The global Peracetic Acid Market is estimated to be valued at US$ 872.6 million in 2021 and is expected to exhibit a CAGR of 7.8% over the forecast period 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Peracetic acid, also known as peroxyacetic acid, is a colorless liquid with a pungent odor. It is a highly effective disinfectant and is widely used in various industries for its sterilization and oxidation properties. Peracetic acid is extensively used in water treatment applications, as it helps in eliminating microorganisms and maintaining water quality. It is also used as a sanitizer in the food and beverage industry, as it does not leave any residue or harmful by-products. The increasing demand for clean water and stringent regulations regarding water quality are driving the growth of the peracetic acid market.
Market Key Trends:
One key trend in the peracetic acid market is the rising demand from the healthcare industry. Peracetic acid is widely used as a sterilizing agent in healthcare facilities, including hospitals, clinics, and dental offices. It is effective against a wide range of microorganisms, including bacteria, viruses, and fungi. The increasing focus on infection control and prevention is driving the demand for peracetic acid in the healthcare industry. Additionally, the growing awareness about healthcare-associated infections and the need for proper disinfection and sterilization practices are further fueling the growth of the peracetic acid market in the healthcare sector.
In conclusion, the peracetic acid market is expected to witness high growth due to the increasing demand for water treatment applications and the rising demand from the healthcare industry. The market is projected to grow at a significant rate over the forecast period, driven by factors such as the need for clean water and infection control measures.
PEST Analysis:
· Political: The political factors impacting the peracetic acid market include government regulations and policies related to environmental protection and chemical safety. Governments across various countries have implemented strict regulations to ensure the safe handling, storage, and disposal of chemicals, which affect the production and usage of peracetic acid.
· Economic: The economic factors influencing the peracetic acid market primarily include the overall economic growth and consumer spending patterns. As the global economy continues to recover from the impact of the COVID-19 pandemic, increasing industrial production and demand for healthcare products are expected to drive the demand for peracetic acid.
· Social: The social factors that impact the peracetic acid market are mainly related to increasing awareness about the importance of hygiene and disinfection. With growing concerns about public health and the need for effective sterilization methods, the demand for peracetic acid, which is widely used as a disinfectant, is expected to witness significant growth.
· Technological: Technological advancements play a crucial role in the peracetic acid market. Developments in manufacturing processes, such as the introduction of more efficient and eco-friendly production methods, are expected to enhance the availability and affordability of peracetic acid. Additionally, advancements in packaging and delivery systems can also impact the market positively.
Key Takeaways:
The Global Peracetic Acid Market Size is expected to witness high growth, exhibiting a compound annual growth rate (CAGR) of 7.8% over the forecast period from 2022 to 2030. This growth can be attributed to increasing industrial applications, especially in the healthcare and food and beverage industries, where peracetic acid is used for disinfection and sterilization purposes.
Regionally, the Asia-Pacific region is projected to be the fastest-growing and dominating region in the peracetic acid market. The region's rapid industrialization, expanding healthcare sector, and increasing focus on food safety and hygiene are driving the demand for peracetic acid.
Key players operating in the peracetic acid market include 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 companies are engaged in research and development activities, strategic collaborations, and product innovation to gain a competitive edge in the market.
Read More.. https://www.marketwebjournal.com/peracetic-acid-market-size-trends-analysis-growth-share-and-forecasts/
