Peracetic Acid Market Size will Observe Substantial Growth by 2027

 

Peracetic Acid Market

Peracetic Acid is a highly Acidic liquid chemical product. It is created by combining hydrogen peroxide and acetic Acid. It is regarded as one of the most effective agents after ozone. It is widely used in disinfectant applications across various industries, particularly the food industry, for cleaning equipment. 

The global Peracetic Acid Market was worth US$ 606.8 million in 2019 and is expected to grow at a 4.6% CAGR during the forecast period (2020-2027).

The growing demand for Peracetic Acid in the water treatment industry is driving market expansion. Growing population demand for clean water, as well as growing concern about water scarcity, are driving market growth. Global industrialization is driving up demand for clean and treated water once more. The expansion of the paper, textile, and other manufacturing industries in both developed and developing regions is expected to fuel Peracetic Acid market growth.

Rising awareness of Peracetic Acid's eco-friendliness is driving up demand for it around the world. Growing demand from the medical industry for the product for disinfecting surgical and other medical devices is driving Peracetic Acid Market growth. Growing concern about infection control, combined with the government's increased investment in the healthcare sector, is driving market growth once again. Furthermore, rising health and hygiene awareness is propelling the market forward. In 2019, North America dominated the global Peracetic Acid market, accounting for 35.4% of the total value, followed by Europe and other regions.

The product's demand is being hampered by high production costs combined with a lack of awareness among end users. This factor is expected to stifle market growth for the forecast product. The product is highly reactive, which poses a significant challenge to the industry. This is expected to slow the growth of the Peracetic Acid Market. Growing demand for disinfecting for household applications as a result of rising hygiene awareness is expected to open up new market opportunities in the Peracetic Acid market over the forecast period. The global expansion of the retail industry is increasing demand for disinfectant products.

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