ID: MRFR/CnM/6767-HCR | February 2021 | Region: Global | 140 pages
The Peracetic Acid Market value is expected to reach 1,818.2 million by the end of 2030, with a CAGR rate of 8%.
Peracetic acid is also known as peroxyacetic acid, which is an organic compound. It is a colorless liquid with a strong odor. It is an equilibrium mixture of hydrogen peroxide, water, acetic acid, and peracetic acid. The need to protect the health of the public will propel the peracetic acid market growth in the forecast period. During the processing of beverages and foods, the sanitary practice can't be ignored. Hygiene is the most important thing in the case of food production. In the case of unhygienic practices, it will lead to dangerous effects. Unhygienic foods will not only cause product loss for the company, but the people will also suffer from harmful side effects. It can ruin the reputation of a company.
With the rapid growth of population and increasing per capita income, the processed food industry demand is increasing, especially in the developed countries where there are big companies where there is a huge demand for the processed foods. The increasing female working population is also boosting the food and beverage industries. The processed food companies are using different chemicals and additives to keep the food and beverage fresh.
As a result, the peracetic acid market size is increasing across the world. Peracetic acid is used to preserve the food for later consumption and keeping its freshness for a long time.
Peracetic acid is recognized by the government, and it is a safe chemical for food protection.
The use of peracetic acid is also used for the reduction of pathogens in vegetables and fruits that will further boost the peracetic acid market trends. When using for washing fruits or vegetables, the peracetic acid breaks down, which is highly effective for cleaning and sanitization. It is also used to sterilize the finished packaging, such as PET bottles. The wide range of usage of peracetic acid will increase the peracetic acid market trends in the forecast period.
Covid-19 is a disease caused by a coronavirus, and the outbreak of the virus began in Wuhan in 2019. Within few months, it has turned into a global pandemic. Governments around the world have taken so many safety measures to prevent the spread of the virus, but it is spreading at a rapid speed. The pandemic has highly influenced the global economy as well as many businesses. It has disrupted healthcare facilities across the world. Temporary hospitals were also set up to deal with the pandemic, so the pandemic has increased the demand for cleaning products due to growing awareness about hygiene, safety, and health. The government took initiatives to teach people about maintaining hygiene and the healthcare expenditure across the world increased. Due to this, the demand for peracetic acid increased in all sectors. The adoption of sanitizer increased highly, and people were too much care about hygiene; as a result, it boosted the peracetic acid market demand. To keep the home virus-free, people were buying sanitizing products. As a result, the sanitizer and disinfectants were out of stock. In the post covid era, the demand for peracetic acid will increase more, and it will boost the market in the forecast period.
There are so many factors driving the peracetic acid market. One of the major drivers of the peracetic acid market is the high demand for the processed food industry. The U.S. Food and Drug Administration (FDA) has recognized this product as safe for food. Peracetic acid is highly used in the food and beverage Industries to keep the freshness of the food for a long time and improve the taste as well. It is also used as an antimicrobial agent and bleaching agent for washing fruits and vegetables. The rapid growth processed food industry and increasing awareness of hygiene are driving the peracetic acid market. Sanitizers, disinfectants play a huge role in preventing the growth of the bacteria; as a result, the use of peracetic acid is increasing. Peracetic acid also increases the shelf life, safety of the product's band slows the thermal degradation. The use of peracetic acid for various applications is driving the peracetic acid market's peracetic acid market growth.
The major restraint for the peracetic acid market is the lack of awareness about this product among the Consumers. The people have less knowledge about the benefits of this product and the application areas. Another restraint of the peracetic acid market is its price. The price of peracetic acid is more than its substitutes, such as sodium hypochlorite, hydrogen peroxide, chlorine, and calcium hypochlorite.
