According to the new market research report “Peracetic Acid Market by Application (Disinfectant, Sterilant, Sanitizer), End-use Industry (Healthcare, Food & Beverage, Water Treatment, Pulp & Paper), and Region (North America, Europe, APAC) – Global Forecasts to 2030″, The global peracetic acid market size is projected to grow from USD 813 million in 2020 to USD 1,685 million by 2030, at a CAGR of 7.6%.
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The sterilant segment is projected to grow at a higher rate than the other application segments. It is an emerging application of peracetic acid. The major factor responsible for the growth of sterilants is their increased demand in the food industry, life sciences, pharmaceutical, and other industrial products. The rising population is also projected to boost the demand from end-user industries, such as healthcare and life sciences.
The wastewater treatment application is witnessing a surge in demand and is projected to register a high CAGR in the next five years, globally. The growing and developing economies of Asia Pacific, such as China and India, with their infrastructural and technological development in the end-use industries, are expected to increase the demand for peracetic acid in the markets. The global water treatment market will continuously grow at a higher rate and is projected to drive the overall market of water treatment products. The superior peracetic acid product is expected to surpass the biocides industry growth due to its larger acceptance and rising demand from end-users.
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Many European and North American companies are focused on China and India to cater to the rising demand. Seeking high growth in the APAC region, many key companies have set up their manufacturing base, distribution network, or channel partners in the region. For instance, Kemira Ojy, a Finland-based company, has a manufacturing plant in Nanjing, China. The plant helps cater to the growing demand for water treatment chemicals in the APAC region. Such developments are expected to be vital for the growth of the peracetic acid market in this region.
Companies operating in the peracetic acid market are focused on different organic and inorganic growth strategies to expand their presence and increase their market shares, globally. New product development, partnership & agreement, and investment & expansion were the key growth strategies adopted by leading players in the peracetic acid market between 2016 and 2020 (September). Leading manufacturers of peracetic acid include Evonik Industries AG (Germany), Solvay SA (Belgium), Mitsubishi Gas Chemical Company (Japan), Ecolab Inc. (US), Enviro Tech Chemical Services (US), Kemira Ojy (Finland), Christeyns (Belgium), SEITZ GmBH (Germany), Jubilant Life Sciences (India), and Sopura (Belgium).
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Evonik Industries is among the leading players in the market due to its global distribution capabilities and strong financial background. With an established brand name in the chemical industry, the company is expected to remain a top player in the peracetic acid market. It also has a strong geographic presence, which helps its growth in this market. Its strong focus on brand management and efficient distribution will help it to maintain its position in the market.
Solvay is another market leader in the peracetic acid business. Solvay is among the top manufacturers of peracetic acid. It primarily focuses on innovations and investments to sustain its leading position in the market. The company has a wide range of peracetic acid products. The strength of the company lies in its strong geographical presence, long-term market presence, and established product portfolio for peracetic acid products.
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