The term 'bleaching chemical' can refer to two different substances: PEROXIDE and POTASH. PEROXIDE is an oxidizing agent composed of hydrogen and oxygen, and is commonly used as a bleaching agent in the textile industry. POTASH is a potassium-based compound that is also used as a bleaching agent, primarily in the paper industry. Both PEROXIDE and POTASH are effective bleaching agents, and are used in a variety of industries to lighten or whiten materials.