Healthcare Disinfection Is Estimated To Witness High Growth Owing To Rising Demand For Enhanced Disinfection
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| Peracetic Acid Market |
The Peracetic Acid Market is estimated to be valued at US$ 1014.03 Mn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Peracetic acid is an organic compound with the chemical formula C2H4O3. It
is commonly used as a sterilizing and bleaching agent. Peracetic acid is
produced through an equilibrium reaction between acetic acid and hydrogen
peroxide. It is used as a surfactant, disinfectant and bleaching agent in
healthcare, food & beverage processing and other industries due to its
effective antimicrobial properties.
Market Dynamics:
The growth of the peracetic acid market is mainly driven by rising demand
from healthcare industry for enhanced disinfection and sterilization of medical
equipment and devices. Peracetic acid's effectiveness against various
microorganisms like bacteria, fungi, and viruses has resulted in its increasing
adoption for disinfection of hospitals, clinics and other healthcare
facilities. Furthermore, peracetic acid is increasingly used in food &
beverage processing as a disinfectant and sanitizer to eliminate pathogenic
bacteria from food surfaces, equipment and processing facilities. Growing
concerns regarding food safety and public health has augmented the consumption
of peracetic acid in this industry.
SWOT Analysis
Strength:Peracetic acid has strong
antibacterial and antiviral properties allowing it to be used as a disinfectant
in various industries like food, healthcare, water treatment etc. It is
colorless and leaves no residue making it an attractive alternative to
chlorine. Its rapid decomposition into oxygen, water and acetic acid ensures
minimal environmental impact.
Weakness: Peracetic acid is highly
corrosive and toxic in concentrated form requiring safe handling and storage.
Its production process involves hazardous chemicals like hydrogen peroxide and
acetic acid increasing manufacturing costs.
Opportunity: Growing demand from
food industry for safer and organic disinfectants is driving the peracetic acid
market. Strict regulations regarding use of chlorine in food processing and
rising seafood exports offer opportunities. Increasing waterborne diseases has
led to its use in municipal water treatment in developing nations.
Threats: Availability of alternative disinfectants like chlorine, alcohols
and bromine poses competition. Regulations limiting its use can hinder growth.
Economic slowdowns can negatively impact markets like healthcare and food
industries which are major end-users.
Key Takeaways
The Global Peracetic
Acid Market Size is expected to witness high growth, exhibiting CAGR of
7.8% over the forecast period, due to increasing demand from food industry for
safer disinfectants and rising awareness about health and hygiene.
Regional analysis: North America dominates peracetic acid market currently
owing to stringent regulations and established food processing and healthcare
industries. Asia Pacific is fastest growing market driven by increasing per
capita food consumption, Exports of seafood and growing healthcare
infrastructure in countries like China and India.
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. These players are focusing on capacity expansions and new product
developments catering to demand across application segments.
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