Peracetic Acid Market to cross USD 850mn by 2024: Global Market Insights, Inc.
OCEAN VIEW, Del., Oct. 26, 2017 /PRNewswire-iReach/ -- Peracetic acid market has recorded substantial growth since past few years with a variety of applications in food and beverage industry, pulp and paper bleaching, water treatment, etc. Recognizing the rising demand for peroxyacetic acid across myriad end-use sectors, renowned Peracetic Acid Market players have taken the onus upon themselves to develop innovative products. A recent instance of this factor would be Biosan's relocation to a new production center in 2016. For the record, Biosan, LLC, based in New York, is a key player in global peracetic acid industry, famous for manufacturing high-grade peracetic acid products for numerous sectors such as industrial laundry, sanitization, F&B, horticulture, wastewater treatment, and pulp & paper. Approved by both, the FDA and EPA, Biosan's products are used as antimicrobials, disinfectants, and sanitizers, thereby increasing the business scope of peracetic acid market.
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Overall, judging by the statistics, it would be fair to say that peracetic acid industry is heavily consolidated. This is evident from the fact that the top manufacturers cover more than 94% of the overall revenue, which is a commendable contribution, as per experts. However, peracetic acid market also involves the presence of numerous SMBs in addition to large corporations. Some of key product manufacturers partaking in this business sphere include Evonik Industries, PeroxyChem LLC, Ecolab, Inc., Mitsubishi Gas Chemical Company, Inc., Hydrite Chemical Co., Enviro Tech Chemical Services, Inc., Thai Peroxide Ltd., Airedale Chemical Company Ltd., Kemira Oyj, and Loeffler Chemical Corporation. Most of the aforementioned companies have been involved in undertaking strategic growth tactics for the development of peracetic acid industry, which, as per a reliable forecast, is projected to cross USD 850 million, with a CAGR estimation of 7.7% over 2017-2024.
The medical segment market revenue is assessed to exceed USD 35 million by 2024 in Europe, because of regulated healthcare segment and increased patient awareness. The product is used as a sterilant and disinfectant in dentures, tubes, syringes, plastic implants and other medical equipment.
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The versatile nature and wide range of applications in different fields has boosted the demand for peracetic acid. Escalating demand of clean water for industrial and household applications will be a fundamental factor leading to the expansion of peracetic acid market in water treatment segment.
The existence of latest technologies in manufacturing and a strong supply chain in China has led the peracetic acid market to boost at a robust pace. Rising demand of agrochemicals in agricultural sector will augment the product market in Asia Pacific. In Europe, the market for peracetic acid in pulp and paper bleaching sector is foreseen to surpass USD 40 million by 2024 due to soaring technological innovations such as use of sustainable technologies in pulp and paper sector. Rising consumption of processed food in Middle East and Africa will drive the product market. In countries such as U.S., Australia and Canada, there are strict regulations imposed on halogen based chemicals which has advocated the use of the acid.
The production capacity is limited worldwide and the product market is consolidated with key manufacturers such as Diversey Inc., Ecolab Inc., Kemira Oyj, Mitsubishi Gas Chemicals, Inc., Thai Peroxide Ltd., Solvay S.A., Peroxychem LLC and Evonik Industries. The companies exhibiting backward integration in this category are Mitsubishi Gas Chemical Company, Inc., Solvay S.A., etc.
Browse key industry insights spread across 118 pages with 143 market data tables & 11 figures & charts from the report, "Peracetic Acid Market Share & Forecast, 2017 – 2024" in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/peracetic-acid-market
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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