(MENAFN- GlobeNewsWire - Nasdaq) New York, United States , March 02, 2023 (GLOBE NEWSWIRE) -- The Global Peracetic Acid Market Size is to grow from USD 750.50 million in 2021 to USD 1563.93 million by 2030, at a Compound Annual Growth Rate (CAGR) of 8.5% during the forecast period. One of the key drivers of the Peracetic Acid market expansion is due to the increase in demand for Peracetic Acid by the end-user industry. Food & beverage, healthcare, water treatment, and other sectors are credited with the expansion.
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COVID-19 Impact & Analysis
The COVID-19 pandemic has made an adverse impact on credit portfolios. There has been an unprecedented rise in unemployment and disruption in economic activity, putting a strain on the solvency of customers and companies. Central banks have taken a proactive approach by injecting liquidity into the market by lowering interest rates and asset purchase programs. Managing and monitoring credit, market, liquidity, and operational risk across financial markets were hard enough with ongoing geopolitical tensions, international trade wars, and the occasional hurricanes and earthquakes. The current pandemic situation has forced chief risk officers and their teams to recalibrate old assumptions and models used to manage and monitor risk. COVID-19's global impact has shown that interconnectedness plays an important role in international cooperation. As a result, many governments started rushing toward identifying, evaluating, and procuring reliable solutions powered by AI.
Some of the Key Developments:
In February 2020- The purchase of PeroxyChem (US) by Evonik was completed successfully. Manufacturer of peracetic acid and hydrogen peroxide, PeroxyChem is well-positioned in niche markets with strong margins. For Evonik, the purchase opened up new development prospects, particularly in the market for environmentally friendly disinfectants.
In April 2020- The US Environmental Protection Agency authorised Solvay's PROXITANE AHC for use against SARS-CoV-2, the viral strain that causes COVID-19. It has been added to the list of cleaners that can be used to combat SARS-CoV-2.
In September 2019- Ta A new manufacturing plant was constructed by Enviro Tech at the Levelland, Texas Industrial Rail Park for million investments. It employs cutting-edge automation, rail service, and environmental technology while processing around 10,000 tonnes of locally generated raw materials annually.
Browse 43 market data Tables and 63 Figures spread through 210 Pages and in-depth TOC on “ global peracetic acid market size , Share, and COVID-19 Impact Analysis By Product (Disinfectant, Sanitizer, and Sterilant), By Application (Healthcare Industry, Water Treatment Industry, Food Industry, Pulp & Paper Industry, Breweries, Laundry, Wineries, Chemical Processing and Agricultural) and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030.” View a detailed Table of Content here.
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The Sterilant segment to account for the largest market size during the forecast period
Based on the Product, the global peracetic acid market is categorized into Disinfectants, Sanitizer and Sterilant. The Sterilant segment accounts for the largest market size during the forecast period. The Sterilant market category now has the largest market share and is anticipated to expand at a high CAGR over the anticipated years because Due to benefits such as water solubility, little residue after washing, and no harm to the environment or human health, the sterilant category holds a significant market share. Due to its advantageous qualities and safety characteristics, peracetic acid has been employed by the food industry as a crucial raw material for sterilization, which drives the market expansion of the peracetic acid sector.
The Water Treatment segment to hold a higher CAGR during the forecast period.
Based on the application, the peracetic acid market is categorized into Healthcare Industry, Water Treatment Industry, Food Industry, Pulp & Paper Industry, Breweries, Laundry, Wineries, Chemical Processing and Agricultural. The Water Treatment segment to hold a higher CAGR during the forecast period. Throughout the forecast period, the Water Treatment segment is anticipated to maintain its leading position while expanding at the fastest CAGR Because technical advancements and innovations are concentrated on enhancing drinking water quality and decreasing wastewater discharge in the water treatment industry. This sector accounts for a sizable portion of the market. The usage of traditional water and wastewater treatment methods is growing as a result of the depletion of water resources, and the peracetic acid industry will see rapid industrialization.
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North America to hold a higher CAGR during the forecast period.
The Global Peracetic Acid Market has been segmented into five major regions: North America, Europe, Asia-Pacific, South America, The Middle East and Africa. Asia Pacific is estimated to account for the highest market share in 2022. The demand for Peracetic Acid is being driven by the rising acceptance by the market. The market for Peracetic Acid was dominated by the Asia Pacific region because there is a developing market for peracetic acid products in end-use sectors like water treatment, food, and healthcare. Due to the cheap labour and easy availability to raw materials, the Asia Pacific market is growing, which will accelerate the market expansion for peracetic acid.
European countries held the greatest market shares for peroxyacetic acid, accounting for 30% of the total market. Due to the rising demand for peracetic acid products from end-use sectors like water treatment, food, and healthcare, the European region represents a sizable portion of the market. Strong demand from the food & beverage sector in the region and increasing usage of PAA in water treatment are contributing to this demand.
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Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Key peracetic acid industry participants are Evonik Industries, Kemira Oyj, Mitsubishi Gas Chemicals, Inc., Solvay S.A., PeroxyChem LLC, SEITZ GmbH, and Ecolab Inc., among others.
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