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The Global Peracetic Acid Market was Valued at US$ 658.5 Mn in 2019 and it is Expected to Reach More than US$ 1273.1 Mn by 2028, Likely to Grow with the CAGR of 7.6 % During the Forecast Period.
Peracetic Acid is used as a bleaching agent, disinfectant, and sanitizer. The global Peracetic Acid market is anticipated to witness noteworthy growth during the forecast period. Some of the factors fuelling the growth of global market include rising adoption from food & beverages industry, surging demand from developing nations, and R&D initiatives taken by manufacturers.
Rising Demand from Food & Beverages Industry Coupled with Advanced Characteristics is anticipated to Fuel the Market Growth
In food industry, microbial contamination and food safety are the major concerns. Peracetic acid offers more effective solution to these contaminations more than other chemicals such as hydrogen peroxide and chlorine. Also, the acid does not leave any harmful residues which make it suitable to directly apply on fruits and vegetables. The U.S. Food and Drug Administration approved peracetic acid as a sanitizer applied on food surfaces and labelled it as a safe chemical for food protection.
Moreover, adverse effects of its alternatives poise a positive impact on the growth of peracetic acid market. For instance, chlorine leaves a toxic gas which harms the surroundings. Sodium Hypochlorite has off-gassing and toxic issues. Peracetic acid does not degrade any harmful by-products and does not possess an immediate threat to aquatic life. This makes the acid preferable over other substitutes which in turn driving the market growth.
Additionally, the peracetic acid has applications in healthcare, pharmaceutical industries as a disinfectant. It is also used in wastewater and water treatment due to higher oxidation potential. This is expected to boost the demand graph of peracetic acid exponentially in several industries.
Based on Application, the Sterilant segment is anticipated to occupy major share over the Forecast Period
Based on application, the sterilant segment occupied major share in 2018 and projected to dominate the global peracetic acid market throughout the assessment period. The sterilant offers several advantages like no harmful effects on environment or health, water solubility, and does not leave residue after rinsing. These beneficial properties have resulted in huge adoption for peracetic acid as a key material for sterilization method in food & beverages industry.
Based on End-Use Industry, the Water Treatment is anticipated to register significant growth in 2018
On the basis of end-use industry, the water treatment segment is anticipated to witness rapid growth during the forecast period. With rapid technological advancement, the regional government is focused on reducing wastewater discharge and improve the quality of quality of drinking water. This has increased the ratio of waste water treatment process and usage of conventional water which is anticipated to surpass the segment growth.
North America is anticipated to Occupy Highest Share Whereas Asia Pacific is Expected to Grow Significantly During the Period of Research Study
By geography, North America held highest share in 2018. The region is anticipated to occupy significant share throughout the forecast period. Rising demand from food & beverages sector and increasing usage is water treatment is anticipated to favour the regional growth. The U.S. is the major contributor for peracetic acid in North America. Several supportive initiatives taken by private and public entities to generalize usage of the peracetic acid for water treatment is expected to create several growth opportunities in North America.
Asia Pacific is projected to witness rapid growth over the forecast period. The growth of the region can be credited to rising demand from several industries including healthcare, food, and water treatment sectors. Also, significant foreign investments owing to accessibility of raw materials and cheap labour cost is expected to support the regional growth.
Key players operating in global Peracetic Acid market include Diversey Inc, Solvay S.A., Airedale Chemical Company, Ecolab Inc., FMC Corporation, Evonik Industries, and Peroxychem.
Global Peracetic Acid Market by Application
Global Peracetic Acid Market by Grade
- Distilled grade
- Solution grade
Global Peracetic Acid Market by End-Use Industry
- Paper & pulp
- Water Treatment
- Food & Beverages
Global Peracetic Acid Market by Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America