by Market Overview:
Antimicrobial plastics are engineered polymeric materials that are resistant to microbial growth. These plastics prevent the growth of microbes such as bacteria, viruses, algae and fungus. They find widespread applications in healthcare, food packaging, consumer goods and construction industries. In the healthcare sector, antimicrobial plastics are used to make medical devices, catheters, IV solution containers and others. In the food sector, they are used for food packaging, food contact surfaces and food processing equipment. Their use reduces the risk of contamination and spread of infections.
Market Dynamics:
The demand for antimicrobial plastics is driven by the growing awareness about health, hygiene and safety. The rising prevalence of hospital acquired infections and foodborne illnesses have boosted the use of antimicrobial plastics in recent years. According to the Centers for Disease Control and Prevention, more than 1.7 million hospital associated infections occur in the U.S each year leading to 99,000 associated deaths. Similarly, the World Health Organization estimates that nearly 1 in 10 people globally fall ill due to consuming contaminated food and beverages. Strict regulations regarding food quality and cleanliness in the healthcare and food industries are also fueling the market growth.
The global Antimicrobial Plastics Market Demand is estimated to be valued at US$ 32.42 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Segment Analysis
The global antimicrobial plastics market is dominated by the commodity plastics segment. Commodity plastics like polyethylene, polypropylene, and polyethylene terephthalate form a major part of the global plastics demand. These plastics find wide applications across industries like packaging, consumer goods, automotive, medical devices, etc. Adding antimicrobial agents to commodity plastics help prevent the growth of microbes, odors, and other contaminants on the plastic surfaces. This increases the shelf life and usability of products and components made from antimicrobial plastics.
PEST Analysis
Political: Stringent regulations regarding food safety and healthcare-associated infections in various countries are driving the demand for antimicrobial plastics in medical and food packaging applications.
Economic: Growth of end-use industries like consumer goods, automotive, medical devices is supplementing the market growth. However, volatility in raw material prices poses a challenge.
Social: Rising health awareness and changing lifestyles of people are increasing the adoption of antimicrobial plastics-based products for household and personal care applications.
Technological: Advancements in polymer synthesis and antimicrobial agent development are helping manufacturers develop customized and efficacious antimicrobial plastic formulations.
Key Takeaways
The global antimicrobial plastics market size was valued at USD 32.42 billion in 2023 and is expected to expand at a CAGR of 7.9% during the forecast period. Growth in the medical devices industry coupled with increasing healthcare spending in developing nations is anticipated to drive the market. Regionally, Asia Pacific held the largest market share in 2023 owing to strong presence of end-use industries in countries like China and India.
Regional analysis
Asia Pacific dominates the global market and is estimated to maintain its lead over the forecast period. This can be attributed to growing medical devices industry and rising healthcare expenditure in countries such as China, India, and South Korea. China represents the fastest-growing country in the region.
Key players
Key players operating in the antimicrobial plastics market are Givaudan SA, International Flavors & Fragrances Inc., Firmenich SA, Symrise AG, Takasago International Corporation, Sensient Technologies Corporation, T. Hasegawa Co., Ltd., Kerry Group, Mane SA, and Huabao International Holdings Limited. These players are focused on new product launches and capacity expansion to strengthen their position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
