Benzoyl Peroxide Market - By Quality Index ; By End users ; By Appearance ; & By Geography – Forecast (2024 - 2030)

Benzoyl Peroxide market size is forecast to reach $462.5 million by 2030, after growing at a CAGR of 3.56% during 2024-2030. Benzoyl peroxide is a versatile industrial chemical with widespread applications, including its use as an antibiotic and in various bleaching processes such as floor, hair, teeth, and textile bleaching. However, its primary application lies in the pharmaceutical sector, specifically in the treatment of acne when combined with antibiotics. The prevalence of acne is a significant driver of the demand for benzoyl peroxide. According to the American Academy of Dermatology, approximately 50 million Americans suffer from acne annually, with nearly 85% of individuals aged 12 to 24 affected. The occurrence of acne in adults is also on the rise, impacting up to 15% of women globally at least once in their lives. Benzoyl peroxide's efficacy in reducing acne-causing bacteria makes it a prescribed treatment for this skin condition. The escalating number of acne cases, influenced by factors such as genetics, sensitive skin, stressful lifestyles, and increasing obesity rates, particularly in North America, contributes to a growing demand for benzoyl peroxide. As a result, the benzoyl peroxide market is witnessing numerous opportunities, driven by the rising population and the expanding need for effective acne treatments. These are factors like genetic predisposition, sensitive skin, stress, and obesity that contribute to the rising demand in the forecast year.

The report: “Benzoyl Peroxide Market – Forecast (2024-2030)”, by IndustryARC, covers an in-depth analysis of the following segments of the Benzoyl Peroxide Industry.

By Quality Index: Reagent grade, Food grade, Industrial grade, and Others

By Appearance: Powder, Grain, Crystal, Paste

By End Users: Chemical and Plastic Industry (Specialty Chemicals, Chemical polymers, Chemicals and plastics, Composite, Plastics and polymers industry, Polymer synthesis, Polymerization, Polymerization initiator, Polymers), General Industry (Composites), Building and Construction (Adhesives and sealants), Automotive and transportation (Adhesives and sealants, Polymer and rubber), and Others.

By Geography: North America, Europe, Asia-Pacific, South America, Rest of the World

•  North America witnessed the highest growth in the Benzoyl Peroxide market share of 32% in 2023. The demand for Benzoyl Peroxide in the North American region is driven by its effectiveness as a bleaching agent in processed food items.

•  Benzoyl peroxide is a widely used ingredient in skincare products, particularly in the treatment of acne. The market has been influenced by the increasing global concern about skincare and the demand for effective solutions for acne-related issues.

•  Benzoyl peroxide is utilized in both pharmaceutical and cosmetic industries. It is commonly found in over-the-counter acne treatments, prescription medications, and cosmetic products. The market is influenced by the demand from these sectors.

 

The Industrial Grade segment held the largest share of 37% in the Benzoyl Peroxide market in 2023. The Industrial Grade segment dominates the Benzoyl Peroxide market, claiming the largest market share. This supremacy is attributed to its versatile applications in the chemical and plastics industry, serving as polymerization initiators, bleaching agents, and cross-linking agents. The demand for industrial-grade Benzoyl Peroxide is notably propelled by flourishing sectors such as paints, coatings, and adhesives. Its pivotal role in these industries underscores its indispensability, contributing to sustained market growth. As these sectors continue to expand, the demand for Benzoyl Peroxide in Industrial Grade is expected to persist, driving the overall market forward.

The Chemical and Plastics Industry held a significant share of 41.4% in the Benzoyl Peroxide market in 2023. The Benzoyl Peroxide market is experiencing significant growth driven by diverse applications in the Chemical and Plastics industry. Escalating demand for effective acne treatments, particularly among teenagers and young adults, is a key catalyst propelling market expansion. The surge in population and increased disposable income in developing nations further accentuates the need for robust acne solutions, thereby boosting the Benzoyl Peroxide market. Additionally, the compound's role as a polymerization initiator in plastics and polymer production enhances its market prospects. With the polymers market, especially in packaging, witnessing substantial growth, Benzoyl Peroxide finds increased utilization, presenting lucrative opportunities for market players. For instance, according to Invest India, The Indian packaging market is projected to reach $204.81 Bn by 2025 with a CAGR of 26.7%. Despite low paper consumption, favorable demographics, rising incomes, and demand for processed food drive plastic packaging growth. As a result, the demand for benzoyl peroxide, a key component in plastic packaging production, is poised to surge in tandem with this expansion.

