Market Overview
Bleaching Agents Market is growing significantly over the past few years. The increasing use of bleaching agents in applications such as water treatment, textile, and food & beverages is a key driving force behind the elevated growth of the market. Bleaching Agents are also used for cleaning purposes and find a wide scope of applications in detergents, cleaning agents, and most importantly in the laundry, textile, and papermaking industry, among other numerous end-use industries.
However, household cleaning and industrial cleaning are the largest application areas of bleaching agents. Wide adoption and the demand from numerous growing end-use industries are key factors propelling the growth of the market. Continuing with the same trends; the market is estimated to perceive a significant increase. According to Market Research Future (MRFR), the global bleaching agents market is expected to witness substantial accruals by the end of 2023.
In its recently published research report, the market is expected to register a phenomenal CAGR throughout the forecast period (2018-2023). Increased absorption of bleaching agents by the prominent end-use industries would attribute to the growth of the market. Other factors fueling the growth of the bleaching agents market include growing population and improving economic conditions that have substantiated the industrialization, urbanization, and consumer purchasing power.
Increasing demand for bleaching agents-based products and favorable government regulations are expected to expand the size of the market during the review period, 2018-2023. On the other hand, spreading awareness among consumers towards the toxicity level associated with bleaching agents would present challenges to the growth of the market over the forecast period.
Competitive Analysis
Highly competitive, the Bleaching Agents market appears fragmented due to the presence of several large and small-scale players. They incorporate strategic initiatives such as the acquisition, collaboration, product launch, and expansion to obtain a competitive advantage in this market. Manufacturers around the world are usually delivering uniform and clean product.
Suppliers buy raw products and blend it from different sources to achieve a specific product. Over time they change suppliers but through careful quality control to the extent that their customers often do not realize their product is coming from different sources with different shipments. Increasingly customers are connecting with suppliers on other continents, not infrequently this has led to misunderstandings and delivery of bad or variable product.
Players leading the global Bleaching Agents Market include Aditya Birla Chemicals (Grasim - India), BASF SE (Germany), Evonik Industries AG (Germany), Akzo Nobel N.V. (Netherlands), Solvay Chemicals Inc. (US), Hawkins, Inc. (US), Spectrum Laboratory Products, Inc. (US), Peroxychem (US), Kemira Oyj (Finland) and Gujarat Alkalies and Chemicals Ltd. (India)
Market Segments
The report is segmented into three key market dynamics to widen the scope of understanding,
By Type : Hydrogen Peroxide, Azodicarbonamide, Ascorbic Acid, Acetone Peroxide, and Chlorine Dioxide, among others.
By Application: Dairy, Bakery, and Convenience Food, among others.
By Regions: Europe, Asia Pacific, North America, and the Rest-of-the-World.
Regional Analysis
The European region is expected to retain its dominance over the Global Bleaching Agents Market throughout the forecast period. Due to the high consumption of bread and bakery products, the demand for flour bleaching agents is quite high in the region. Besides, the growing usages of bleaching agents in applications such as laundry, household, and industrial cleaning alongside, the textile sector drive the regional market growth, predominantly. European countries such as Germany, Russia, and the UK, account for the major contributors to the market growth in the region.
The bleaching agents market in North America accounts for the second-significant market share, globally. Owing to the high living standards that demand enhanced food products in terms of appearance, texture, and taste, the region demonstrates phenomenal growth in the bleaching agents market. Moreover, a strict regulatory framework and high rate of technology adoption allow the regional market to witness substantial growth. The US, backed by the higher penetration of end-user industries in the country, accounts for the major contributor to the regional market growth.
The Asia Pacific bleaching agents market would witness the fastest growth. Factors such as the rapid industrialization and the presence of numerous producers, coupled with the availability of cost-comprehensive labor-force and growing exports substantiate the regional market growth. Some of the rapidly developing APAC countries, India, China, and Japan account for the major contributor to the market growth.
Rising population, rapid urbanization, and the adoption of global food trends are driving the consumption of cheese and flour-based baked products, such as bread, pizzas, burgers, cakes, and pastries. This, alongside, the increase in the number of Quick Service Restaurants (QSR), have boosted the demand for convenience foods in this region.
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