Global Peracetic Acid Market Expected to Reach $1.8 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Global Peracetic Acid Market," The global peracetic acid market size was valued at $0.9 billion in 2021, and is estimated to reach $1.8 billion by 2031, growing at a CAGR of 7.7% from 2022 to 2031.

Peracetic acid is an organic molecule that is widely utilized as an antibacterial and antioxidant agent. It is a white liquid with a strong odor that is formed through the auto-oxidation of acetaldehyde. It is a non-chlorinated by-product with non-corrosive and non-foaming reactions, a broad temperature range, and a greater oxidation potential.

The growth of the global peracetic acid industry is majorly attributed to its wide applications in food & beverage, water treatment, and others. Peracetic acid is utilized as a food processing aid for antimicrobial intervention without imparting odors, colors, or flavors to the finished product. In the meat production industry, peracetic acid and chlorine are used as antimicrobials and are extremely effective at lowering pathogen levels if applied directly to the meat. It is also effective for lessening microbial contamination of seafood and for preserving seafood for longer time period. Further, numerous bottling plants utilize peracetic acid as a sanitizer and disinfectant in order to lower microbial contamination. Also, it is extensively utilized as a sanitizer in the brewing industry.

Moreover, increase in acceptance of peracetic acid in efficient water treatment solutions along with the surge in demand for drinking water worldwide is predicted to drive the global peracetic acid market growth during the forecast period. There is an increase in demand for wastewater treatment owing to surge in population, urbanization, augmenting manufacturing sector, regulatory requirements, and initiatives by manufacturing industries & state bodies for low waste generation. For instance, according to The Development Bank of Latin America (CAF), over the period of 2010–2030, $33 billion is anticipated to be spent on wastewater treatment and $80 billion on sewerage infrastructure and. Peracetic acid is environment-friendly and is a broad-spectrum biocide with an instantaneous reaction time, and does not leave any harmful by-products. It is a stronger oxidant than chlorine dioxide and sodium hypochlorite. Most peracetic acid is sold in 15 or 22% concentrations and employed at 1–2 ppm in wastewater.

However, health hazards associated with peracetic acid is projected to hinder the expansion of the market. Nevertheless, increase in demand for peracetic acid in the healthcare industry coupled with the growth of the healthcare industry is anticipated to create ample growth opportunities for global peracetic acid market in the coming years. In healthcare industry, peracetic acid removes surface contaminants on endoscopic tubing. It is also used to sterilize surgical, medical, and dental instruments chemically (e.g., endoscopes, arthroscopes). The healthcare industry is witnessing massive growth in recent years. For instance, according to India Brand Equity Foundation, by 2022, the healthcare market in India is predicted to reach $372 billion, propelled by rising health awareness, rising income, and surge in access to insurance.

The peracetic acid market is segmented into application, end-use industry, and region. On the basis of application, the market is categorized into disinfectant, sanitizer, and others. On the basis of end-use industry, the market is categorized into healthcare, food and beverage, water treatment, pulp and paper, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. The peracetic acid market share is anlyzed across all significant regions and countries. Asia-Pacific is the fastest growing region with the highest CAGR. In the Asia-Pacific region, peracetic acid is commonly used in water treatment and food & beverages to remove surface impurities.

The major players operating in the global peracetic acid market include, Acuro Organics Limited, Airedale Chemical Company, California Soda Company, Diversey Inc, Ecolab Inc, Enviro Tech Chemical Services, Evonik Industries AG, Jubilant Pharmova Limited, Kemira Oyj, Lenntech B.V., Mitsubishi Gas Chemical Company, Seeler Industries Inc, Solvay, Sopura S.A, and Tanfac Industries.

COVID-19 Analysis:

The COVID-19 pandemic had positive influence on the market for peracetic acid across the globe. Disinfection and sanitization practices were adopted to lower the potential risks of COVID-19 virus contamination in non-healthcare environments, including, home, schools, offices, gyms, publicly accessible buildings, markets, transportation and business settings or restaurants. Further, in the post-COVID era, the demand for peracetic acid is predicted to grow more and bolster the market growth.

Key findings of the study:

• By application, the disinfectant segment was the highest revenue contributor to the market in 2021
• By end-use industry, the food and beverage segment is expected to grow at a CAGR of 7.8% during the forecast period.
• Region-wise, Asia-Pacific was the highest revenue contributor in 2021.
• China was the highest revenue contributor in 2021, growing with a CAGR of 9.7%.
• South Korea and Japan are expected to witness considerable CAGRs of 8.1% and 7.7%, respectively, during the forecast period.