According to the current analysis of Reports and Data, the global Peracetic Acid Market was valued at USD 815.1 Million in 2020 and is expected to reach USD 1.48 Billion by year 2028, at a CAGR of 7.80%. The study covers the genre of chemicals and materials with special focus on the Peracetic Acid market. Peracetic acid (CH3CO3H), also known as Peroxyacetic acid (PAA), is an organic compound used for antimicrobial purposes. It is a colourless liquid with the specific acrid odour indicative of acetic acid. The compound is a combination of two versatile compounds namely, Hydrogen Peroxide and Acetic acid. It is manufactured industrially by autoxidation of acetaldehyde. This compound is formed upon the treatment of acetic acid with hydrogen peroxide and a strong acid catalyst. The rapid growth in the population, changing lifestyles and eating habits of consumers are said to be the triggering factors for the industries, especially for the developed and developing countries. The versatility of application has been the main factor propelling the market. The rising concerns for safety and improving health of the people has been one of the driving factors in the market. However, high costs and insufficient awareness among the people have been the main restraining factors.
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Some of the major key companies operating in the global Peracetic Acid Market Report include:
BioSafe Systems, Peroxy Chem, Airedale Chemical, Evonik, Aditya Birla Chemicals, FMC Corp. and Solvay S.A.
Further key findings from the report suggest:
North America and Europe dominate the market due to the technologically advancements and the continuous research and development in this field. In addition to these factors another factor contributing to the growth of these regions is the widespread awareness about food safety and improving health.
North America is expected to grow at a CAGR of 8.3% while Europe is expected to register a CAGR of 8.2%.
Asia Pacific is expected to grow at a CAGR of 9.4%. Emerging economies such as China have become a major hub for manufacturers due to the abundance of resources and availability of labor.
Corporate working hours and increasing female working population is propelling the packaged food demand globally thus, making use of Peracetic acid for packaging of utmost importance. The demand has furthermore increased due to an increase in the demand for frozen foods.
Food and beverage industry holds the largest share of the market and is expected to continue to register the highest CAGR in the forecast period due to the rising awareness about food safety and sanitary practices.
Bactericide and fungicides are seen to be the fastest growing type of application. They are expected to register a CAGR of 8.8%. Use of PAA for bleaching purposes is also gaining popularity in the paper and pulp industry.
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The materials and chemicals industry is rapidly gaining traction in the last few years and is expected to register significant revenue growth throughout the forecast period. Raw material and chemicals are widely used across various industrial sector such as biotechnology and pharmaceutical, paper and pulp, food and beverages, agriculture, chemical and medical. Revenue growth of the global Peracetic Acid market is significantly driven by factors such as increasing investments by various market players to develop and launch enhanced products, rapid urbanization and industrial developments, rising per capita income and increasing adoption of green energy. In addition, rising funds by private and public organizations for equipment and rising adoption of biodegradable products due to increasing awareness about carbon emission concerns is further boosting market growth.
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Bactericide and fungicide
North America (U.S., Canada, Mexico)
Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
Latin America (Brazil, Rest of LATAM)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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