The major application of peracetic acid is in food, pharmaceutical for water treatment. And these sectors are growing at a rapid rate. The food sector is increasing due to the increasing Economic and changing lifestyle of people. Food processing and packaging are used for the products such as milk, juices, tea, and drinks. Apart from that, peracetic acid is used in pharmaceuticals, hospitals, and other sectors for many treatment procedures. The growth of all the sectors will generate more opportunities for the peracetic acid market.
Peracetic acid is a very complex Solution, and it is very reactive. Only 35% of peracetic acid has explosive characteristics, and it can be dangerous. Apart from that, it can cause many health problems such as irritation and allergies. This can be a major challenge for the peracetic acid market, but the key players are trying to overcome these challenges and increase the demand of the market in the future.
Cumulative growth analysis
Due to the wide application of peracetic acid in many sectors, the market will grow in the forecast period. It is expected that the peracetic acid market will register a CAGR rate of 8%. The peracetic acid market has registered a healthy CAGR over the years, and the market will show promising results after the covid-19 pandemic that has increased awareness about hygiene.
The peracetic acid market is divided on the basis of the application and end-use industry.
On the basis of application, the market is divided into disinfectant, sterilant, sanitizer, and others. It is highly used in the food sectors and pharmaceuticals sector for maintaining better hygiene. Disinfectant is expected to be responsible for the highest share in the peracetic acid market in the forecast period. Disinfectant is the largest segment in the market as well.
On the basis of end-user, the peracetic acid market is divided into healthcare, food & beverage, water treatment, pulp & paper, and others. Vast growth in the food sector, especially in developing countries, will boost the market growth in the coming years. The food and beverage were accounted for the highest share in this segment with $35 million and a CAGR of 8.5%. The peracetic acid market will also see positive growth in the pulp and paper bleaching Industry as well. Increasing bleaching activities will push the market growth further.
The major regions in the peracetic acid market are North America, Europe, Asia Pacific, and the Middle East, and Africa. Europe holds the highest peracetic acid market share due to the presence of strong countries like Italy, Russia, Germany, and the U.K. In Europe, peracetic acid is used for purification, disinfection, and water cleaning. It is also used for the food and beverage sector. According to the peracetic acid market analysis, Asia Pacific is growing at a faster rate, and it will register the highest CAGR rate in the forecast period owing to the changing lifestyle of people, Economic development in this region, and the presence of big food Industries. The North American region has a big market as well due to the huge number of big Industrial activities and companies. Saudi Arabia was responsible for the 30% peracetic acid market share in the Middle East and Africa region due to increasing Industrialization activities in this region.
The major key players in the peracetic acid market are:
This global peracetic acid market report is based on the qualitative and qualitative analysis of the peracetic acid market. The report highlights the peracetic acid market outlook on the market overview, market segmentation, market dynamics, and the analysis of the peracetic acid market. This report also includes regional analysis, competitive landscape, and recent developments of the market.
By end-use industry
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Application and End-Use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Solvay (Belgium), Evonik Industries AG (Germany), Ecolab (US), Enviro Tech Chemical Services, Inc (US), MITSUBISHI GAS CHEMICAL COMPANY, INC (Japan), Jubilant Life Sciences Ltd (India), Aditya Birla Chemicals (India), ACURO ORGANICS LIMITED (India), Hydrite Chemical (US), Belinka Perkemija, d.o.o. (Solvenia), Promox (Italy), and Kemira Oyj (Finland)|
|Key Market Opportunities||The major application of peracetic acid is in food, pharmaceutical for water treatment.|
|Key Market Drivers||The high demand for the processed food industry.|
Frequently Asked Questions (FAQ) :
Global peracetic acid market is expected to record a substantial market valuation of USD 1.18 billion by 2030.
Global peracetic acid market is projected to register a moderate 8% CAGR in the forecast period.
The sanitizer segment is expected to observe substantial demand over the review period.
The water treatment segment is slated to expand as the fastest-growing segment.
A few eminent market players operating in the global peracetic acid market are Evonik Industries AG (Germany), Solvay (Belgium), Ecolab (US), among others.