The peracetic acid market is projected to grow from USD 664.9 million in 2018 to reach USD 989.2 million by 2023, at a CAGR of 8.27%, during the forecast period. The peracetic acid market has been segmented on the basis of application, end-use industry, and region. The consumption trend of peracetic acid depends on the growth of various end-use industries. The demand for peracetic acid is increasing due to its rising penetration in major end-use industries, such as food & beverage (food processing & packaging and others), healthcare (hospitals & health care facilities, veterinary hospitals, pharmaceutical facilities, and others), water treatment (wastewater treatment and others), and pulp & paper (anti-slime, bleaching agent, and others) across the globe. This demand is expected to fuel the growth of peracetic acid market in the near future.
The sterilant application in the peracetic acid market is expected to witness the highest growth during the forecast period owing to its advantages, such as water solubility, leaving no residue after rinsing, and no harmful health or environmental effects. The food industry has adopted peracetic acid as a key material for the sterilization method because of these beneficial properties and safety characteristics. Peracetic acid can disrupt the bonds in proteins and enzymes. It can also interfere with cell membrane transportation through the rupture of cell walls and oxidize essential enzymes and impair vital biochemical pathways.
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The water treatment end-use industry of the peracetic acid market is projected to grow at the highest CAGR from 2018 to 2023. Technological developments and innovations are focusing on improving the quality of drinking water, and reducing wastewater discharge in the water treatment industry. The use of conventional water and wastewater treatment process is increasing due to diminishing water resources, rapid industrial developments, and population growth. The global water treatment market will continuously grow at a high rate and is projected to drive the overall market of water treatment chemical products. The demand for superior peracetic acid product is expected to surpass the industry growth due to its larger acceptance and rising demand.
The peracetic acid market in Asia Pacific is projected to grow at the highest CAGR during the forecast period, in terms of both value and volume. The rising demand from end-use industries, such as water treatment, food, and healthcare is increasing the demand for peracetic acid products. The market in Asia Pacific is driven by increased foreign investments due to cheap labor and accessible raw materials. In addition, government proposals to improve the healthcare and water treatment activities along with the increase in the manufacture of end-use products is driving the peracetic acid market.
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