Peracetic acid is a liquid chemical product that is highly acidic in nature. It is produced by 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.
Global peracetic acid market was valued at US$ 872.6 Million in 2021 in terms of revenue, exhibiting a CAGR of 7.8 % during the forecast period (2022 to 2030).
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 emerging 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.
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.
Figure 1. Global Peracetic Acid Market Value Share (%), By Region, 2021
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 over its reactivity concern. This is expected to inhibit the market growth of peracetic acid.
Peracetic Acid Market Report Coverage
|Base Year:||2021||Market Size in 2021:||US$ 872.6 Mn|
|Historical Data for:||2017-2020||Estimated Year:||2022|
|Forecast Period 2022 to 2030 CAGR:||7.8 %||Forecast Period:||2022-2030|
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:||
Changing lifestyle of consumers coupled with the increasing purchasing power of consumers across emerging 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. Thus, women working in processed food industries is stimulating market growth.
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 2. Global Peracetic Acid Market Value Share (%), By End User, 2021
On the basis of end user, food & beverages dominated the global peracetic acid market in 2021, with around 29.67% of market share in terms of revenue, followed by agriculture and pulp and paper bleaching, respectively
Major 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.
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