by 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 refer to materials that are combined with other products to prevent microbial deterioration and contamination. These additives help inhibit the growth of microbes like bacteria, fungi, and algae that cause spoilage or damage to products. They are commonly used in plastics, paints, coatings, construction materials and other applications.
Market key trends:
Growing demand from the healthcare industry is one of the key trends driving the antimicrobial additives market. Healthcare facilities extensively use materials containing antimicrobial additives to control infections and promote better hygiene. With rising prevalence of hospital-acquired infections worldwide, the demand for antimicrobial surfaces in the healthcare sector is increasing rapidly. According to the Centers of Disease Control and Prevention (CDC), hospital-acquired infections affect over 2 million patients annually in the U.S. alone. This is resulting in increased application of antimicrobial additives in items like medical devices, equipment and infrastructure.
Segment Analysis
The Global Antimicrobial Additives Market is segmented based on type, application, and region. Based on type, the antimicrobial additives market is segmented into organic and inorganic additives. The organic additives segment accounted for the largest market share in 2021 and is expected to remain dominant during the forecast period. Organic additives such as triclosan and triclocarban are widely used in various applications such as paints and coatings, plastics, and personal care products owing to their strong bactericidal and fungicidal properties.
Key Takeaways
The global antimicrobial additives market is expected to witness high growth, exhibiting CAGR of 6.59% over the forecast period, due to increasing demand from end-use industries such as healthcare, packaging, construction, and food and beverage.
The Asia Pacific region held the largest market share in the global antimicrobial additives market in 2021. Growth in the region is driven by rapid industrialization and infrastructure development activities in major economies such as China and India. North America is expected to be the fastest growing regional market between 2023 and 2030 owing to rising healthcare expenditure and stringent regulations regarding food safety and hygiene in the region.
Key players operating in the antimicrobial additives market are 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. These players are focusing on new product launches and expansions to gain higher market shares and cater to the growing demand for antimicrobial additives across various industries.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
