raw materials that has fueled the production of organic peroxide in the country. The growth of the market in the country is further boosted by globalization and high capital investments in infrastructural development projects.
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Expansions was a key strategy adopted by major players to enhance their presence in the global organic peroxide market between 2013 and 2017. Key players operating in the global organic peroxide market include Akzo Nobel N.V., Arkema, United Initiators, Pergan GmbH, NOF Corporation, Novichem, Chinasun Specialty Chemicals Co., Ltd, MPI Chemie B.V., Akpa Kimya Ambalaj Sanayi Ticaret Ltd., and Vanderbilts Chemicals LLC.
Joint ventures, agreements/partnerships, collaboration, and expansions were the other key strategies adopted by market players to enhance their market shares and expand geographical reach in the organic peroxide market.
AkzoNobel N.V. used expansions as a major strategy to increase its market share in the organic peroxide market. In July 2017, AkzoNobel announced plans to double the production capacity at its organic peroxide facility in Ningbo, China during the next two years. The company planned to increase the capacity by 40% by August 2017. This expansion was aimed at serving the increasing demand for polymers in emerging countries.
Arkema also adopted expansions as a key growth strategy. For instance, in January 2014, the company announced the construction of a new organic peroxide production plant at Changshu site, China. This expansion doubled the production capacity of the plant and was aimed at catering to the growing demand for organic peroxide in Asia.
United Initiators adopted joint ventures as a major strategy to expand its market reach and cater to the increasing global demand for organic peroxide. In March 2016, United Initiators and Wanhua Chemical Group, China announced the establishment of a 50:50 joint venture company, called UI Wanhua Peroxide Co. Ltd. The newly formed company focuses on the production and sales of organic peroxides. Through this venture, the companies aimed to ensure the availability of locally sustainable and cost-effective organic peroxides.
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