Peroxyacetic Acid Market overview
Peroxyacetic acid is a distilled, refined compound containing hydrogen peroxide acidic acid and water. This acid is considered as one of the most grounded oxidizing agents and is used for sanitization, disinfection, bleaching, and sterilization. It is a colorless liquid used as an antimicrobial in commercial as well as household applications such as agricultural processes, medical facilities, lavatories, dairy processing plants, wineries, and beverage plants.
There is an increasing demand for peroxyacetic acid in the food processing and beverage industry, as disinfectants in therapeutic supplies, in the pulp industry for biofilm development, like disinfectant and water purifiers. This acid is also used for protecting the food for a long period of time. The demand for peroxyacetic acid is driven by the demand for food, rising population and the increased preference for clean drinking water.
The global peroxyacetic acid market report presents the market dynamics and is expected to witness a high surge in the coming forecast period until 2027. The market is expected to reach USD 1,092.5 million with a high rate CAGR of 7.11%. The rising demand for packaged food and the potential opportunities and factors such as the contribution of various regions for providing funds and grants for developing new and advanced innovative technology for the peroxyacetic acid.
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Peroxyacetic Acid Market segmentation
According to the market report, the increasing rate of water treatment procedures has risen the demand for the market in the aforementioned forecast period. There are many benefits of peroxyacetic acid over other substitute biocides acids that are also helping the market to grow in the coming years.
The global peroxyacetic acid market can be segmented based on the type such as:
The disinfectant market is expected to occupy the largest market share, registering a CAGR of 8.37% during the forecast period.
And based on the applications, the product market can be classified into:
The food segment holds 27% of the market share in the global peroxyacetic acid market.
Peroxyacetic Acid Market Regional analysis
The report provides historical data and forecasts revenue for the market segments for the regions of Europe, North America, Asia-Pacific, Middle East, South and Central America, Latin America and Africa. The country-level analysis of the market has been done with respect to the market size and future prospects. The market report also points towards the largest market share of Europe with 29% of the global peroxyacetic acid market that is expected to reach USD 325.1 million by 2027 from USD 135.5 million in the year 2015. Whereas, Asia-Pacific is expected to be the fastest-growing economy and is anticipated to rise at a CAGR of 8.02% from 2016-2027.
Evonik Industries AG, a German-based chemical company, has acquired innoHealth Group, a Madrid-based biotech company. The innoHealth’s technology platform screen, combined with natural ingredients for generating new dermo-cosmetic products. This company will further allow the expansion of product development for active ingredients to grow its innovation footprints within and beyond the personal care field.
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