Antimicrobial Plastics Is Estimated To Witness High Growth Owing To...

Antimicrobial Plastics Is Estimated To Witness High Growth Owing To Rising Usage In Healthcare And Medical Applications

Postado 2023-12-07 12:16:29

Market Overview:
Antimicrobial plastics refer to plastic materials that contain additives to prevent microbial growth. These plastics are used in a wide range of applications across industries such as healthcare, packaging, food and beverage and consumer goods. In the healthcare industry, antimicrobial plastics find major applications in medical equipment and devices owing to their ability to reduce infections and prevent the spread of bacteria.

Market Dynamics:
Rising demand from healthcare and medical applications is expected to be a major driver for the antimicrobial plastics market growth over the forecast period. The rising incidence of hospital acquired infections and increasing awareness about prevention of infections is augmenting the usage of antimicrobial plastics in various medical devices and equipment. For instance, according to the Centers for Disease Control and Prevention (CDC) annually around 722,000 healthcare-associated infections occur in acute care hospitals in the U.S., leading to around 75,000 deaths. Furthermore, growing demand from food packaging industry is also expected to aid the market growth. Antimicrobial plastics help increase the shelf-life of packaged food products by preventing microbial spoilage and contamination, thus propelling their adoption in food packaging applications.

The global Antimicrobial Plastics Market Demand is estimated to be valued at US$ 32.42 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

SWOT Analysis
Strength: The plastics have antimicrobial properties that resist microbial growth for a long time. This helps preserve food for a longer shelf life and prevents contamination. Antimicrobial plastics also help maintain hygiene in healthcare products. Manufacturers are developing innovative plastics with enhanced antimicrobial properties using advanced technologies.
Weakness: Developing plastics with potent and long-lasting antimicrobial properties increases production costs. Regulations regarding the types of antimicrobial agents allowed can restrain market growth. Manufacturing challenges and limitations of certain antimicrobial plastics reduce applications.
Opportunity: Growing demand from the food packaging, healthcare, and construction industries offers major opportunities. The risk of hospital-acquired infections increases the need for antimicrobial surfaces. Rising health awareness expands usage of antimicrobial household products.
Threats: Stringent regulations on certain antimicrobial agents pose threats. Alternative packaging technologies can replace antimicrobial plastics. Economic slowdowns may negatively impact market demand.

Key Takeaways
The global Antimicrobial Plastics Market is expected to witness high growth, exhibiting CAGR of 7.9% over the forecast period, due to increasing demand from the healthcare industry. Rising cases of infections in hospitals and increasing usage of medical devices have boosted the need for antimicrobial surfaces.

Regional analysis North America dominates the global Antimicrobial Plastics Market accounting for over 35% of the total market share in 2023, owing to stringent regulations regarding hygiene and strong healthcare infrastructure. Asia Pacific exhibits the fastest growth due to expanding manufacturing industries, rising disposable incomes, and improving healthcare systems across China, India, and other developing countries.

Key players operating in the Antimicrobial Plastics Market include Givaudan SA, International Flavors & Fragrances Inc., Firmenich SA, Symrise AG, Takasago International Corporation, Sensient Technologies Corporation, T. Hasegawa Co., Ltd., Kerry Group, Mane SA, and Huabao International Holdings Limited. These established players are focusing on new product launches and partnerships to strengthen their market presence.

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