Antimicrobial Coatings Market size worth $7.2 billion by 2024: Global Market Insights, Inc.
Antimicrobial Coatings Market size may reach USD 7.2 billion by 2024; according to a new research report by Global Market Insights, Inc.
Steady rise for non-toxic medical equipment demand to counter infection risk from various microorganisms should drive global antimicrobial coatings market size. Over 90% of the medical devices currently make use of pretreatment products to counter hospital acquired infections (HAI).
Prevention from microbe growth including bacteria, parasites, viruses and fungi in order to reduce infection risk and protect surface area are key performance metrics for using these coatings residential & commercial buildings, medical equipment, and automotive surfaces. U.S. antimicrobial coatings market size generated sales of over USD 650 million in 2015. Positive indicators for ready acceptance of health improving devices coupled with growth in medical expenditures should drive regional demand.
Antimicrobial powder coatings market size accounted for over 45% of the total share. They are employed in refrigerators, sterilization equipment & beds in hospitals, kitchenware, shopping carts, kitchen sinks, food processing equipment, steel shelving, steel storage cabinets, escalators and elevators.
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These products can be manufactured using active ingredients such as silver, bronze, copper and titanium dioxide. Silver being the most common active ingredient may affect manufacturer profit margins and impact antimicrobial coatings market price.
The industry is closely monitored due to myriad applications in food packaging and healthcare industry. U.S. and EU have imposed strict regulations for antimicrobial coating use in hospitals, buildings and institutions to reduce infection risks.
Asia Pacific, particularly China and India, antimicrobial coatings market may achieve over 9.5% growth. Strong construction outlook in China, Malaysia, India, South Korea, Thailand and Indonesia may drive regional industry growth. Growing medical tourism in India, worth over USD 2 billion in 2015, should drive healthcare devices demand.
Mold remediation applications in Brazil may observe significant gains over 9% CAGR. Regulatory compliances to control VOCs coupled with infrastructure industry growth particularly should stimulate regional growth. Improvement in healthcare facilities in Saudi Arabia, UAE and Qatar along with rise in construction spending for hotels and other commercial units may drive growth.
Although the industry shows strong gains, continued success heavily depends on cost, sustainability and development of environment friendly products. To counter industry competition, companies are focusing on expanding their existing product portfolio with the addition of low VOC based products.
Key insights from the report include:
Europe antimicrobial coatings market size may grow at over 7.5% and surpass USD 1.4 billion revenue by 2024. Strong indicators for food industry growth in Germany, UK and France should drive regional industry growth.
Food applications in North America may generate over USD 350 million revenue by 2024. Stringent FDA guidelines accompanied by rising health consciousness should stimulate antimicrobial coatings market size growth.
Indoor air quality application in APAC was over 55 kilo tons in 2015 and may witness significant gains.
Textile applications in North America may grow significantly and exceed 35 kilo tons demand by 2024.
Global antimicrobial coatings market share is fragmented. Major companies include AzkoNobel, BASF, DuPont, Royal DSM and Dow. Other key industry participants are Nippon Paint, RPM, Troy, Sherwin-Williams, Sono-Tek and Arch Lonza.
Industry also includes small scale manufacturers and suppliers operating regionally. Multiple distribution channel development may provide manufacturer better coverage by product sale through convenience stores, retailers, online portal, and supermarkets.