Cold Plasma market in terms of revenue was estimated to be worth $1.6 billion in 2021 and is poised to reach $3.3 billion by 2026, growing at a CAGR of 15.0% from 2021 to 2026 according to a latest report published by MarketsandMarkets™. Factors such as the increasing prevalence of food-borne diseases, increasing use of cold plasma in wound healing and cancer treatment, innovation in textile production, and benefits of cold plasma for different industries are expected to drive the growth of the cold plasma industry.
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Key Market Players
The prominent players in the cold plasma market include Apyx Medical Corporation (US), Nordson Corporation (US), Adtec Plasma Technology Co. Ltd. (Japan), P2i (UK), Relyon Plasma GmbH, (Germany), Henniker Plasma (UK), Enercon Industries (US), AcXys Plasma Technologies (France), Plasmatreat (Germany), Tantec A/S (Denmark), Europlasma (Belgium), Thierry Corporation (Germany), Surfx Technologies (US), SOFTAL Corona & Plasma (Germany), Coating Plasma Innovation (France), Ferrarini & Benelli (Italy), Neoplas GmbH (Germany), terraplasma GmbH (Germany), Molecular Plasma Group (Germany), and CINOGY GmbH (Germany), US Medical Innovation (US)
Cold Plasma Market Dynamics
Drivers: Benefits of cold plasma technology
Cold plasma technology has diverse applications in several industries. This processing method possesses many advantages, such as low water and energy consumption, minimal fiber damage, reduced flammability, low chemical consumption, improved wettability, low cost, and a worker-friendly nature. Also, cold plasma technologies do not require onsite storage of supply chemicals or large volumes of processing water, either for implementation or in post-treatment rinsing. Their benefits, as compared to the currently used alternatives in application industries, have served to drive the adoption of cold plasma techniques.
Restraints: High capital investment
Before investing, companies always analyse the benefits of a technology with regard to their investment and the time taken to recover that cost, considering their budget. Cold plasma technologies are capital-intensive, as the equipment used in these coating technologies, such as vacuum equipment, is very costly and requires special operating conditions, such as low temperatures and controlled vacuum conditions, for operation.
Opportunities: Application of cold plasma in infection prevention and prolonging the life of PPE
Cold plasma can be used in the prevention of infectious diseases and nosocomial infections as it kills highly stable, multi-resistant microbes. In the COVID-19 pandemic, protective clothing and sterile textiles are in short supply. Treatment with cold plasma or ozone-generating plasma can prolong the use of clothing. It can also help in the hydrophilization process in the textile industry for gloves, PPE kits, and masks to reduce microorganisms. Plasmatreat, one of the leading players in the cold plasma market, has developed a prototype cleaning station that provides solutions for disinfecting protective clothing.
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Challenges: Limited commercialization of cold plasma
Currently, only a small number of nascent players are operating in the cold plasma market. As a result, this technology has witnessed limited commercialization in the last decade. The successful applications of cold plasma have been limited to a few sectors. It is also not easily available due to the low number of production units for cold plasma-related products globally. A lack of awareness of cold plasma has also served to inhibit the greater adoption of this technology. As a result, it can be surmised that until they are resolved, these factors-limited commercialization and low awareness-pose a major challenge to the growth of the market.
Europe to hold the largest regional market share
Europe is expected to account for the largest share of the cold plasma market in 2020, followed by North America. The large share of Europe in the global market can be attributed to the presence of a large number of cold plasma companies and growing R&D work in Germany.
The Asia Pacific region is expected to register the highest growth during the forecast period, primarily due to the growing demand for cold plasma technology in China, India, Japan, and South Korea, among other APAC countries. Considering this factor, a majority of global companies are focusing on developing and expanding their R&D capabilities and distribution networks in this region.
Recent Developments
· Relyon plasma GmbH launched atmospheric plasma system, piezobrush PZ3.
· Hennikar plasma signed a partnership with Irida (Spain), this helped the company to strengthens its geographic presence in spain.
· Nordson Corporation launched FlexTRAK-SHS automated plasma treatment system. The FlexTRAK-SHS system’s advanced automation enables simultaneous strip buffering and plasma processing for higher chamber utilization
· P2i launched Dunkable, a system-level waterproofing solution that enables a smartphone to operate normally despite being fully submerged for long periods, and the outer case breached.
· Europlasma launched a nanocoating product Plasmaguard.
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