North American region held a significant share in the Benzoyl Peroxide market of 32% in 2023. The North American region is poised to experience a substantial surge in revenue during the forecast period, primarily propelled by the escalating consumption of processed food items. Particularly for hard wheat flour, whey, and cheese, Benzoyl peroxide stands out as a preferred bleaching agent. Its effectiveness lies in being a potent oxidizing agent with whitening properties but without maturing effects. This makes it ideal for flour bleaching, where it naturally oxidizes carotenoids, eliminating the yellowish tinge in untreated flour and enhancing its whiteness. Its dry powder form enables gradual flour bleaching over several days, contributing to the desired white appearance and boosting demand. For instance, the robust growth of U.S. processed food product exports, as reported by the United States Department of Agriculture in 2022, exceeding the three-year average at $38.17 billion and 11 million metric tons, underscores an escalating demand in the North American processed food market. This burgeoning demand is a key factor propelling the benzoyl peroxide market, as it is a crucial ingredient in food processing for various applications, contributing to the industry's expansion.

The expanding skincare industry is fostering a robust demand for diverse active ingredients, with a notable surge in interest in skin-whitening trends. Benzoyl peroxide, recognized for its mild skin-lightening properties, is increasingly sought after as a key component in various skin-whitening creams and lotions. Consumers are drawn to products that not only address skincare concerns but also contribute to achieving a lighter complexion. This has led to a growing demand for benzoyl peroxide in the skincare market, as individuals seek effective and multifunctional solutions to enhance their skin tone while benefiting from the overall growth in the skincare and personal care sector.

The rising consumption of cheese has led to an increased demand for benzoyl peroxide, a key ingredient in cheese production. Factors such as growing population, changing dietary preferences, and expanding food industry contribute to the heightened need for benzoyl peroxide in the manufacturing process. According to the United States Department of Agriculture (USDA), New Zealand's cheese output soared 7%, reaching 400,000 tons in 2023. A gamut of cheese manufacturers uses benzoyl peroxide as a bleaching agent in flour which largely supports the benzoyl peroxide market. Even though there are other alternatives available in the market, some manufacturers still leverage the bleaching characteristic of benzoyl peroxide for cheese production.

There has been a perceptible growth in demand for composites as the material is used in various industries that range from aerospace and construction to industrial structures such as storage tanks and even pipelines. Benzoyl peroxide is used as an initiator in the manufacturing of composites. Considering that the future will observe massive growth of aerospace, construction, and industrial sectors, benzoyl peroxide will be continuously used to suffice the demand for composition. 

Alternatives such as salicylic acid, niacinamide, glycolic acid, and azelaic acid are disrupting the competitive structure of the benzoyl peroxide market which is becoming a major challenge to the vendors. Additionally, benzoyl peroxide is found to cause side effects such as burning, itching, and peeling to the ones who use it for the treatment of acne. However, physicians and skin specialists are still prescribing the paste to cure skin disease. Moreover, the vendors are reinventing product strategies to provide a harmless solution in the pharmaceutical sector. Apart from this, the marketplace in the construction and industrial sectors is still secured for the vendors in the benzoyl peroxide market.  

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the benzoyl peroxide market. The top 10 companies in the benzoyl peroxide market are Arkema, Taizhou Yuanda Chemical Materials Co.,Ltd,  Jiangsu Peixing Chemical co., Ltd., United Initiators, Galderma, Croda International Plc, Roma Chemical, Anant Pharmaceuticals Pvt. Ltd., Spectrum Chemical, Crown Laboratories, Inc., and Others.