Asia Pacific Peracetic Acid Market
Asia Pacific Market Study on Peracetic Acid (PAA): Increasing Demand for Agrochemicals in the Agriculture Sector Anticipated to Drive Demand for Peracetic Acid
End use segment is anticipated to play a crucial role in the expansion of the Asia Pacific Peracetic Acid market
Growing demand for peracetic acid owing to its strong bleaching and disinfecting characteristics has made it a superior substitute to other chemicals available in the market. Peracetic acid degrades into oxygen, carbon dioxide and water which makes it an ecofriendly product. These core characteristics of the chemical and rising concerns over environmental issues is expected to fuel the Asia Pacific Peracetic Acid market.
Sales of peracetic acid reached a value of more than US$ 82.3 Mn in 2015 and are anticipated to increase at a CAGR of 8.2% over the forecast period and are likely to cross US$ 164.2 Mn by 2024 end. Peracetic acid (PAA) offers high efficiency as a bleaching and disinfecting agent compared to other substitutes available in the market.
The food and beverage section of the Asia Pacific peracetic acid market is anticipated to expand at a CAGR of 9.1%. Agrochemicals, others and detergent segments are expected to record healthy CAGRs within the foreseen period.
The EPA (Environmental Protection Agency) has exempted the residual value of peracetic acid in the food and beverage industry as it breaks down into water, oxygen and carbon dioxide. EPA operates actively in countries such as China, Indonesia, India, Australia, Japan, Korea and Singapore. Peracetic acid is one of the chemical disinfectants used to kill pathogens and decompose the organic of medical waste. Peracetic acid can deal with pathological waste and drug waste as well. These qualities of the chemical are likely to impact the market expansion of the Asia Pacific peracetic acid market.
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- Evonik Industries AG
- Kemira Oyj
- PeroxyChem LLC
- Mitsubishi Gas Chemical Company Inc.
- National Peroxide Limited
- Solvay Peroxythai Ltd.
- Qingdao Hiseachem Co., Ltd
- Tianjin Xinyuan Chemical Co.,Ltd.
- Aditya Birla Chemicals Limited
- MGI Chemicals Pvt. Ltd.
- Acuro Organics Limited
End use segment: Industry forecast
In the end use segment the food and beverage industry is likely to account for more than 26% value share by the end of the current year. It is expected to gain 210 BPS by the end of the assessment period. The others segment including dairy products, household cleaning solutions and cosmetics is projected to lose 10 BPS over the forecast period. Agrochemical end-use segment is projected to observe a slow growth over the period of forecast. The Y-O-Y growth rate by end-use shows an in-depth picture of the Asia Pacific Peracetic Acid market. Food and beverage industry in the end use segment is likely to progress rapidly during the forecast period.
Agrochemical industry is likely to witness a significant surge till 2020, but the upward march of this segment will take a nose dive by the end of the period of assessment. Others segment is also fated to witness progress and this segment will grow at a collective rate of more than 13% by the end of 2024.
Food & beverage segment is anticipated to incline toward high value–high growth during 2016–2024. This is mainly attributed to increasing demand for aseptic packaging for food products and beverages. Increasing demand for agrochemicals in the agriculture sector is expected to drive the demand for peracetic acid. The agrochemical segment is estimated to incline towards high value–high growth during 2016–2024. Water treatment segment is likely to incline towards high value–low growth during 2016–2024.
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Country-wise comparative study of the end use segment
The food and beverage segment in the China PAA market is expected to gain more than 200 BPS within the period of forecast. Lenient government regulations and bulk production is predicted to expedite the peracetic acid market growth in China. Agrochemical industry will showcase a fairly moderate growth in the dragon economy as it might lose more than 55 BPS over the forecast period.
Owing to a robust agro-based economy, the agrochemical segment in India was expected to soar till the end of 2016, but the market might lose more than 45 BPS within the period of forecast. Others segment is predicted to continue its growth march in the Indian market, while the water treatment segment is projected to incline towards high value-low growth during the forecast period for decreasing use of peracetic acid as a disinfectant solution in the near future. In Japan’s peracetic acid market the others segment will probably witness good growth and is expected to gain more than 8BPS by the end of the forecast period.
In ASEAN countries the others segment is anticipated to incline towards high value-high growth followed by the food and beverage segment during the forecast period. In Australia and New Zealand, the food and beverage segment is likely to gain more than 145 BPS over the period of forecast. In the rest of Asia Pacific, the food and beverage segment is projected to emerge as the largest market segment with high growth.
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Asia Pacific Peracetic Acid Market: Market Segmentation
By End Use
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