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Asia Pacific Peracetic Acid Market to Witness Passive Growth at a CAGR of 8% by 2024
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Growing preference for peracetic acid over chlorine across various industrial domains in Asia pacific is expected to influence the overall growth of the peracetic market in the region. In recent years, the application base of peracetic acid has expanded to a significant extent. On the contrary, demand for peracetic acid from food & vegetables processing aids, healthcare textiles (HCT), industrial cleaning, aseptic filling & packaging, meat & poultry processing aids and water treatment industries is scaling at a healthy pace.
A better alternative to chlorine as an oxidant agent for industrial cleaning, textile industry and in other purification purposes. Peracetic acid is an effective disinfectant and finds robust use in various industries in the form of purifiers, cleaners and as sanitizing agents. In addition, growing demand for peracetic acid as sanitizing agents in packaged food and vegetables for prevention of microbial contamination is likely to play a major role in stimulating the market growth in Asia Pacific. Peracetic acid contains properties of bleaching agent, easy environmental degradation, and non-toxicity. Hence, making the product a safe sanitizer that can be used in consumable products.
In contrast, high volatility of PPA above 17% and associated risks with logistics can restrain the growth of the market. Likewise, adverse side-effects on health due to excessive exposure of peracetic acid on the surface of the skin, through oral intake or inhalation.
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Based on PPA grade, demand for PAA- grade above 15% is expected remain high as compared to other PAA grades. While, growth in demand for other PAA grades will be sluggish during the forecast period. By 2016 end, the PAA- grade above 15% segment is estimated to occupy for over 46% value share of the market and is anticipated to gain 130 BPS over 2025.
By end-use, food and beverage is anticipated to be the leading segment during the forecast period. In addition, the segment is projected to account for over 27% value share of the market by the end of 2016, gaining a BPS of 210 over 2025. This is primarily owing to the growing demand for peracetic acid from the F&B industry for sterilizing food contact surface equipment. In addition, the segment is set to witness a value CAGR of over 9% between 2016 and 2024.
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Region-wise, the market in China is projected to present lucrative business opportunities for leading players. The China peracetic acid market is projected to increase by 350 BPS during the forecast period. By 2016-end, China is estimated to account for mammoth 59.6% share of the market in terms of value. The market growth in China is largely attributed to the existence of a strong manufacturing and supply chain in the country that is comprehensively sustaining the growing demand for peracetic acid in the country as well as in the region. Likewise, India is another country were the market is estimated to exhibit a significant growth over the next couple of years. In the recent past, the country has attracted a healthy number of foreign investors who are planning to setup production plants in the country as demand for eco-friendly alternative chemicals is on the rise.
Key stakeholders in the peracetic acid market in the Asia Pacific region include Tianjin Xinyuan Chemical Co., Ltd., Evonik Industries AG, National Peroxide Limited, Aditya Birla Chemicals Limited, Acuro Organics Ltd., Solvay Peroxythai Ltd., PeroxyChem LLC, Mitsubishi Gas Chemical Company, MGI Chemicals Pvt. Ltd., and Qingdao Hisea Chem Co.Ltd.
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