Peracetic Acid Market graph is expected to observe an upward trend over the coming years, subject to escalating product application in the agriculture, food & beverages, medical, pulp & paper bleaching, and water treatment sectors. Rampant use of the product as an antimicrobial agent is expected to create lucrative growth prospects for the business players and help them in exploring the rising growth potential of peracetic acid market. Growing end-user preference for green and sustainable products to maintain a clean environment will further drive the market trends. According to Global Market Insights, Inc., “Peracetic acid industry, which was estimated at USD 485 million in 2016, is expected to accrue a revenue of more than USD 850 million by 2024.”
Taking into consideration the geographical landscape, Asia Pacific peracetic acid industry is projected to witness a notable surge over the coming years. Enhanced use of agrochemicals in the farming activities along with a strong supply chain is anticipated to accelerate the industry growth in the region. India and China are most likely to influence the regional growth.
Europe peracetic acid market size, by end-user, 2013 - 2024 (USD Million)
Europe peracetic acid market in the pulp & paper bleaching sector is expected to hit USD 40 million by 2024, owing to the prominent use of green technologies. An increase in the intake of processed food items in Middle East & Africa will further elevate the market expansion. North America peracetic acid industry, which amassed a revenue of more than USD 176.3 million in 2016, is foreseen to observe a strong growth over the coming timeline. Rapidly expanding water treatment sector is predicted to make significant contributions towards the industry revenue.
Peracetic acid industry value in food & beverages sector, worth USD 139.5 million in 2016, is forecast to grow substantially over the period of 2017-2024. Efficient use of the product as a cleanser and disinfectant against microbes will positively impact the industry trends. Favorable government norms supporting large-scale use of the product in food to enhance its shelf life will help catapult this segment to greater heights.
Water treatment applications are expected to grow at a cumulative rate of more than 7% over the coming seven years, driven by the eco-friendly & low toxic nature of the product along with its ability to disinfect recycled water. High clean water requirements for industrial and household purposes are expected to drive peracetic acid market share in the water treatment sector in the future. Pulp and paper bleaching applications are also expected to contribute significantly toward peracetic acid market revenue over the coming timeline, subject to rising product popularity in bleaching fiber to provide better whitening over hypochlorite bleaching. Furthermore, the product also helps in retaining a large proportion of the chemicals such as biocides and optical brighteners during the bleaching process, thereby reducing the pulp and paper bleaching costs.
High product application as a disinfectant and sterilant in various medical devices such as dentures, syringes, and plastic implants is expected to boost peracetic acid market revenue in the medical sector, which is predicted to attain a revenue of more than USD 35 million by 2024 in Europe. Introduction of new chemicals by horticulture firms for ensuring the protection & safety of the plants & crops against the microbes will augment the product demand, thereby favorably impacting peracetic acid market share in the agriculture sector.
Peracetic acid market is segmented into distilled grade and solution grade products. Distilled grade peracetic acid industry is projected to witness a huge surge over the next few years, subject to the product’s ability to provide distilled water to the consumers with a significantly reduced proportion of contaminations. Solution grade peracetic acid industry, which held a major portion of peracetic acid market, is foreseen to observe a striking growth, driven by the huge application scope of the product across various sectors.
Peracetic acid industry is highly consolidated with only a few market players contributing nearly 94% towards the global market share. SEITZ GmbH, Ecolab Incorporation, Loeffler Chemical Corporation, Evonik Industries, Mitsubishi Gas Chemical Company Incorporation, Hydrite Chemical Company, Kemira Oyj, Acuro Organics Limited, Enviro Tech Chemical Services Incorporation, Peroxychem LLC, Diversey Incorporation, Solvay S.A., Thai Peroxide Limited, and Airedale Chemical Company Limited are the major participants of peracetic acid market.