by Peracetic acid is an organic compound widely used as a sterilant and disinfectant in various end-use industries such as food & beverages, healthcare, and water treatment. It effectively kills bacteria, viruses, yeasts, and molds at low concentrations and short contact times. The compound is becoming a preferred alternative to chlorine-based disinfectants in the water treatment industry due to its low toxicity. It breaks down to acetic acid, oxygen, and water after use and poses minimal risk to the environment. The global peracetic acid market is driven by stringent regulations regarding clean water supply and the rising awareness about water-borne diseases.
The global Peracetic Acid Market is estimated to be valued at US$ 872.6 Mn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the peracetic acid market is the increasing focus on environmental sustainability. Manufacturers are investing in R&D to develop production processes that reduce carbon footprint and minimize hazardous waste generation. They are also offering product grades suited for various end-use industries in terms of concentration levels and formulations. Another notable trend is the growing preference for peracetic acid over chlorine and other sterilants due to its effectiveness and eco-friendly nature. This is fueling its adoption in wastewater treatment applications across municipalities and industrial sectors. Stringent regulations regarding wastewater discharge standards in countries are further boosting the demand.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the peracetic acid market is moderate as it requires large startup investments to build manufacturing facilities and establish distribution channels.
Bargaining power of buyers: The bargaining power of buyers in the peracetic acid market is high due to the availability of substitutes. Buyers can switch to alternative disinfectants easily.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are multiple raw material suppliers for key feedstocks like hydrogen peroxide and acetic acid.
Threat of new substitutes: The threat of substitutes is high as there are many alternative disinfectants available that can be used instead of peracetic acid such as chlorine dioxide, aldehydes, etc.
Competitive rivalry: The competitive rivalry in the peracetic acid market is high due to the presence of major manufacturers globally.
Key Takeaways
The global Peracetic Acid Market is estimated to be valued at US$ 872.6 Mn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030.
Regional analysis: Asia Pacific region dominates the global peracetic acid market and the trend is expected to continue over the forecast period. Presence of emerging economies and their growing manufacturing sectors are fueling the demand for peracetic acid in the region. China accounts for the major share of the Asia Pacific market.
Key players: Key players operating in the peracetic acid market are Kemira Oyj, Solvay S.A., Promox S.p.A., Evonik Industries, Ecolab Inc., Thai Peroxide Limited, Mitsubishi Gas Chemical Company, Inc., PeroxyChem LLC and Diversey Inc. Kemira and Solvay are the market leaders in the global peracetic acid market.
