Peracetic acid is an organic compound widely used as a strong and effective disinfectant and sterilant agent in various end-use industries like healthcare, food and beverage, and water treatment. It is used for disinfecting medical devices, food processing equipment, and cleaning floors and surfaces in hospitals with its rapid microbicidal activity against bacteria, viruses, yeasts, and molds. 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 Dynamics:
Increasing demand from food and beverage disinfection applications is estimated to drive the growth of the peracetic acid market over the forecast period. Peracetic acid is widely used as a disinfectant and sterilant in the food and beverage industry for cleaning and disinfecting food processing equipment, facilities, and production areas. It helps reduce microbial contamination and prevent foodborne illnesses. Moreover, rapid microbicidal activity, non-toxic to humans and safe for equipment also contributes to its increasing usage in the FB industry. Another factor expected to propel the market growth includes expanding healthcare sector which is employing peracetic acid on a large scale for sterilizing medical devices and hospital surfaces.

SWOT Analysis
Strength: Peracetic acid is an effective sterilizer and disinfectant which kills a wide range of microorganisms in a short period of time. It leaves no toxic residues and breaks down to oxygen, acetic acid and water after use. It does not require activated wastewater treatment like chlorine-based disinfectants. This reduces the environmental impact of wastewater discharge. Peracetic acid decomposes into non-toxic byproducts and does not leave toxic residues that require removal from treated water.
Weakness: Peracetic acid is highly reactive and corrosive. Precautions must be taken during transportation, storage and handling. Workers directly exposed to peracetic acid may experience skin or eye irritation. Peracetic acid is also more expensive than alternative sterilants and disinfectants like chlorine.
Opportunity: Food safety concerns are increasing globally which is driving demand for more effective and natural disinfectants and sterilants. Peracetic acid is being widely used in food and beverage industry for disinfecting food processing equipment and facilities. Growing demand from various end use industries like healthcare, agriculture and wastewater treatment also presents significant growth opportunities.
Threats: Presence of alternative disinfectants and sterilants like chlorine based compounds poses competition to peracetic acid market. Strict regulations regarding the transportation and use of peracetic acid are a challenge. Availability of substitute chemicals can also threaten the demand.

Key Takeaways

The global peracetic acid market is expected to witness high growth over the forecast period of 2023-2030. Recent innovations focused on developing safer and more effective formulations are driving the growth. The market is estimated to reach a value of US$ 872.6 Mn in 2023 and expected to surpass US$ 1 billion by 2030, expanding at a CAGR of 7.8%.

Regional analysis: North America dominates the global peracetic acid market currently, accounting for over 35% of the total demand. Stringent food safety and wastewater treatment regulations in the region are propelling the market. Asia Pacific is expected to be the fastest growing market going forward due to rising consumption in industries such as healthcare, food processing, and water treatment. Countries like China, India are major producers and consumers of peracetic acid in the region.

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. Innovation in production technologies and development of new application specific formulations are the focus of major companies to gain competitive advantage.