by Market Overview:
The Peracetic Acid Market is estimated to be valued at US$872.6 Million in 2021 and is expected to reach US$ Mn by 2022. This market is driven by the demand for peracetic acid in various sectors, including water treatment, food and beverage, healthcare, and agriculture. Peracetic acid is widely used as a disinfectant due to its antimicrobial properties. It is also used as a sanitizer in the food and beverage industry and as a bleaching agent in the textile industry, among other applications. The high effectiveness of peracetic acid in sterilization and disinfection processes is a major factor driving its market growth.
Market Dynamics:
The Peracetic Acid Market is expected to exhibit a CAGR of 7.8% over the forecast period from 2022 to 2030. This growth can be attributed to several drivers. Firstly, the increasing demand for water treatment and wastewater management is boosting the market for peracetic acid. The stringent regulations regarding water quality and the need to eliminate harmful microorganisms are driving the adoption of peracetic acid in the water treatment sector. Secondly, the growing awareness regarding food safety and the need for effective sanitization in the food and beverage industry are fueling the demand for peracetic acid. The use of peracetic acid as a sanitizer helps in reducing the risk of foodborne illnesses and ensures the safety of processed food products. Overall, the Peracetic Acid Market is expected to witness significant growth in the coming years.
Market key trends:
Peracetic acid is an organic compound with strong oxidizing properties, commonly used in various industries such as food processing, healthcare, and water treatment. The global peracetic acid market is expected to witness significant growth over the forecast period, exhibiting a compound annual growth rate (CAGR) of 7.8%. This growth can be attributed to several key trends in the market.
One key trend driving the growth of the peracetic acid market is the increasing demand for water treatment solutions. With the growing concern over water pollution and the need for clean and safe water, the demand for effective water treatment chemicals like peracetic acid is on the rise. Peracetic acid is highly effective in disinfecting water by eliminating pathogens, bacteria, and viruses, making it an ideal choice for water treatment applications.
Furthermore, the increasing use of peracetic acid in the food processing industry is also contributing to the market growth. Peracetic acid is widely used as a sanitizer and disinfectant in food processing facilities to ensure food safety and prevent the growth of harmful microorganisms. The stringent regulations regarding food safety and hygiene standards are further driving the demand for peracetic acid in the food industry.
SWOT Analysis:
- Strength: Peracetic acid has strong oxidizing properties, making it highly effective in disinfection and sterilization processes. Its broad-spectrum antimicrobial activity enables its widespread use in various industries.
- Weakness: The corrosive nature of peracetic acid can pose challenges in handling and storage. Proper safety measures must be in place to prevent accidental exposure and damage to equipment.
- Opportunity: The increasing focus on sustainable and eco-friendly solutions presents an opportunity for peracetic acid in the market. Its biodegradable nature makes it an attractive option compared to other chemical disinfectants.
- Threats: The availability of alternative disinfectants, such as chlorine and hydrogen peroxide, poses a threat to the market growth. Additionally, fluctuations in raw material prices can impact the production cost of peracetic acid.
Key Takeaways:
The Global Peracetic Acid Market Growth is expected to witness high growth, exhibiting a CAGR of 7.8% over the forecast period. The increasing demand for water treatment solutions and the use of peracetic acid in the food processing industry are key drivers for market growth.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the peracetic acid market. The strict regulations regarding water and food safety, coupled with the increasing industrial activities, drive the demand for peracetic acid in this region.
Key players operating in the 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. These key players contribute significantly.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
