Antimicrobial Plastics Segment is the largest segment driving the growth of Antimicrobial Additives market
The global Antimicrobial Additives Market is estimated to be valued at US$ 2.65 Bn or Billion in 2023 and is expected to exhibit a CAGR of 6.59% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Antimicrobial additives are compounds that are added to various materials and products to prevent microbial deterioration and control microbial growth. They help increase the lifespan of the materials they are added to by preventing premature degradation caused by microorganisms such as bacteria and fungi. Common materials antimicrobial additives are used in include plastics, paints, coatings, ceiling tiles, and wall coverings.
Market key trends:
One of the key trends in the antimicrobial additives market is the rising demand from the plastic industry. Antimicrobial plastics help inhibit the growth of microorganisms on surfaces and extend the usable life of plastics. They are widely used in applications such as food packaging, medical devices, consumer goods, and construction where prevention of microbial contamination is important. Increased focus on food safety and public health has boosted the demand for antimicrobial plastics significantly. Other applications driving the market include antimicrobial coatings for indoor air/hygiene quality and antimicrobial textiles.
Market key trends:
One of the key trends being witnessed in the Global Antimicrobial Additives Market is the rising demand from the food and beverage industry. Antimicrobial additives are increasingly being used in food packaging to prevent bacterial contamination and extend the shelf life of packaged food products. The growth of the ready-to-eat food market has significantly driven the uptake of these additives in food packaging applications in recent years.
SWOT Analysis
Strength: The antimicrobial additives market is driven by the increasing health awareness among consumers and stringent regulations regarding food safety and hygiene.
Weakness: High costs associated with R&D activities for developing new antimicrobial technologies.
Opportunity: Growth in demand from the medical industry for applications such as wound care dressings and catheters offers significant opportunities.
Threats: Stringent environmental regulations regarding use of antimicrobial additives due to increasing concerns about antibiotic resistance.
Key Takeaways
The global antimicrobial additives market size was valued at USD 2.65 billion in 2021 and is expected to witness high growth, exhibiting a CAGR of 6.59% over the forecast period. The increasing demand from the food packaging industry due to rising health consciousness among consumers is driving the market.
Regional analysis: North America dominated the global market in 2021 and is expected to maintain its lead over the forecast period. This can be attributed to stringent food safety regulations and the presence of major F&B producers in the region. Asia Pacific exhibits the fastest growth due to growing food processing industry in countries such as China and India.
Key players operating in the antimicrobial additives market include AkzoNobel N.V., BASF SE, The Dow Chemical Company, Sanitized AG, SteriTouch Ltd., BioCote Ltd., Life Material Technologies Ltd., Momentive Performance Material Inc., Clariant Chemicals India Ltd., and Nanobiomatters.
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