by Peracetic acid is an organic sanitizer and disinfectant that is widely used for sterilization in food processing, healthcare, agriculture, and other industries. It is effective in destroying bacteria, viruses, fungi and spores and offers advantages like being less toxic and more environment-friendly than chlorine-based disinfectants. The growing concerns regarding water borne diseases and stringent regulations towards water treatment have increased the demand for peracetic acid from water treatment applications. The global Peracetic Acid Market is estimated to be valued at US$ 872.06 Mn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing demand from water treatment applications is one of the key drivers propelling the peracetic acid market growth. Peracetic acid is increasingly being used in various industrial and municipal water treatment processes owing to its effectiveness in removing bacteria, viruses, and other pathogens. It helps improve quality of drinking water supplies and treats wastewater from various industries before discharge. With increasing freshwater shortages globally and stringent quality standards for treated water, the usage of peracetic acid is expected to rise substantially over the forecast period.
SWOT Analysis
Strength: Peracetic acid has strong sterilizing and disinfecting properties which makes it an effective substitute for chlorine-based disinfectants. It leaves no residue and breaks down to become non-toxic.
Weakness: Peracetic acid is highly corrosive and can damage skin and eyes on contact. It also has a strong unpleasant odor. Proper safety equipment needs to be used for handling.
Opportunity: Increasing demand from end user industries like food and beverage processing, meat processing, and healthcare is driving the peracetic acid market growth. Food safety regulations are getting stricter globally increasing the need for safe disinfectants like peracetic acid.
Threats: Strict environmental regulations around the use and disposal of chemicals poses a challenge. Alternatives like hydrogen peroxide also compete in the disinfectant market.
Key Takeaways
The global peracetic acid market is expected to witness high growth at a CAGR of 7.8% during the forecast period of 2023 to 2030. The market size for 2024 is estimated to be US$ 872.06 Mn.
Regional analysis: North America is currently the largest and fastest growing regional market for peracetic acid due to stringent food safety regulations and established food processing industry. The U.S dominates the North American market. Europe is another major consumer with Germany, UK, France being the key countries. Asia Pacific is expected to witness significant growth in the coming years led by China, India with expanding end user industries.
Key players: Key players operating in the peracetic acid market are 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. Kemira and Solvay are the largest producers with a global presence. New product launches and capacity expansions are the main strategies adopted by key players to strengthen their market position.
