PERACETIC ACID MARKET ANALYSIS

Peracetic Acid Market Size and Trends

The global peracetic acid market is estimated to be valued at USD 1,093.1 Mn in 2024 and is expected to reach USD 1,849.3 Mn by 2031, growing at a compound annual growth rate (CAGR) of 7.8% from 2024 to 2031.

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The market is expected to witness significant growth over the forecast period. This can be attributed to growing end-use industries such as healthcare, food & beverages, and water treatment. Peracetic acid is widely used as a sanitizer and disinfectant in the healthcare industry to sterilize medical devices and equipment. In the food & beverages industry, it is used for disinfection of meat, poultry, and seafood. Moreover, increasing demand for chemical oxidizing agents in the water treatment process is also driving the peracetic acid market growth. Rapid urbanization and growing global population have heightened the concerns regarding clean drinking water, boosting the demand for effective water treatment chemicals including peracetic acid.

Growing Demand from Food Industry

Technological advancements in peracetic acid production methods promise to unlock new opportunities in the global peracetic market in the coming years. Traditionally, peracetic acid has been produced through chemical synthesis which involves multi-step reactions and use of hazardous chemicals. However, newer bio-based production methods are now emerging that uses benign feedstocks and simpler reactions to produce peracetic acid. For instance, some studies have shown that certain bacteria found in wetlands can produce peracetic acid as a byproduct when fed simple carbon sources like ethanol or acetic acid. Similarly, certain species of algae have also been found to produce peracetic acid when their metabolism is stimulated under controlled conditions. These bio-based approaches offer a more sustainable and environment-friendly alternative to traditional chemical synthesis. They help reduce dependence on non-renewable fossil fuels and eliminate use of toxic intermediates in the production process. Advances are also being made in development of more effective heterogeneous catalysts that can carry out the critical esterification and perhydrolysis reactions involved in peracetic acid production with higher selectivity, lower energy requirements and fewer side products. For example, researchers at University of Toronto developed a nanocomposite catalyst made of ceria and titania that was able to produce peracetic acid from hydrogen peroxide and acetic acid with 98% selectivity (Journal of Catalysis, 2021). Such improvements in catalyst technology promise to enhance production efficiency and lower manufacturing costs. The availability of more sustainable and cost-effective production methods will significantly impact the long term growth trajectory of the global peracetic acid market. According to World Bank data, global demand for bio-based chemicals is projected to grow at over 5% annually between 2020-2025 (World Bank Commodities Market Outlook, 2022). This rising preference for environment-friendly alternatives will create new opportunities for bio-based peracetic acid producers to grab market share from traditional methods. The technological advances are well-aligned to cater to this growing demand for sustainable chemicals and ensure long term growth of the global peracetic acid industry.

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Apart from food, peracetic acid is also witnessing increasing application in other industrial sectors like healthcare, agriculture, and water treatment among others. In the healthcare industry, the compound is widely used for sterilizing and disinfecting medical devices, equipment, floors, and surgical instruments in healthcare facilities like hospitals and clinics. Stringent hygiene standards in the healthcare sector is driving its consumption. In agriculture, peracetic acid is utilized as a sanitizer and disinfectant in livestock farming, mainly for washing, disinfecting, and sanitizing barns, equipment, and livestock transport vehicles.  Its use is also growing in the water treatment industry as a biocide and bleaching agent. Peracetic acid helps tackle microbial contamination in wastewater and process water from various industries. It is an effective alternative to chlorine for industrial water treatment due to its high potency and faster action.