New York, Aug. 07, 2023 (GLOBE NEWSWIRE) -- The global peracetic acid market size is expected to expand at ~8% CAGR from 2023 to 2035. The market is anticipated to garner a revenue of USD 2 billion by the end of 2035, up from a revenue of ~USD 1 billion in the year 2022.The market growth is due to its multiple uses in the food processing and packaging industries. The chemical is effectively used to disinfect closure systems and containers used to store food prior to distribution. Good food packaging plays a crucial role in preventing food spoilage and extending its shelf life, ultimately reducing food waste. It is estimated that more than a billion tons of food are wasted worldwide every year. Another important factor that is expected to lead to unprecedented growth of the peracetic acid market is the increasing demand for disinfectants in the wake of the COVID-19 pandemic.
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The pandemic has necessitated the use of sanitizers and sanitizers to contain the spread of the virus outbreak. SARS-CoV-2 has been observed to survive for more than two hours in air while surviving a full day on cardboard surfaces. It was also observed that the persistence of the virus in plastic and stainless steel was up to 4 hours. Due to this variable virus persistence, it is imperative to regularly disinfect hospitals and other public places to effectively contain the pandemic, and this is expected to spur market growth.
Peracetic Acid Market: Key Takeaways
- Market in Asia Pacific to propel highest growth
- The disinfectant segment to garner the highest growth
- Market in Europe to grow at a highest rate
Rising Food Processing Industry across the Globe to Boost Market Growth
Food processing is an important sector in all parts of the world. Food processing makes food safer, more edible and tastier for consumers. Food processing also offers consumers a wide range of product options. Improving the shelf life of food from processing should help farmers better store and transport their agricultural products. Therefore, food processing plays a very important role in a country's economic development. For example, according to the Ministry of Food Processing Industry of the Government of India, the food processing sector contributed 1.69% of the country's total Gross Value Added (GVA) in 2019-2020. For example, the European Union has a strict Urban Wastewater Treatment Directive, which over the years has helped to significantly improve the quality of water in the region.
In addition, according to the Organization for Economic Co-operation and Development (OECD), in 2020 99.5% of the inhabitants of the Netherlands were connected to a sewage treatment plant via a public sewage network. Peracetic acid is a powerful disinfectant for wastewater, as approximately 91% of its effectiveness is visible within a minute. Hence, the developing wastewater management systems in the world, which also have ecology in mind, are expected to lead to the growth of the market.
Peracetic Acid Market: Regional Overview
The global market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Expanding demand for hydrogen peroxide to Drive Market Growth in Asia Pacific Region
The peracetic acid market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2035. China should play an important role in the growth of the Asia-Pacific regional market. In addition, China is one of the world's leading chemical producers. The country also stands out as a major center for the processing and production of specific chemicals such as hydrogen peroxide. Demand for hydrogen peroxide in China, which was around 363,000 tons in 2020, is estimated to exceed 654,000 tons by 2030. Peracetic acid is one of the main raw materials in the production of hydrogen peroxide. Therefore, this projected increase in demand for hydrogen peroxide should have a positive impact on the growth of the regional market.
In addition, the growing demand for peracetic acid in various industries in China and other developing countries in the region such as Japan and India are expected to benefit the regional market for the chemical. The massive water consumption for domestic, municipal, agricultural and industrial purposes in China and India is expected to boost market growth in Asia-Pacific.
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Growing awareness about water treatment to Propel the Growth in the Europe Region
The Europe peracetic acid market is estimated to garner the highest CAGR by the end of 2035. The growth of the market in this region can primarily be attributed to the growing awareness about water treatment. Peracetic acid is used as a powerful biocide in water treatment applications, including wastewater treatment and swimming pool sanitation. With the increasing emphasis on water quality and environmental regulations, there has been a rising demand for peracetic acid in the water treatment sector. Peracetic acid is considered an environmentally friendly alternative to traditional chlorine-based disinfectants, as it decomposes into non-toxic byproducts.
The growing awareness and preference for sustainable and eco-friendly solutions have positively influenced the demand for peracetic acid. Continuous research and development efforts have led to the development of improved formulations and applications for peracetic acid. These advancements, along with enhanced product performance and cost-effectiveness, have stimulated market growth. Peracetic acid is commonly used as a sanitizer and disinfectant in the food and beverage industry to maintain hygiene standards. With the growing focus on food safety and stringent regulations, the demand for peracetic acid as a disinfectant has been rising.
Peracetic Acid, Segmentation by Application
- Disinfectant
- Oxidizer
- Sterilant
- Others
Amongst these four segments, the disinfectant segment in peracetic acid market is anticipated to hold the largest share over the forecast period. The segment's growth is attributed to its importance in maintaining prescribed hygiene standards in various industries around the world. Peracetic acid is a powerful antimicrobial agent and is widely used in industries such as agriculture, food processing, and pharmaceuticals. Their needs have experienced an upswing during the pandemic, as evidenced by the increased use of many surface sanitizing chemicals.
Demand for hand sanitizer increased dramatically after its use was declared one of the top actions to keep populations healthy by reducing transmission of SARS-CoV-2. For example, following the outbreak of COVID-19, a significant increase in the use of hand sanitizer among the Canadian population in non-work settings was observed. It was found that about 66% of adults in the country use hand sanitizer up to five times a day, while about 36% use hand sanitizer more than five times a day.
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Peracetic Acid, Segmentation by End-user Industry
- Food and Beverage
- Waste Water
- Paper
- Pharmaceutical
- Chemical
- Others
Amongst these segments, the food and beverage segment in peracetic acid market is anticipated to hold a significant share over the forecast period. Advancements in food processing technologies, such as high-pressure processing and cold pasteurization techniques, have extended the shelf life of food and beverages, meeting consumer demand for freshness and quality. The use of novel ingredients, flavorings, and food additives in product development has expanded the variety and appeal of food and beverages. Increasing population and urbanization are also estimated to fuel segmental growth. The urban population is expected to reach 68% of the total population by 2050, leading to increased consumption of processed and packaged food and beverages. Governments and regulatory bodies are implementing stringent regulations to ensure food safety and quality, leading to increased demand for food safety solutions.
The rise of e-commerce and online food delivery platforms has significantly increased the consumption of packaged food and beverages. The demand for healthy and natural food and beverages is growing. There is an increasing preference for convenience foods and ready-to-drink beverages, driven by busy lifestyles and convenience-oriented consumption habits.
Few of the well-known market leaders in the peracetic acid market that are profiled by Research Nester are Aditya Birla Management Corporation Private Ltd., Airedale Chemical Company Limited., Belinka Perkemija, d.o.o., Biosan LLC, BioSafe Systems, LLC, and other key market players.
Recent Development in the Peracetic Acid Market
- Enviro Tech Chemical Services, Inc. introduced PeraGuard, the world's first and only dry peracetic acid, at the 2022 Food Safety Summit in Chicago. The chemical product has a formulation specifically designed for the hygiene and environmental safety of surfaces that favor the growth and reproduction of microorganisms.
- Evonik Industries AG acquires PeroxyChem, a US manufacturer of peracetic acid and hydrogen peroxide, for USD 625 million. The company expressed hopes of expanding its portfolio into high-growth and green applications. In addition, due to PeroxyChem's stable and growing financial position at the time of the acquisition, the Company expected to benefit from attractive free cash flow
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