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).
Drivers
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
Market Restraints
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.
| Report Coverage | Details | ||
|---|---|---|---|
| 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 |
| Geographies covered: |
|
||
| Segments covered: |
|
||
| Companies covered: |
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. |
||
| Growth Drivers: |
|
||
| Restraints & Challenges: |
|
||
Market Trends
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
Recent Developments
Competitive Section
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.
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. It is also used as an effective bactericide and fungicide, especially in food processing applications. Peracetic acid is produced by the auto-oxidation of acetaldehyde and is usually available as a colorless liquid with a pungent odor. It is an unchlorinated by-product and has non-corrosive & non-foaming reactions, followed by a wide temperature range and higher oxidation potential.
Market Dynamics
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 Billion in 2014 which increased to 7.7 Billion in 2019.
Disinfectants, sanitizers, chemical sterilant, and other biocide chemicals play an essential role in preventing microbial growth. Peracetic acid is an effective product and is generally used as an environment friendly alternative to chlorine for wastewater treatment. It is an ideal replacement for chlorine as a bleach and disinfectant. Peracetic acid is one of the innovative developments in the biocide industry because of its performance benefits. Product awareness and favorable features are attracting the end users to make use of this product. Thus, the growing demand for peracetic acid in various applications is driving the market in various in various end-use industries.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective
Joining thousands of companies around the world committed to making the Excellent Business Solutions.
View All Our Clients