The peracetic acid market is projected to grow from USD 813 million in 2020 to reach USD 1,685 million by 2030, at a CAGR of 7.6%, 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.
Major players operating in the peracetic acid market are Evonik Industries AG (Germany), Solvay SA (Belgium), Mitsubishi Gas Chemical Company (Japan), Ecolab Inc. (US), Enviro Tech Chemical Services (US), Kemira Ojy (Finland), Christeyns (Belgium), SEITZ GmBH (Germany), Jubilant Life Sciences (India), and Sopura (Belgium).
