The Global Peracetic Acid Market is estimated to be valued at US$ 1014.03 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 Overview:
Peracetic acid is an effective disinfectant and sterilant chemical which is also known as peroxyacetic acid. It is produced by the condensation of acetic acid and hydrogen peroxide. Peracetic acid is widely used for sterilization in food processing, healthcare facilities, agricultural applications and others due to its strong sterilizing and bleaching properties.
Market key trends:
Peracetic acid has high demand in food industry as a sanitizer and disinfectant for fruits, vegetables and meat products. It helps in reducing microbial contamination in food products. Its usage is growing in meat and poultry processing industry to eliminate pathogens. The rising concern over safety and quality of food products is boosting the demand for peracetic acid. Stringent regulations regarding hygiene and safety in food processing and healthcare industry further propels the market growth. Peracetic acid is also finding increasing application as an effective replacement for chlorine in wastewater treatment plants due to stringent environmental regulations.
SWOT Analysis
Strength: Peracetic acid is an effective sterilizing and disinfecting agent. It breaks down to harmless byproducts and does not require rinsing.
Weakness: Peracetic acid is corrosive in nature and can cause severe burns. Occupational exposure to peracetic acid may cause health issues.
Opportunity: Growing demand from healthcare industry for sterilization of medical devices. Increasing application in food industry as a sanitizer.
Threats: Stringent government regulations regarding the use and handling of peracetic acid. Availability of alternative disinfectants and sterilants.
Key Takeaways
The Global Peracetic Acid Market Size is expected to witness high growth, exhibiting CAGR of 7.8% over the forecast period, due to increasing demand from healthcare and food industries. Peracetic acid is widely used for sterilization and disinfection of medical devices and as a sanitizer in food processing.
Regional analysis
North America dominated the global peracetic acid market in 2023 and is expected to maintain its leading position during the forecast period. This can be attributed to robust healthcare infrastructure and stringent food safety regulations in the region. Asia Pacific is anticipated to exhibit the fastest growth over the forecast period supported by growing end-use industries and increasing penetration of international players in emerging economies.
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. The established players are focusing on capacity expansion and new product launches to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
