Peracetic acid is a liquid chemical product that is highly acidic in nature. It is produced by using hydrogen peroxide and acetic acid. It is considered as one of the most effective agents after ozone. It is widely used across disinfectant applications across various industries especially food industry for cleaning the equipment.
The global peracetic acid market was accounted for US$ 606.8 Mn in terms of value in 2019 and is expected to grow by 4.6% CAGR over the forecast period (2020-2027).
The growing demand for peracetic acid from the water treatment industry is propelling the market growth. Increasing demand for clean water due to growing population and rising concern over water scarcity is propelling the market growth. Rapid industrialization around the globe is again driving demand for clean and treated water. Rise in the paper, textile, and other manufacturing industries across both developed and developing regions is further projected to foster the market growth of peracetic acid.
Rising awareness regarding the eco-friendly trait of peracetic acid is surging its demand around the globe. Growing demand for the product from the medical industry for disinfecting surgical and other medical devices is again surging market growth. Growing concern over curbing the infections coupled with the increasing investment in the healthcare sector by the government is again propelling the market growth. Moreover, growing health and hygiene awareness is further driving the market growth.
North America region dominated the global peracetic acid market in 2019, accounting for 35.4% share in terms of value, followed by Europe, among other regions
Figure 1. Global Peracetic Acid Market, Revenue Share (%), By Region, 2019
High production cost coupled with the lack of awareness regarding the product among end-user is hampering the demand for the product. This factor is expected to hinder the market growth over the forecast product.
The product is highly reactive and this factor is acting as a major challenge for the industry. This is expected to inhibit the market growth of peracetic acid.
|Base Year:||2019||Market Size in 2019:||US$ 606.8 Mn|
|Historical Data for:||2017 to 2019||Forecast Period:||2020 to 2027|
|Forecast Period 2020 to 2027 CAGR:||4.6%||2027 Value Projection:||US$ 895.0 Mn|
Kemira Oyj, Solvay S.A., Promox S.p.A., Evonik Industries, Ecolab Inc., Thai Peroxide Limited, Mitsubishi Gas Chemical Company, Inc., PeroxyChem LLC and Diversey Inc.
|Restraints & Challenges:||
The growing demand for disinfecting for household applications due to growing hygiene awareness is expected to bring new market opportunities in the peracetic acid market over the forecast timeframe. For instance, in July 2017, Evonik introduced new disinfectant active Hyprox AS. The active substances HYPROX AS and PERSYNT LC are both approved reference sources as defined under the Biocidal Products Regulation 528/2012.
The expansion of the retail industry around the globe is creating demand for disinfectant products. Moreover, increasing focus of the manufacturer on promoting their products to reach the target consumer is again expected to propel the market growth. An increase in the residential sector coupled with the growing health awareness is again creating demand for biocides products. This is expected to serve major growth opportunities in the near future.
Figure 2. Global Peracetic Acid Market – Opportunity Analysis
Changing lifestyle of consumers coupled with the increasing purchasing power of consumers across developing as well as developed regions is expected to propel the market growth. The increasing number of working women coupled with the growth in the urban populations is creating demand for processed food. Peracetic acid is widely used as a preservative in the meat and poultry and fisheries products.
Increasing application of peracetic acid in the personal care industry is another major trend in the market. Also, peracetic acid is an effective and eco-friendly biocide in the agriculture industry. Moreover, it is used to clean the drip line and disinfectant the other agricultural tool, and containers are further expected to foster market growth. Thus, increasing harvesting crops with a peracetic acid biocide is stimulating market growth.
Figure 3. Global Peracetic Acid Market, Revenue Share (%), By End-user, in 2019
On the basis of end-user, food & beverages dominated the global peracetic acid market in 2019 with around 29.67% of market share in terms of revenue, followed by agriculture and pulp and paper bleaching, respectively
Figure 4. Global Peracetic Acid Market, Value Chain Analysis
Global Peracetic Acid Market - Impact of Coronavirus (Covid-19) Pandemic
There have been unprecedented variations in the global sales of peracetic acid owing to the changes in purchase patterns among consumers. Rising trends of bulk buying and stockpiling of products such as peracetic acid products has led to certain products being in very limited supply, which in turn has led to price fluctuations in global peracetic acid market. This scenario is expected to hinder the growth rate the market till the early months of 2021.
Key players operating in the global Peracetic acid market include Kemira Oyj, Solvay S.A., Promox S.p.A., Evonik Industries, Ecolab Inc., Thai Peroxide Limited, Mitsubishi Gas Chemical Company, Inc., PeroxyChem LLC, and Diversey Inc.
Few Recent Developments
In June 2020, Evonik acquired U.S. Company PeroxyChem (Philadelphia) for $640 million. PeroxyChem, is a manufacturer of hydrogen peroxide and peracetic acid and is well-positioned in high-margin specialty applications.
The global peracetic acid market is growing at substantial rate, owing to the rising demand from various end-users such as food and beverages, pulp and paper, medical, and agriculture, among others across the globe. For instance, according to the World Bank data, in 2017, the agriculture, forestry and fishing together accounted for 3.4% of the global GDP which increased and reached 4% of the global GDP in 2018. The growth of these end-use industries is expected to further trigger the demand for peracetic acid, globally during the forecast period.
The growing demand for peracetic acid from the water treatment industry is propelling the market growth. Further, increasing global population is another major factor driving the growth for peracetic acid. This is expected to boost the demand for food and beverages and thereby fuel the growth of the global peracetic acid market during the forecast period. For instance, According to the World Bank data, the global population was pegged at 7.3 Bn in 2014 which increased to 7.7 Bn in 2019.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective