by Peracetic acid is an organic compound widely used as a sterilizing and bleaching agent in various industries like food, healthcare and water treatment. It finds application for sterilizing equipment, disinfecting facilities and bleaching of paper and textiles owing to its strong oxidizing properties and rapid decomposition into non-toxic by-products.
The global Peracetic Acid Market is estimated to be valued at US$ 872.6 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 food industry has significantly contributed to the growth of the peracetic acid market over the past few years. Peracetic acid emerges as an effective alternative to chlorine for disinfecting food processing equipment and facilities. It is widely used for sterilizing fruits and vegetables to control microbial growth. Rapidly growing demand from the food industry for safe and hygienic manufacturing practices is expected to drive the peracetic acid market growth over the forecast period.
SWOT Analysis
Strength: Peracetic acid is widely used as an effective sanitizing and sterilizing agent in various end-use industries like food and beverage, healthcare, agriculture, water treatment. It finds application as an environment-friendly disinfectant.
Weakness: Peracetic acid is highly reactive and corrosive in nature. Strict safety norms and regulations need to be followed during manufacturing and transportation of peracetic acid.
Opportunity: Rising demand from food processing industry due to bans on chlorine-based disinfectants presents an opportunity. Growing emphasis on wastewater treatment worldwide also opens new avenues.
Threats: Availability of alternative chemical disinfectants poses competition. Volatility in raw material prices impacts the overall production cost.
Key Takeaways
The global peracetic acid market is expected to witness high growth over the forecast period. The market is projected to reach a value of US$ 1,473.5 Mn by 2030, expanding at a CAGR of 7.8% during 2023 to 2030.
Regional analysis
North America dominates the global market currently. This region accounts for over 30% of global demand owing to huge requirement from food and beverage industry. Asia Pacific is expected to be the fastest growing region on back of rapid industrialization and growing population in countries like China and India.
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 collectively account for over 50% of global peracetic acid production capacity. These companies are focusing on capacity expansions to cater to rising demand.
