Peracetic Acid Market expected to grow significantly from 2017 to 2024
Date: 2018-09-04   Author: Ronak Bora  Category: #market

Peracetic Acid Market expected to grow significantly from 2017 to 2024

The Peracetic Acid Market is set to grow from its current market value of more than $485 million to over $880 million by 2024; according to a new research report by Global Market Insights, Inc.

Robust growth in the food & beverage industry which is attributed to rising food demand coupled with consistently increasing global population will drive peracetic acid market by 2024. Widespread product application in the food & beverage industry is since it exhibits excellent sterilization properties which helps in keeping food products free from bacteria, fungi, virus and other microorganisms. The food & beverage industry is propelling and accounted for over 30% of the total peracetic acid market in 2016. Increasing stringent regulations towards contamination free food will subsequently led to rising peracetic acid demand over the projected timeframe.

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Rapid industrialization in the emerging economies has given rise to water pollution which has encouraged water treatment facility in the industry. Strict regulations imposed by environment regulatory authorities against rising water pollution to help attain sustainability will boost water treatment facility across the globe. This will subsequently drive peracetic acid market during the forecast period.

Mounting product application in the agriculture industry to enhance crop life after harvesting will propel product demand by 2024. It is green, sustainable and less toxic compared to its existing counterparts which will boost peracetic acid market in the coming years. In addition, it does not degrade soil structure and do not have hazardous impact on marine organisms unlike other disinfectants available in the market which will further stimulate peracetic acid market by 2024.

Prolonged product use may cause eye, skin and nasal irritation which is likely to impede peracetic acid market during the forecast period. In addition, regulatory authorities of U.S. have released guidelines against product use to ensure safety which is likely to hamper peracetic acid market by 2024.

The overall peracetic acid market share is divided into solution grade and distilled grade. Solution grade constituted a major chunk of the total peracetic acid market share in 2016. This is attributed to its brilliant characteristics which finds widespread application across various end-user industries including food & beverage, pulp & paper, water treatment, medical and agriculture which will subsequently drive peracetic acid market by 2024.

Substantial growth indicators in the pulp & paper industry is expected to drive product demand in the coming years. It is used to lessen the sludge formation which in turn also reduces the overall production cost in the pulp & paper industry which will ultimately help attain higher gains in the peracetic acid market over the projected timespan.

Increasing product applications including sterilization of tubes, syringes, plastic implants and other medical equipment in the medical industry will stimulate the overall peracetic acid market by 2024. The medical segment market revenue in Europe is propelling and is anticipated to reach over USD 36 million by 2024. This is due to stringent regulations imposed in the healthcare segment to encourage contamination free treatments.

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Asia Pacific constituted a major chunk of the overall peracetic market in 2016. Growing population and rapid industrialization has led to strong growth indicators in the food & beverage, agriculture and medical industry which will subsequently boost peracetic acid market owing to broad application base in the aforementioned businesses in the region.

The global peracetic acid industry is immensely consolidated due to presence of the large manufacturers which accounted for almost 95% of the total industry share in 2016. Key peracetic acid market share players are Ecolab, Mitsubishi Gas, Diversey, Kemira, Evonik, Thai Peroxide, PeroxyChem, Solvay and Acuro Organics.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for AlgosOnline and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport.


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