Some of the key players in the Asia Pacific peracetic acid market include names such as Aditya Birla Chemicals, Evonik Industries AG, Tianjin Xinyuan Chemical Co., Solvay Peroxythai Ltd., Qingdao Hisea Chem Co. Letd., MGI Chemicals Pvt. Ltd., Mitsubishi Gas Chemical Company, National Peroxide Limited, Acuro Oraganics, and PeroxyChem LLC among others. These companies are constantly trying to gain a significant advantage over each other in the global market and are thus concentrating on offering better services and products to the customers. The companies are also actively involved in strategic business activities such as merger, acquisitions, and joint ventures to enhance their market presence. Recently, Wadia Group in India has increased its holding in the National Peroxide Ltd. to nearly 70.5% by purchasing out Solvay SA, the Belgian partner in the company. Earlier, the Wadia Group held 45.4% of share in the company but now it owns the 25.1% stake of Solvay, making it the highest shareholder in the company.
According to the report by Persistence Market Research, the market valuation of Asia Pacific peracetic acid market is expected to surpass a figure worth US$164.2 million over the course of the given forecast period of 2016 to 2024. This growth in the valuation of the market is estimated to be achieved at an impressive CAGR of 8.2% during the same period of forecast. The food and beverage segment is expected to grow at a CAGR of 9.1% over the given forecast period whereas, agrochemicals and other detergent classes are estimated to show a sturdy CAGR during the same time.
Wide Range of Applications to Drive Growth of Peracitic Acid in Asia Pacific : Peracitic acid can act as a better alternative as an oxidizing agent that chlorine for textile industry, industrial cleaning, and other process of purification. Peracetic acid is an efficient disinfectant and can be excessively used across a wide range of industrial verticals in the form of cleaners, sanitizing agents, and purifiers. In addition to this, the increasing demand for peracetic acid as a sanitizer in packaged vegetables and foods to prevent any kind of microbial contamination is expected to act as a major driving factor in surging up its popularity and thus help in the development of the overall market in Asia Pacific. Peracetic acid has the properties of a bleaching agent, non-toxicity, and easy environmental deterioration. Thus, it can be used a safe sanitizing agent that finds its application across wide range of products.
Negative Side-effects on Health may Hinder Market Growth : However, there are some factors that might negatively impact the overall growth prospects of peracetic acid in the Asia Pacific region. One of the chief restraining factor for the growth of peracetic acid is the PPA percentage of over 17% and the risks and hazards associated with the transportation of these materials. Moreover, the side-effect of human health because of extensive exposure of peracetic acid on the skin surface can be very adverse. This exposure can be either inhalation or oral intake. Thus, these such negative effects can slow down the overall development of the peracetic acid in the Asia Pacific region. Nonetheless, increasing demand from the emerging economies such as India and China backed by some heavy foreign investment can open up ample lucrative opportunities for peracetic acid market in Asia Pacific Region.
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