The global antimicrobial coatings market size was USD 3,690.0 million in 2019 and is projected to reach USD 8,650.7 million by 2027, exhibiting a CAGR of 11.5% during the forecast period. The escalation can be attributed to the rising product usage by paint manufacturers to inhibit the growth of pathogens.
The coatings contain additives that offer long-lasting and adequate protection against fungi, bacteria, and mold. This information is cited by Fortune Business Insights™ in its research report, titled “Antimicrobial Coatings Market, 2020-2027”.
Information Source - https://www.fortunebusinessinsights.com/antimicrobial-coatings-market-102784
Metallic Segment to Register Notable Surge Due to Growing Adoption of Silver Coatings
On the basis of type, the market is segregated into metallic and non-metallic. Of these, the metallic segment is fragmented into copper, silver, and others. The silver sub-segment held a major share in the industry. The rise can be credited to the extensive usage of silver antimicrobial coatings due to their low toxicity. Based on region, the industry is segmented into North America, Latin America, Europe, the Middle East & Africa, and Asia Pacific.
Medical & Healthcare Segment to Record Appreciable Rise Owing to Increasing Product Usage in Medical Appliances
Based on application, the market is subdivided into mold remediation, medical & healthcare, food & beverage, building & construction, textile, and others. The medical & healthcare segment is expected to register commendable growth over the estimated period. The rise can be attributed to the escalating product usage in medical appliances, products, and surfaces for preventing the spread of infection.
The report provides an in-depth analysis of the significant trends that are expected to drive the business landscape across various regions. It further gives an overview of the crucial steps taken by major industry participants for sustaining their industry position. The insights have been provided after extensive research and engagements with prominent industry stakeholders.
Drivers and Restraints:
Rising Product Usage in Healthcare on Account of Surging Awareness Regarding HCAI (Healthcare-Related Infections)
Antimicrobial coatings market growth can be credited to the growing awareness regarding healthcare-related infections (HCAI) and an increase in efforts toward their prevention. It further comprises the adoption of antimicrobial paints combined with active ingredients as a preventive strategy.
However, the use of these products can lead to substantial changes in the emission levels of toxic agents into the environment. This is anticipated to hamper market expansion to some extent.
North America to Emerge as Key Region Driven by Escalating Demand from Medical Applications
North America antimicrobial coatings market share is poised to register appreciable expansion over the coming years. The growth is being propelled by the soaring demand from medical and indoor air/HVAC applications. Additional aspect propelling regional expansion is the enforcement of favorable policies. This is further being supplemented by the surging government healthcare expenditure and high standards of living in the U.S.
The industry value in the Asia Pacific region is anticipated to record substantial escalation over the forecast period. The rise can be attributed to the expansion of the food & beverage, pharmaceuticals, and construction industries.
Industry Players Enter Collaborations & Partnership Agreements to Sustain Market Position
Prominent market players are focusing on the adoption of various initiatives such as mergers, acquisitions, and others for the consolidation of their industry position. Several companies are also participating in research activities for enabling the development of superior antimicrobial coatings. Some of the additional initiatives include surging participation in trade conferences and the rollout of numerous strategies for enhancing business prospects.
Key Industry Development:
November 2020 – Zonitise announced the launch of an antibacterial surface layer equipped for the continuous removal of dangerous microorganisms. The coating was designed for removing pathogens such as the TGEV coronavirus as well as various other viruses and bacteria, claimed the company.
List of Key Players Mentioned in the Report:
- Nippon Paint (India) Company Limited
- PPG Industrial Coatings
- Diamond Vogel
- Akzo Nobel N.V.
- Diamond Vogel
- Axalta Coating Systems
- The Sherwin-Williams Company