New York, Jan. 15, 2024 (GLOBE NEWSWIRE) — According to market.us, the Peracetic Acid Market size was valued at USD 976 Million in 2023, is estimated to be valued at USD 1,899 Million by 2032, and is expected to exhibit a CAGR of 7.9% during the forecast period 2023 to 2032.
Peracetic acid is a highly acidic liquid chemical used in equipment cleaning and sterilizing applications in different industries. Its production is done by using acetic acid and hydrogen peroxide. It is a colorless liquid with corrosive properties and a pungent odor.
Key Takeaway:
- By purity, the solution segment held the largest market share in 2022 and is expected to dominate the market over the forecast period from 2023 to 2032.
- By application, the disinfectant segment dominated the global market in 2022 with a significant revenue share.
- By end users, the food and beverage industry will likely hold the largest market share globally during the forecast period from 2023 to 2032.
- In 2022, APAC dominated the global peracetic acid market with the highest revenue share of 41.0%.
- Asia-Pacific will likely grow at the fastest CAGR from 2023 to 2032.
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The global peracetic acid market is expanding rapidly and is estimated to grow significantly during the forecast period with rising demand from the end-use industries. As per the requirements of specific applications in several industries, product development will likely be essential in expanding the peracetic acid market in the upcoming years.
Factors affecting the growth of the peracetic acid market
Several factors can affect the growth of the peracetic acid market. Some of these factors include:
- Increase in demand for peracetic acid: The increase in demand for peracetic acid in the food and beverage industry due to its wide use in food processing as well as the packaging of products is anticipated to increase market growth.
- Rising use of peracetic acid in various applications: Peracetic acid is used as an effective bactericide and fungicide in food processing applications for sanitizing food contact surfaces. It also helps with antimicrobial intervention without imparting odors, flavors, colors, or odors to the finished product.
- Pharmaceutical industry’s preference for peracetic acid use: The rising use of peracetic acid in pharmaceutical industries is expected to propel market growth.
- Sanitization of hospitals: The market growth of peracetic acid is mainly influenced by the increasing use of peracetic acid in hospitals for sanitization, hospital ICUs, and hospital beds to maintain hygiene.
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Top Trends in the Global Peracetic Acid Market
Peracetic acid is a primarily used chemical in food and beverage industries that provides freshness to the food for a long time and improves taste. Peracetic acid is also preferred as a bleaching and antimicrobial agent for vegetables and fruits. The increase in awareness of hygiene, as well as the rapid growth in the processed food industry, are expected to propel the growth of the peracetic acid market. The sanitizers and disinfectants play an essential role in preventing bacterial growth. As a result, there is an increase in the usage of peracetic acid. Peracetic acid also ensures the safety of the product’s band by increasing the shelf life and slowing thermal degradation. The use of peracetic acid in several applications is anticipated to boost the growth of the peracetic acid market.
Market Growth
The rising use of peracetic acid in various applications in numerous industries such as pharmaceuticals, food processing, Hospitals, pulp paper, and water treatment are likely to fuel the growth of the peracetic acid market. Moreover, during the COVID-19 pandemic, the market experienced positive growth due to its increasing use of sanitization. However, the hazards associated with its use are expected to hamper market growth.
Regional Analysis
Asia-Pacific dominated the global market for peracetic acid in 2022 with the largest revenue share. This significant growth is due to the rising adoption of peracetic acid in this region’s water treatment, food and beverage, and healthcare industries. Asia-Pacific is home to some of the world’s fastest-growing economies, including China, India, and several Southeast Asian nations. These countries have seen substantial growth in various industries, including food and beverage, healthcare, and water treatment—all of which are significant end-users of peracetic acid….
Read More: Peracetic Acid Market to grow by USD 1,899 Million by 2032;