May 21, 2024
Antimicrobial Additives Market

Antimicrobial Additives Market Driven By Increasing Healthcare Sector Spending

Antimicrobial additives are chemicals that are added to various materials in order to prevent microbial deterioration and inhibit the growth of microorganisms like bacteria, mold, and fungi. They are commonly added to plastics, paints, coatings, cement, and several other industrial and household products. With rapid urbanization and growing population, demand for improved and hygienic living standards is rising significantly. This is propelling the demand for antimicrobial products in various end-use industries like healthcare, packaging, construction, and consumer goods.

The global c is estimated to be valued at US$ 3.47 Bn in 2024 and is expected to exhibit a CAGR of 25%  over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends

One of the key trends propelling the antimicrobial additives market growth is the rising application of silver-based antimicrobial technology. Silver is a broad-spectrum antimicrobial agent that inhibits the growth of bacteria, viruses, and other microorganisms. It is increasingly being used as an antimicrobial additive in various products like paints, coatings, plastics, and medical devices. Silver-based antimicrobial additives provide long-lasting protection against microbial deterioration of products as compared to traditional preservatives and disinfectants. Moreover, silver is safe, non-toxic, and eco-friendly as compared to many other chemical antimicrobial agents. This is fueling the demand for silver-based antimicrobial additives across industries.

Porter’s Analysis

Threat of new entrants: The antimicrobial additives market requires high initial investments which acts as a barrier for new players. Significant R&D is also required to develop new antimicrobial technologies.
Bargaining power of buyers: The presence of many established players in the market increases the bargaining power of buyers as they can negotiate for better prices and quality.
Bargaining power of suppliers: Key raw materials for antimicrobial additives such as silver, copper, zinc are produced by few companies globally increasing their bargaining power.
Threat of new substitutes: Continuous R&D has lead to development of alternatives like nano-additives but they have certain limitations in terms of functionality and regulations.
Competitive rivalry: The market is consolidated with top players differentiating based on technology and price.

Key Takeaways

The global Antimicrobial Additives Market Demand is expected to witness high growth.

Regional analysis: The Asia Pacific region currently dominates the market and is expected to witness fastest growth due to increasing health awareness and growth in key end use industries. China and India are major consumers.

Key players: Key players operating in the antimicrobial additives market are NetApp Inc., Nutanix Inc., Dell EMC, Hewlett Packard Enterprise Co., Juniper Networks Inc., Western Digital Corp., Lenovo Group Limited, Liqid Inc., Fungible Inc. and TidalScale Inc. Continuous innovation is key strategy adopted by major players to gain competitive edge.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it