Peracetic acid is an important organic peroxide used as an disinfectant and sterilizing agent across industrial and household applications. It offers various advantages compared to other sterilizing agents such as chlorine dioxide and glutaraldehyde. Peracetic acid breaks down to acetic acid and oxygen after use, making it environment friendly. It is commonly used as a sanitizer in food processing, healthcare, agricultural and other end- use industries.
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 Opportunity:
The growing demand from end- use industries offers high growth potential for peracetic acid market. There is increasing demand for sanitizers and disinfectants from food processing industry owing to stringent food safety regulations. Peracetic acid helps eliminate harmful microbes and ensures the production of safer food. The healthcare industry is another major end- user of peracetic acid due to its wide sterilization applications in medical devices, pharmaceuticals and surface disinfection. With rising healthcare spending and growing awareness about hygiene, the demand from healthcare sector is expected to surge substantially over the forecast period. The market players can leverage these opportunities by expanding their product portfolio with customized grades suitable for various industrial sterilization and disinfection applications.
Porter’s Analysis
Threat of new entrants: The peracetic acid market requires high capital investment for the setting up of manufacturing units. The established market players dominate a major market share making it tough for new players to enter.
Bargaining power of buyers: The peracetic acid market has many established buyers in industries like food, healthcare, agriculture etc who have a significant negotiation power over suppliers regarding prices.
Bargaining power of suppliers: The suppliers have a moderate level of bargaining power due to the presence of many raw material suppliers. However, supplier switching cost is also low.
Threat of new substitutes: There exist a few alternatives like hydrogen peroxide, chlorine dioxide, etc but none have matched the disinfectant efficacy of peracetic acid.
Competitive rivalry: The global peracetic acid market is highly competitive with major players capturing sizeable market share through expansion strategies.
SWOT Analysis
Strength: High demand from end use industries like healthcare, food, water treatment. Wide applications as an effective disinfectant and bleaching agent.
Weakness: Highly reactive and corrosive nature requires specialized handling during transportation and storage. Significant price fluctuations of raw materials affect the overall cost of production.
Opportunity: Increasing water treatment activities and growing demand for packaged food presents new areas for expansion. Rising hygiene awareness post pandemic is boosting the demand.
Threats: Stringent regulations pertaining to the use, production and distribution need to be complied with. Environmental footprint and disposal of by-products also remains a concern.
Key Takeaways
The global peracetic acid market is expected to witness high growth at a CAGR of 7.8% during the forecast period of 2023 to 2030. The market size is estimated to reach US$ 1,542.4 Mn by 2030 from US$ 872.6 Mn in 2023.
Regional analysis: North America dominates the peracetic acid market owing to high consumption from water treatment and healthcare sectors. Stringent hygiene mandates drive the usage. Asia Pacific shows fastest growth backed by rapidly expanding industries, growing population and increasing living standards.
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 emerged as the leader with its global production footprint and wide product portfolio. Solvay, Promox and Ecolab are other major suppliers with focus on the healthcare and food segments.
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