by Antimicrobial Coatings Market is Estimated to Witness High Growth Owing to Increase in Health Consciousness
Antimicrobial coatings are coatings that contain antimicrobial agents which inhibit the growth of microorganisms like bacteria, viruses, mold, and mildew. These coatings help prevent the growth and spread of harmful bacteria and microbes and promote cleanliness and hygiene. The use of antimicrobial coatings has increased sharply across industries like healthcare, construction, food and beverage packaging, and consumer goods manufacturing due to the growing health and hygiene awareness among consumers. \
The Global antimicrobial coatings market is estimated to be valued at US$ 4.65 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.
Key Takeaways
Key players operating in the antimicrobial coatings market are AkzoNobel Coatings Inc., BASF, RPM International Inc., PPG Industries Inc., and Royal DSM.
The key opportunities in the antimicrobial coatings market include growing demand from the healthcare industry for medical devices and equipment coating and increasing focus on preventive healthcare. Rising construction of hospitals and increasing research on novel antimicrobial agents are expected to drive further market growth.
Technological advancements such as development of paints that inhibit 99.9% of bacteria and silver ion based coatings with long-lasting antibacterial properties are finding increased applications in consumer goods and packaging industries.
Market drivers
The major market driver for antimicrobial coatings is the rising hygiene and cleanliness requirements across all industrial and consumer segments which is fueling the demand for antimicrobial surfaces that can inhibit bacterial and fungal growth. Growth in industries like healthcare and construction along with increasing spending on preventive healthcare is also driving the adoption of antimicrobial coatings. Stringent regulations regarding hygiene and public health in the foodindustry are further propelling the antimicrobial coatings market.
Current challenges in the Antimicrobial Coatings Market
The antimicrobial coatings market is facing challenges due to stringent government regulations on the use of toxic chemicals in coatings. Environmental regulations across major economies are becoming more stringent regarding the use of toxic biocides in coatings. Regulatory bodies such as EPA and REACH are banning the use of toxic biocides and restricting the quantity of chemicals used in coatings. This poses a major challenge for manufacturers to develop alternate environment-friendly and non-toxic antimicrobial formulations. Another challenge is the high cost of silver and copper-based antimicrobial formulations. These metals are the most effective antimicrobial agents but are relatively expensive. This increases the overall cost of antimicrobial coatings.
SWOT Analysis
Strength: Antimicrobial coatings provide long lasting protection against microbes and are easy to clean. They help reduce healthcare costs by preventing Hospital Acquired Infections.
Weakness: Development of resistant microbes is a concern. Strict regulations and testing delays new product development.
Opportunity: Growing construction industry especially in Asia and Middle East boosts market growth. Increase in chronic diseases increases demand from medical applications.
Threats: Economic slowdowns affect building and construction markets negatively. Competition from alternative protection methods like disposable protective materials.
Geographically, North America currently holds the largest share of over 35% of the global antimicrobial coatings market in terms of value due to stringent healthcare regulations and increasing incidence of Hospital Acquired Infections. Asia Pacific is poised to be the fastest growing region during the forecast period. This can be attributed to strong infrastructure growth and investment in the healthcare sector from countries such as China, India and Japan.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
