Peracetic Acid Market is forecast to reach $1.63 billion by 2025, after growing at a CAGR of 7.74% during 2020-2025. Increasing need to protect and improve public health is major factor for the demand of peracetic acid. In food industry peracetic acid is widely used as an anti-microbial for preservation of meat, poultry and fisheries products because during the processing and handling of food & beverages, necessary sanitary practices cannot be overlooked. Usage of peracetic industry in food and beverage industry is boosting the market during the forecast period.
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Application – Segment Analysis
Sterilant segment held a significant share in the peracetic acid market in 2019. The major factor responsible for the growth of sterilants is their increased demand in the life sciences, food industry, pharmaceutical, and other industrial products. Peracetic acid is an ideal sterilant due to its advantages such as no harmful health or environmental effects, leaves no residue after rinsing and highly water soluble. Rapid growth in population, changing lifestyles and eating habits of consumers is said to boost the demand from end-user industries, such as life sciences and healthcare.
End Use Industry – Segment Analysis
Waste water treatment sector has highest market share in peracetic acid market during the forecast period. The growth in water treatment procedures across the developing regions is anticipated to boost the peracetic market over the forecast period. They are being used as a low capital alternative to UV, chlorine dioxide and ozone for disinfection in municipal wastewater plants.
Geography – Segment Analysis
North America dominated the peracetic acid market with a share of more than 32% during the forecast period of 2020-2025. The economy of North America is mainly influenced by the economic dynamics of countries such as U.S and Canada. Government interventions in the region have resulted in the growth of water treatment as well as healthcare industries in the region.
Drivers – Peracetic Acid Market
Peracetic acid got recognition from the U.S. Food and Drug Administration (FDA) as antimicrobial and as safe chemicals to protect food for longer time. This has developed many new application of peracetic acid as food preservatives and microbial disinfectants over the past few years.
Chlorine was the disinfectant preference for many years. But it had severe disadvantages. Gas leaks of the chemical can have adverse effects on the surroundings. Also, it posed a grave threat to aquatic flora and fauna. Same goes with Sodium Hypochlorite. It is toxic and faces off-gassing issues. Peracetic acid is safe and does not possess an immediate threat to aquatic life. Furthermore, it does not degrade into harmful by-products thus causing little or no harm to immediate environments. It possesses more oxidation potential than other alternatives except for UV technology.
Challenges – Peracetic Acid Market
Direct exposure to Peracetic acid can cause severe burns, allergy, and other hazardous health effects to the eyes, skin, and respiratory organs. Peracetic acid can cause severe health issues if ingested in higher concentrations, together these factors are restricting its wide acceptance in at house hold application which is one of the major challenges for peracetic acid market.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the peracetic acid market. In 2019, the market of peracetic acid has been consolidated by the top five players accounting for xx% of the share. Major players in the Peracetic Acid Market are Kemira Chemicals, Mitsubishi Gas Chemicals, Seitz GMBH, Aditya Birla Chemicals, Ecolab, Solvay Chemicals, Peroxychem, Evonik Industries, Enviro Tech Chemical Services, Helios Group, Christeyns and Promox S.P.A. among others.
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