The global antimicrobial additives market is estimated to be valued at USD 2.87 billion in 2022 and is expected to exhibit a CAGR of 8.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Antimicrobial additives are substances added to materials to inhibit the growth of microbes, including bacteria, algae, and fungi. These additives are used in various industries such as healthcare, packaging, food and beverage, and construction. The increasing concern regarding hygiene and the rising demand for antibacterial plastics are driving the growth of the antimicrobial additives market. These additives provide long-lasting protection against bacteria and other microorganisms, making them essential in products such as medical devices, food packaging, and household appliances.
B) Market Dynamics:
The antimicrobial additives market is driven by two key drivers. Firstly, the growing concern regarding hygiene and the need for effective microbial control in various industries are propelling the demand for antimicrobial additives. With the increasing awareness about the spread of infections through contact surfaces, there is a significant preference for products with antimicrobial properties. For example, in healthcare facilities, antimicrobial additives are used in medical devices, hospital furniture, and equipment to prevent the spread of infections.
Secondly, there is a rising demand for antibacterial plastics due to their wide range of applications and benefits. Antibacterial plastics are used in food packaging, consumer goods, and healthcare products to ensure hygiene and safety. These plastics help in reducing the growth of bacteria on surfaces, thus preventing contamination and the spread of diseases. For instance, antimicrobial additives are used in food containers to extend the shelf life of perishable food items.
C) Market Key Trends:
The key trend observed in the Global Antimicrobial Additives Market is the increasing adoption of silver-based additives. Silver has long been recognized for its antimicrobial properties and is widely used in the production of antimicrobial additives. Silver ions have a strong inhibitory effect on bacteria, making it an effective agent against bacterial growth. Many companies are incorporating silver-based additives in their products to provide long-lasting antimicrobial protection. For example, Microban International offers a range of silver-based antimicrobial additives that can be added to various materials, including plastics, textiles, and coatings.
D) SWOT Analysis:
Strength: Growing concern regarding hygiene and safety.
Weakness: Potential environmental impact of antimicrobial additives.
Opportunity: Increasing demand for antimicrobial additives in emerging economies.
Threats: Stringent regulations regarding the use of antimicrobial additives.
E) Key Takeaways:
In terms of market size, the global antimicrobial additives market is expected to witness high growth, exhibiting a CAGR of 8.9% over the forecast period. This growth can be attributed to the increasing concern regarding hygiene and the rising demand for antibacterial plastics. The market is dominated by North America and Europe, with Asia Pacific emerging as the fastest-growing region due to the increasing industrialization and healthcare infrastructure development in countries like China and India.
Key players operating in the global antimicrobial additives market include NanoBioMatters Industries S.L, BASF SE, RTP Company, Milliken Chemical, BioCote Limited, Microban International, Clariant AG, PolyOne Corporation, Momentive Performance Materials Inc., Life Materials Technologies Limited, SteriTouch Limited, Sanitized AG, Dow Inc., LyondellBasell Industries Holdings B.V., Plastics Color Corporation, and Lonza. These companies are focusing on product innovation and strategic collaborations to enhance their market share and stay competitive in the industry.
