REPORT OVERVIEW
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The Global peroxyacetic acid market size was in USD 646.4 million 2022. As per our research, the peroxyacetic acid market is expected to reach USD 817.9 million by 2028, exhibiting a CAGR of 4.0% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, with experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden decline in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.
The peroxyacetic acid, commonly referred to as PAA and recognized by its pungent odor, is a potent oxidizing and disinfecting agent extensively employed across diverse industrial and commercial sectors. This colorless liquid is renowned for its exceptional efficacy in managing and eradicating microbial pollutants, rendering it a preferred option for tasks involving disinfection and sterilization.
COVID-19 Impact: Increased Demand for Disinfectants among Population to Fuel Market Growth
The global awareness of the significance of hygiene and disinfection was significantly amplified by the COVID-19 pandemic. Individuals and businesses alike adopted a heightened vigilance in ensuring their surroundings remained devoid of harmful pathogens. In the fight against the virus, healthcare institutions, including hospitals and clinics, assumed a leading role. They had a substantial demand for substantial quantities of top-tier disinfectants to uphold sterile conditions, sanitize medical apparatus, and minimize the risk of infections for both patients and healthcare professionals.
Similar to numerous other industries, the peroxyacetic acid sector encountered interruptions in its supply chain resulting from factory closures, transportation constraints, and logistical complexities. These disturbances consequently caused delays in both the manufacturing and distribution processes of peroxyacetic acid products.
LATEST TRENDS
"Increased Demand for Biodegradable Disinfectants, and Focus on Food Safety to Fuel Market Growth "
The rising trend towards greater demand for biodegradable disinfectants, including those incorporating peroxyacetic acid, mirrors a growing focus on both environmental sustainability and health-conscious decisions in the realm of disinfection practices. Across the globe, there is an elevated awareness of environmental challenges, encompassing issues like pollution and the repercussions of chemical substances on ecosystems. This heightened awareness extends to consumers, businesses, and regulatory
bodies, all of whom are displaying an increasing commitment to scrutinizing the ecological footprint of disinfection products. Biodegradable disinfectants are specifically engineered to naturally break down into non-toxic and environmentally harmless substances over time. This stands in sharp contrast to conventional disinfectants, which may persist as chemical residues, potentially contributing to contamination of water sources and soil. Within the food processing sector, there remained a steadfast commitment to upholding food safety and preserving product quality. The peroxyacetic acid found extensive application in food processing facilities for disinfecting surfaces and equipment, serving as a pivotal measure to prevent contamination and safeguard the integrity of food products.
SEGMENTATION
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By Type
Based on Type peroxyacetic acid market is classified as General Grade, and High Purity Grade.
By Application
Based on Application peroxyacetic acid market is classified as Healthcare, Food & Beverage, Water Treatment, and Pulp & Paper.
DRIVING FACTORS
"Growing Focus on Food Safety to Fuel Market Growth "
The heightened awareness of foodborne illnesses and the imperative for stringent food safety protocols have significantly driven the peroxyacetic acid market growth for disinfectants like peroxyacetic acid within the food processing sector. These disinfectants play an instrumental role in ensuring the safety of food products for consumption by effectively eradicating pathogens and contaminants, thereby contributing to the expansion of the market.
"Water Treatment Needs to Stimulate Market Progress"
Water treatment facilities employ peroxyacetic acid for disinfection objectives, playing a crucial role in safeguarding the purity and excellence of drinking water. The persistent demand for pristine and secure water supplies remains a compelling force behind the utilization of disinfection agents.
RESTRAINING FACTORS
"Regulatory Compliance Costs to Harm Market Growth "
Adhering to rigorous regulatory standards governing the manufacture, handling, and disposal of peroxyacetic acid can result in substantial expenses for both manufacturers and end-users. Conforming to environmental and safety regulations may require investments in equipment, training, and ongoing monitoring efforts.
REGIONAL INSIGHTS
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"North America primarily driven by its extensive applications to Drive Market Share "
The U.S. occupies a significant peroxyacetic acid market share in the peroxyacetic acid industry, primarily driven by its extensive applications in water treatment, food processing, and healthcare sectors. The demand for peroxyacetic acid is further reinforced by the stringent regulatory requirements governing water quality and food safety within the region. Additionally, the market's growth prospects are bolstered by the presence of well-established manufacturers and a steadfast commitment to technological advancements, collectively contributing to its dominant market share.
KEY INDUSTRY PLAYERS
"Multitude of companies that played a pivotal role in expansion of Peroxyacetic acid"
Within the Peroxyacetic Acid Market, numerous prominent industry leaders and well-established manufacturers are recognized for their proficiency in delivering top-tier peroxyacetic acid products. Evonik, a global specialty chemical company, has a strong presence across diverse sectors, notably in water treatment and disinfection, where they provide specialized peroxyacetic acid-based solutions for disinfection and sterilization purposes.
List of Market Players Profiled
- Solvay (Belgium)
- Evonik (Germany)
- PeroxyChem (U.S.)
- Ecolab (U.S.)
- Enviro Tech Chemical Services (U.S.)
REPORT COVERAGE
The future demand for the peroxyacetic acid market is covered in this study. The Research report includes the Impact of Increased Demand for Disinfectants among Population due to the Covid-19 Impact. The report covers the latest trends in Increased Demand for Biodegradable Disinfectants. The paper includes a segmentation of the peroxyacetic acid market. The research paper includes the driving factors that are Water Treatment Needs to Fuel Market Growth. The report also covers information on Regional Insights where the region which has emerged leading market for peroxyacetic acid.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 646.4 Million in 2021 |
Market Size Value By |
US$ 817.9 Million by 2028 |
Growth Rate |
CAGR of 4% from 2021 to 2028 |
Forecast Period |
2022-2028 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the global peroxyacetic acid market expected to touch by 2028?
The global peroxyacetic acid market size is expected to reach USD 817.9 million by 2028.
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What CAGR is the global peroxyacetic acid market expected to exhibit by 2028?
The global peroxyacetic acid market is expected to exhibit a CAGR of 4.0% by 2028.
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Which are the driving factors of the Peroxyacetic Acid market?
The driving factors of the Peroxyacetic Acid market are Growing Focus on Food Safety and, Water Treatment Needs.
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Which are the key players or most dominating companies functioning in the Peroxyacetic Acid market?
Solvay, Evonik, PeroxyChem, Ecolab, and Enviro Tech Chemical Services are the key players or most dominating companies functioning in the Peroxyacetic Acid market.
