The global peracetic acid market is estimated to be valued at US$872.6 million in 2021 and is expected to reach a value of US$1,490.4 million by 2030, with a CAGR of 7.8% over the forecast period. Peracetic acid is a versatile chemical compound that finds applications in various industries such as food and beverage, healthcare, and wastewater treatment. It is known for its strong antimicrobial properties, making it an effective disinfectant and sanitizer. The increasing awareness about hygiene and sanitation, along with the stringent regulations regarding water treatment and food safety, are driving the demand for peracetic acid. Additionally, the growing demand for organic foods and beverages is expected to further fuel market growth.
Market Key Trends:
One of the key trends in the peracetic acid market is the increasing adoption of peracetic acid in wastewater treatment. Peracetic acid is widely used in water treatment plants to remove harmful microorganisms and disinfect the water. The growing concerns regarding water pollution and the need for clean and safe water for various purposes are driving the demand for peracetic acid in the wastewater treatment industry. Moreover, the stringent government regulations regarding industrial wastewater discharge are further propelling the market growth. The use of peracetic acid in wastewater treatment helps in the elimination of bacteria, viruses, and algae from the water, ensuring its safety for reuse or discharge into the environment. This trend is expected to continue over the forecast period, presenting lucrative opportunities for market players.
The segment analysis of the peracetic acid market reveals the dominance of the Healthcare segment, which is expected to witness high growth in the forecast period. The healthcare industry is a major consumer of peracetic acid due to its excellent antimicrobial properties and applications in disinfection and sterilization processes. Hospitals, clinics, and pharmaceutical companies extensively use peracetic acid for cleaning and sanitizing medical equipment and facilities.
The healthcare segment dominates the peracetic acid market due to the increasing focus on stringent quality control measures and hygiene practices in the healthcare sector. Furthermore, the outbreak of global health crises, such as the COVID-19 pandemic, has further escalated the demand for effective disinfectants like peracetic acid. The increasing prevalence of healthcare-associated infections and the need for maintaining sterile environments in healthcare facilities are also driving the demand for peracetic acid.
The Global Peracetic Acid Market Demand is expected to witness high growth, exhibiting a CAGR of 7.8% over the forecast period (2022-2030). This growth can be attributed to several factors. Firstly, the increasing awareness regarding hygiene and disinfection practices, particularly in the healthcare sector, is driving the demand for peracetic acid. The need for effective sterilization and disinfection of medical equipment and facilities to prevent healthcare-associated infections is a major driver for the market.
Regionally, North America is the fastest-growing and dominating region in the peracetic acid market. This can be attributed to a well-established healthcare infrastructure, stringent regulatory guidelines, and a high emphasis on infection prevention in the region. Additionally, the region has witnessed significant growth in the food and beverage industry, which also drives the demand for peracetic acid for food processing and packaging applications.
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 focus on strategic partnerships, collaborations, and product innovations to stay competitive in the market. The market is consolidated with a few major players holding a significant market share. The key players’ expertise in advanced manufacturing processes and their wide distribution networks contribute to their dominance in the peracetic acid market.
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