The global peracetic acid market is expected to reach USD 1.22 billion by 2025, according to a new report by Grand View Research, Inc. The effectiveness of peracetic acid as a biocide and versatility of its usage are expected to drive the industry growth.
Peracetic acid is a colorless liquid having strong oxidizing properties. Food & beverages industry faces various issues due to microbial contamination. It is effective in curbing this activity thus finding widespread applications in the industry. Food & beverage industry has witnessed a positive growth in the recent past, and this trend is expected to continue over the forecast period thus benefitting the market demand.
Peracetic acid, unlike chlorine and sodium hypochlorite, does not degrade into environmentally harmful by-products. Also, it possesses more oxidizing potential than other disinfectants. Growing awareness regarding ill effects of chlorine in water treatment has also prompted the use of peracetic acid.
Various government agencies have approved peracetic acid for direct contact usage in food & beverages applications. Also, environmental regulations are also expected to favor the market growth. Companies have been focusing more on high growth markets such as Asia Pacific to establish manufacturing units in the region to increase their presence.
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Further key findings from the study suggest:
- The global peracetic acid market demand exceeded 200 kilo tons in 2015 and is expected to surpass 400 kilo tons by 2025, growing at a CAGR of 7.6% over the forecast period
- Water treatment is expected to witness the highest growth over the forecast period. Broad spectrum usage, effectiveness and compatibility with existing water treatment infrastructure are the primarily attributed reasons for this scenario.
- Peracetic acid products suiting specific applications have been developed. This increases the effectiveness of the product used in the particular application.
- Food & beverages application was the leading application segment and accounted for over 30% of total market volume in 2015. It does not leave any harmful residue on the food. It is effective in containing microbial activity and hence is widely used in the processing of products such as fresh vegetables, fruit and meat.
- Europe was the leading consumer and accounted for 38.9% of total market volume in 2015. Asia Pacific is expected to witness the highest growth of 8.3% over the forecast period.
- Occupational exposure to peracetic acid is a cause of concern for manufacturers. However, companies are ensuring strict adherence to guidelines such as Globally Harmonized System of Classification and Labeling of Chemicals (GHS)
- Key industry participants include Solvay S.A., PeroxyChem, Evonik Industries and Airedale Chemical Company.Companies have been trying to gain market share by developing innovative product portfolio.