SELBYVILLE, Del., Oct. 26, 2021 /PRNewswire/ -- As per the latest research report by Global Market Insights Inc., the Peracetic Acid Market was estimated at $795 million in 2020 and is slated to exceed USD 1.45 billion by 2027, registering a CAGR of 9.1% from 2021 to 2027. The report offers an in-depth assessment of the competitive scenario, market size & estimations, wavering market trends, drivers & opportunities, top winning strategies, and major investment pockets.
Peracetic acid refers to a liquid organic compound, which has the pungent odor of acetic acid and can be highly corrosive. The compound is a mixture of acetic acid and hydrogen peroxide in an aqueous solution and finds wide usage along the food industry as a disinfectant and detergent. Industrial peracetic acid is also used extensively in food items as an antimicrobial to preserve meat, poultry, and fishery products, and drinks. Subsequently, prevalent use of peracetic acid in the food & beverage industry is slated to facilitate the peracetic acid market growth over the forecast period.
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The peracetic acid market from the medical end-user segment is expected to register substantial growth at a CAGR of around 8.9% through 2027 owing to aging and expanding population, advancements 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, syringes & plastic prostheses, heat-sensitive nutrient media, decontamination of solid & liquid medical wastes in hospitals, and disinfection of hemodialysis systems.
Key reasons for peracetic acid market growth:
1. Escalating utilization as biofilm remover in water systems.
2. Prevalent application as disinfectant and detergent in the food & beverage sector.
3. Growing adoption as biocidal oxidant in pulp & paper and medical applications.
4. Rising uptake in sterilization processes for medical devices.
2027 forecasts show 'agriculture' segment retaining its dominance:
Based on end-user, the peracetic acid market revenue from the agricultural segment is anticipated to be valued at over USD 115 million by 2027. Peracetic acid is used as a disinfectant on fruits and vegetables to improve their shelf lives. It is also vital in various other applications, such as disinfection of tools, tables & containers, pulse cleaning of drip lines, washing of commodity crops, and others. The concentration of peracetic acid is subject to the specific requirements of a particular application. Moreover, disinfection causes the compound to break down into eco-friendly residues like water, oxygen, and acetic acid.
North America to maintain top status in terms of revenue:
North America peracetic acid market is projected to witness at more than 8.7% CAGR from 2021 to 2027. Increased public health expenditure in the region is expected to be a key factor boosting product demand in the forthcoming years. Healthcare spending in North America surpassed USD 3.7 trillion in 2020, accounting for approximately 16.8% of the region's GDP. Notably, the booming U.S. healthcare sector is likely to propel the business growth over the forecast timeline.
Moreover, peracetic acid is widely used as a biocidal oxidizer in the healthcare space for numerous purposes, including wound cleaning, raw material for medical products, mouth wash & dental disinfection, decontamination of surgical instruments, and so forth. Additionally, increasing presence of healthcare facilities in North America is estimated to further impel product uptake across these applications in the region.
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Impact of COVID-19 pandemic on peracetic acid market:
Following the onset of COVID-19, leading 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 stop the disease from spreading. Thus, there was an upsurge in consumer interest in disinfectants and cleaning products to prevent the transmission of the novel coronavirus. To accommodate the burgeoning product demand, manufacturers focused on developing and offering effective and sustainable solutions to combat COVID-19. Consequently, soaring prominence of peracetic acid as an environmentally friendly disinfectant with wide-ranging benefits has bolstered industry growth significantly during the pandemic.
Leading market players:
Some key players in the peracetic acid industry include Kemira Oyj, Mitsubishi Gas Chemicals, Inc., Evonik Industries, SEITZ GmbH, PeroxyChem LLC, Ecolab Inc., and Solvay S.A., among others.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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SOURCE Global Market Insights Inc.