Performic Acid Market Forecast and CAGR
According to the latest research, the demand of Performic Acid (PFA) is anticipated to grow with a significant growth rate of about 6% to 7% in between the coming assessment period of 2021-2031. Demand is expected to increase owing to the increasing usage of the substance in chemical, medical and food industries.
It is extensively used to disinfect equipment in medical and food industries. It works against viruses, microscopic fungus, bacterial spores and other microorganisms. The non-toxic nature of performic acid’s breakdown products, primarily carbon dioxide, oxygen and water, contributes to its appeal as steriliser.
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The chemicals and materials vertical is slated to witness emphasis shifting towards new-fangled value streams as well as applications driving it. One amongst them would be feedstock volatility, which is bound to influence the export competitiveness throughout. Plus, decarbonisation is making inroads, wherein renewable and recycled feedstock-based polymers are inevitable with regards to product offerings.
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What is Driving Demand for Performic Acid?
The Major factor driving the market is the growing demand coming from the food industry. It is used as a disinfectant and oxidizing agent in food and medical industry. PFA is a new disinfectant that is being used to kill bacterial and viral microorganisms in wastewater.
It has recently become commercially available for potential use in wastewater disinfection. High quality and environmental acceptability are also the most important factors driving rising demand in the sector.
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APAC Performic Acid Market Outlook
The residual value of performic acid in the food and beverage business has been exempted by the EPA since it breaks down into water, oxygen, and carbon dioxide. The demand for this product has witnessed significant uptick in countries such as China, Indonesia, India, Australia, Japan, Korea, and Singapore.
It is one of the chemical disinfectants used to destroy bacteria and breakdown the organic matter in medical waste. Pathological waste and drug waste are both dealt with by performic acid market intelligence. These properties of the chemical are likely to have an impact on the Asia Pacific market’s growth. The demand for PFA in end- use industries around the world is being driven by continued R&D activities and increasing technical improvements in developing countries.
Europe Demand Outlook for Performic Acid
Owing to the significant growth in the food and chemical industries in various countries of Europe such as Germany, France, Italy, and others, the demand has been boosted for this product in this region. It is in significant demand in the region in industries such as chemical processing and food and beverage.
In Europe, physical water treatment and novel methods like UV disinfection and membrane filtration are gaining traction as chemical alternatives. It is primarily used in Europe for the clarification, disinfection, and purification of brackish water and wastewater.
Who are the Key Manufacturers and Suppliers of Performic Acid?
Some of the leading manufacturers and suppliers include
- Hangzhou Dayangchem Co.Limited
- Sagachem ltd
- Akos consulting and solution
- Henan Bon industrial co. ltd.
- Evonik Industries etc.
With the growing number of opportunities key players are also focusing on acquisitions of small and medium size players and collaborations with other market participants either for the R&D or to manufacture the product at a large scale. Significant growth of medical industry in countries such as China and India drive the market in the Asian-pacific region
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