Peracetic acid market is witnessing a renewed dynamism pertaining to its competitive landscape with most chemical companies bringing about a change in their strategies to comply with the growing product demand. For instance, Biosan LLC, moved its production plant to a suitable location to fulfil the escalating requirement of safe, high quality, and effective peracetic acid products. The new facility will apparently be manufacturing disinfectant and sanitization products for a wide range of end-use sectors such as agriculture, laundry, food processing, horticulture, waste water, agriculture, and pulp & paper. Biosan, with a strong customer base across Asia, Europe, and North America, is likely to strengthen its position in peracetic acid industry, through this deal. If estimates are to be relied upon, worldwide peracetic acid market held a revenue share of USD 485 million in 2016.
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In order to maintain cleanliness, health, and hygiene and reduce microbial contamination, the companies in the F&B sector deploy various types of chemical solutions. Speaking of which, this industry space may expand robustly in the coming years, owing to the rising population and changing consumer lifestyles. The expanding F&B sector thus, is an instance depicting that peracetic acid market may show no signs of slowing down in the coming seven years. As per estimates, peracetic acid industry size from the food & beverage sector was quite notable in 2016.
The biggies in peracetic acid market are continuously launching new products to maintain their position in the business, amidst fierce competition. In March 2017, for instance, Evonik Inc., one of the notable leaders in specialty chemicals unveiled a new product named as PERACLEAN® 22 CW for meat and poultry processing. Peracetic acid is a major content in PERACLEAN® 22 CW, that helps reduce and control bacterial contamination. On the grounds of this very fact, the Food and Drug Administration (FDA) and United States Department of Agriculture (USDA) has approved the usage of this product in meat and poultry processing. Speaking along similar line, some other notable participants in peracetic acid industry are Mitsubishi Gas Chemical Company, Inc., Thai Peroxide Ltd., Ecolab, Inc., Airedale Chemical Company Ltd., Diversey, Inc., Enviro Tech Chemical Services, Inc., Kemira, Loeffler Chemical Corp., Solvay S.A., Acuro Organics Limited, Hydrite Chemical Co., and PeroxyChem LLC.
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Apart from enormously expanding food and beverage sector, the surging product demand from the pulp & paper and water treatment end- use industries are also boosting peracetic acid market, especially across North America. In 2016, North America peracetic acid market generated a revenue of USD 176.3 million. Besides, the implementation of strict legislations across the U.S. to reduce the usage of halogenated chemicals has fueled the use of acid based chemicals, which in turn, will stimulate peracetic acid industry share across North America.
Pertaining to incredible benefits this product has to offer, its demand is expected to rapidly surge ahead. The development of improved and environment friendly products will favor the participants to strengthen their position in peracetic acid industry. Taking into account its extensive scope, Global Market Insights, Inc., estimates peracetic acid market to exceed a revenue collection of USD 850 million by the end of 2024 with a CAGR of 7.7% over 2017-2024.
Browse key industry insights spread across 118 pages with 143 market data tables & 11 figures & charts from the report, “Peracetic Acid Market Forecast, 2017 – 2024” in detail along with the table of contents:
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