Peracetic Acid Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

Peracetic Acid Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The peracetic acid market is anticipated to register a CAGR of more than 7% during the forecast period.

COVID-19 negatively impacted the market in 2020. However, the market is now estimated to reached pre-pandemic levels and is expected to grow steadily.

Key Highlights

• The primary factor driving the market studied is the rapidly increasing global demand for potable water.
• The increase in peracetic acid use in aseptic packaging is expected to act as an opportunity for the market.
• The major hindrance to this market is the adverse health effects from the prolonged use of peracetic acid, resulting in lung, eye, and skin damage.
• The Asia-Pacific region dominated the market worldwide, with countries like China, India, and Japan being the biggest consumers.

Peracetic Acid Market Trends

Disinfectant Application to Dominate the Market

• Peracetic acid is a popular biocidal disinfectant with uses across many industries.
• Peracetic acid can destroy and control harmful bacteria, viruses, spores, and fungi. It is a potent oxidant and fast-acting antimicrobial. Peracetic acid penetrates through cell membranes, irreversibly disrupting the enzyme system and destroying pathogenic microorganisms.
• Peracetic acid's (PAA) antimicrobial properties make it a reliable biocidal disinfectant in agriculture, food, pharmaceutical settings, and the home. PAA is a widely used antimicrobial in the food and protein industries.
• Amongst many other industrial applications, it also holds use in water treatment, able to prevent biofilm formation and pathogenic growth.
• It is also used to disinfect medical supplies, prevent biofilm formation in pulp industries, and as a water purifier.
• Increasing health concerns created the need for surface disinfection in places like public spaces, hospitality buildings, transportation, and cleaning in place in the food & beverage industry.
• According to US Census Bureau, retail food and beverage stores generated annual sales of about USD 880 billion in the United States in 2021. The expanding food industry creates a strong need for disinfectants for cleaning, which benefits the market for peracetic acid.
• The demand for peracetic acid as a disinfectant is expected to drive the market due to all the abovementioned factors.

Asia-Pacific Region to Dominate the Market

• The Asia-Pacific is expected to dominate the market for peracetic acid during the forecast period. In countries like China, India, and Japan, the demand for peracetic acid increased due to the increasing demand from the pharmaceutical, food, beverage, and chemical industries.
• PAA is also used for the oxidative degradation of toxic substances and chemicals in wastewater, making water treatment easy. Due to this, there is a surge in demand for PAA for water treatment applications.
• In the Asia-Pacific, China is one of the fastest-growing economies globally. Almost all the end-user industries are growing, owing to the rising population, living standards, and per capita income.
• China is a hub for chemical processing, accounting for a significant chunk of the chemicals produced globally. With the increasing demand for various chemicals globally, this sector's demand for hydrogen peroxide is projected to rise during the forecast period.
• For instance, China produced approximately 229,000 metric tons of chemical pesticides in April 2022. Thus, with the increasing production of chemical pesticides, the PAA demand also increases during the forecast period.
• According to a US International Trade Commission report, countries like China and India 2035 would consume an enormous volume of water in Municipal and Domestic, Industry, and Agriculture consumption, thus increasing the demand for PPA in wastewater treatment.
• Moreover, according to the USDA Foreign Agricultural Service, among other divisions of the Indian food industry, the retail food market was the most valuable. In 2021, retail accounted for over USD 800 billion. Food services came in second that year, with USD 64 billion in revenue, supporting the market growth significantly during the forecast period.
• Thus, the rising demand from various regions is expected to drive the market in the region during the forecast period.

Peracetic Acid Industry Overview

The peracetic acid market is partially fragmented in nature. Some of the major companies in the market include Evonik Industries AG, Solvay, MITSUBISHI GAS CHEMICAL COMPANY, INC., Airedale Chemical Company Limited, and Ecolab, among others (in no particular order).

Additional Benefits:

• The market estimate (ME) sheet in Excel format
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