MarketsandMarkets™ Study: How is Coronavirus (COVID-19) Impacting the Global Antimicrobial Additives Market?
The report “Antimicrobial Additives Market With Covid-19 Impact Analysis by Type (Inorganic (Silver, Copper, Zinc), Organic(OBPA, DCOIT, Triclosan)), Application (Plastic, Paints & Coatings, Pulp & Paper), End-use Industry and Region – Global Forecasts to 2026” The market is projected to reach USD 5.5 billion by 2026, at a CAGR of 6.6% from USD 4.0 billion in 2021. This growth is primarily triggered by the increasing demand from the healthcare industry. APAC is the largest antimicrobial additives market due to the stringent industrial standardizations pertaining to the high growth of the end-use industries in the emerging countries such as China, India, Japan, and South Korea. The region is estimated to be the most populated in the world, which creates immense opportunity for the antimicrobial additives in packaging and food & beverage end-use industries.
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Inorganic is the largest type of antimicrobial additives market.
Inorganic antimicrobial additives do not decompose or transform even at resin molding temperature (maximum 350˚C). They also do not leach, thanks to organic solvents, and have a long-lasting antimicrobial effect. They possess high heat stability and low volatility and also reduce the risk of microbe adaption and provide long-lasting effectiveness. Inorganic antimicrobial additive dominated the global antimicrobial additive market in 2020 and is expected to continue the dominance for the forecast year. There is a higher demand for inorganic antimicrobial additives, mainly due to their non-volatile nature and high thermal stability. They are widely used in healthcare, food & beverage, and construction industries.
Healthcare is estimated to be the largest end-use industry of the antimicrobial additives market during the forecast period.
Healthcare dominated the antimicrobial additives market in terms of value of the overall market, followed by the packaging industry in 2020. The healthcare industry leads the market of antimicrobial additives owing to growing consumer awareness regarding health-related issues and life-threatening diseases such as COVID-19, H1N1 and nosocomial infections. Growing cases of COVID-19 in countries like US, India and UK is increasing the demand for hospital beds, constructing new covid centers, and medical equipment which is driving the demand for antimicrobial additives in healthcare end-use industry.
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APAC is estimated to be the largest market for antimicrobial additives during the forecast period.
Asia-Pacific is the largest antimicrobial additives market, globally. The growth is mainly attributed to high economic growth rate, followed by heavy investment in the healthcare, packaging, and automotive industries. With economic constraints and saturation in the European and North American markets, demand is shifting to the Asia-Pacific region. Growing demand and policies like emission control and the use of environmentally friendly products, have led to innovation in the plastics industry of the region, making it a plastic hub, globally. The antimicrobial additives manufacturers are targeting this region, as it is the strongest market for various end-use industries such as construction and automotive.
The key market players profiled in the report include BASF SE (Germany), DuPont De Nemours (US), Microban International (US), Sanitized AG (Switzerland), LyondellBasell (Netherlands), Avient Corporation (US), Biocote (UK), and Milliken Chemical (US) among others
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