by Peracetic acid is an organic peroxide widely used as a disinfectant and sterilant in various end-use industries such as food and beverage, healthcare, water treatment and others. It is highly effective in killing microorganisms including bacteria, viruses, yeasts and molds. The compound is commercially available as a stable equilibrium mixture with acetic acid and hydrogen peroxide. Its germicidal properties have increased demand for peracetic acid in disinfectant and sterilization applications.
The global peracetic acid market is estimated to be valued at US$ 872.06 Mn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: One of the key trends in the peracetic acid market is the increasing adoption in food processing industry. Peracetic acid is widely used as an antimicrobial agent in food processing applications such as meat and poultry processing, fresh-cut produce, dairy products and breweries. It effectively controls harmful microorganisms without leaving harmful residues. This drives its demand from the food industry. Peracetic acid is also used as an alternative to chlorine-based antimicrobials in foods due to consumer demand for residue-free, clean label products. Stringent food safety regulations further propel the adoption of peracetic acid in the food processing sector.
Porter’s Analysis
Threat of new entrants: Low, as the peracetic acid market requires high capital investment for research and development, production facilities and distribution network. Bargaining power of buyers: Moderate, as peracetic acid has applications in various end-use industries like healthcare, food and beverages. Bargaining power of suppliers: High, as raw materials suppliers for peracetic acid production have significant influence over pricing. Threat of new substitutes: Low, as there are limited substitutes for peracetic acid in sterilization and disinfection applications. Competitive rivalry: High, as the market is dominated by few global players and there is high competition among them based on product quality, pricing and innovation.
Key Takeaways
The global peracetic acid market is expected to witness high growth over the forecast period.
Regionally, Asia Pacific region is expected to be the fastest growing as well as dominating regional market. Countries like China, India are driving the growth in this region due to increasing demand from water treatment plants. Europe is also expected to hold significant market share owing to stringent regulations regarding wastewater treatment and food safety in countries like Germany, UK, France. North America region will continue to be another major market for peracetic acid on account of rapid industrialization and established healthcare sector in US and Canada.
Key players operating in the peracetic acid market are 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 companies are focusing on capacity expansion and new product launch through research and development activities to strengthen their market position.
