The peracetic acid market is expected to exceed $ 1.45 billion by 2027, according to Global Market Insights Inc.
Peracetic acid refers to a liquid organic compound, which has the pungent odor of acetic acid and can be very corrosive. The compound is a mixture of acetic acid and hydrogen peroxide in aqueous solution and finds wide use in the food industry as a disinfectant and detergent. Industrial peracetic acid is also widely used in food products as an antimicrobial for preserving meat, poultry, fish products, and beverages. Subsequently, the widespread use of peracetic acid in the food industry is expected to facilitate the growth of peracetic acid market during the forecast period.
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The Peracetic Acid market of medical end-user segment is expected to register substantial growth at a CAGR of approximately 8.9% through 2027 due to aging and population expansion, advancement in medical treatments and the expanding medical industry, among others. It is widely used in medicine for various purposes, including cold sterilization of dentures, disinfection of medical equipment, plastic syringes and prostheses, heat sensitive nutrient media, decontamination of solid and liquid medical waste in hospitals and the disinfection of hemodialysis systems.
Main reasons for Peracetic Acid Market Growth:
1. Growing use as a biofilm remover in water systems.
2. Widespread application as a disinfectant and detergent in the food and beverage industry.
3. Growing adoption as a biocidal oxidant in pulp and paper and medical applications.
4. Growing adoption of medical device sterilization processes.
The 2027 forecasts show that the “agriculture” segment retains its dominance:
On the basis of the end user, the peracetic acid market revenue from the agricultural segment is expected to be valued at over $ 115 million by 2027. Peracetic acid is used as a disinfectant on fruits and vegetables to improve their shelf life. It is also essential in a variety of other applications, such as disinfection of tools, tables and containers, pulse cleaning of drip lines, washing of basic cultures and others. The concentration of peracetic acid is subject to the specific requirements of a particular application. In addition, disinfection causes the compound to decompose into ecological residues such as water, oxygen and acetic acid.
North America maintain a leading status in terms of income:
North America The peracetic acid market is expected to reach over 8.7% CAGR from 2021 to 2027. Increasing public health spending in the region is expected to be a key factor in driving product demand in the coming years. Health expenditure in North America outmoded 3.7 trillion dollars in 2020, representing around 16.8% of the region’s GDP. Notably, the booming healthcare industry in the United States is expected to propel the growth of the company during the forecast period.
In addition, peracetic acid is widely used as a biocidal oxidant in the health field for many purposes, including wound cleansing, raw material for medical products, mouthwash and dental disinfection, decontamination of surgical instruments, etc. In addition, the growing presence of health facilities in North America is expected to further stimulate the adoption of the product in these applications in the region.
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Impact of the COVID-19 pandemic on peracetic acid market:
After the onset of COVID-19, major health agencies, such as the Centers for Disease Control and Prevention (CDC), advised regular cleaning of frequently touched surfaces as well as thorough hand washing to prevent the spread of the disease. sickness. Thus, there has been a resurgence of consumer interest in disinfectants and cleaning products to prevent transmission of the novel coronavirus. To meet the growing demand for products, manufacturers have focused on developing and delivering effective and sustainable solutions to combat COVID-19. Therefore, the growing importance of peracetic acid as an environmentally friendly disinfectant with many benefits has significantly boosted the growth of the industry during the pandemic.
Major market players:
Some of the major players in the peracetic acid industry include Kemira Oyj, Mitsubishi Gas Chemicals, Inc., Evonik Industries, SEITZ GmbH, PeroxyChem LLC, Ecolab Inc. and Solvay SA, among others.
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SOURCE Global Market Insights Inc.