by Antimicrobial Coatings Market Is Trending Towards Sustainability and Environment-Friendly Solutions
Market Overview:
The antimicrobial coatings market comprises coatings that inhibit the growth of microorganisms such as bacteria, viruses, mold, and mildew. These coatings are widely used across the healthcare industry to coat various medical devices and equipment to prevent the spread of hospital-acquired infections. They also find applications in the food industry for coating surfaces that come in contact with food products to increase their shelf life. Growing awareness about hygiene and increasing demand for surfaces and products that eliminate the growth of microbes is propelling the demand for antimicrobial coatings.
The Global Antimicrobial Coatings Market is estimated to be valued at US$ 4.65 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.
Key Takeaways
Key players: Key players operating in the antimicrobial coatings market are AkzoNobel Coatings Inc., BASF, RPM International Inc., Dow Chemicals, PPG Industries Inc., Diamond Vogel, and Sherwin-Williams Company.
Growing demand: There is growing demand for antimicrobial coatings from end-use industries such as healthcare, food and beverage packaging, HVAC, construction, and transportation. The increasing consumer awareness about hygiene and sanitization is contributing to the growth of the market.
Global expansion: Manufacturers are investing in R&D to develop innovative and sustainable antimicrobial coating solutions. They are also expanding their production facilities globally to cater to the growing demand from international markets.
Market key trends: One of the key trends gaining traction in the antimicrobial coatings market is the rising demand for eco-friendly and sustainable solutions. Manufacturers are focusing on developing bio-based and plant-derived coatings extracted from essential oils to reduce environmental footprint. They are also formulating coatings with silver and copper-based antimicrobial additives that are known to be more environment-friendly than traditional microbiocides.
Porter’s Analysis
Threat of new entrants: High capital requirements to establish new production facilities pose barriers for new players in this market.
Bargaining power of buyers: Buyers have high bargaining power as they can choose from a number of established players offering similar products.
Bargaining power of suppliers: Suppliers have moderate bargaining power. Though raw materials are specialty chemicals, easy availability of substitutes limits suppliers’ power. Threat of new substitutes: Threat is moderate as alternatives exist but require significant investments to match properties and performance of existing antimicrobial coatings.
Competitive rivalry: Intense competition exists among existing players to gain market share by improving product quality, properties and expanding regional presence.
The North American region accounts for the largest share of the antimicrobial coatings market, both in terms of value and volume. Increased awareness regarding health hazards associated with microbial contamination and stringent guidelines enforced by regulating bodies drive the market growth.
The Asia Pacific region is expected to witness the fastest growth during the forecast period. This can be attributed to rising population, increased infrastructure development and construction activities in the region. Countries like China, India, Indonesia, Malaysia and Vietnam are expected to offer lucrative opportunities for market players due to growing middle-class population and their increased spending on healthcare and hygiene products.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
