antimicrobial coatings Market Progress: Industry Milestones and Achievements
Antimicrobial coatings are extensively used in hospitals and healthcare facilities to inhibit microbial growth on surfaces. They find wide applications in operating rooms, ICUs, and other clinical areas where prevention of Hospital Acquired Infections (HAIs) is crucial. Rising prevalence of diseases and increasing access to healthcare services is expected to drive the healthcare industry growth worldwide.
The antimicrobial coatings market is estimated to be valued at US$ 4.65 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing healthcare industry is one of the major factors fueling the demand for antimicrobial coatings. Healthcare infrastructure development in emerging nations and increasing spending on healthcare presents huge growth opportunities. Additionally, rising concerns regarding hygiene and safety during the ongoing COVID-19 pandemic has accelerated the adoption of antimicrobial surfaces in both healthcare and non-healthcare settings like transportation, indoor air quality etc. Stringent regulations regarding microbial contamination is another driver prompting industries to use products with antimicrobial properties. However, higher costs compared to conventional coatings and growing antibiotic resistance may restrain the market growth.
SWOT Analysis
Strength: Antimicrobial coatings provide hygienic protection against microbes, which is ideal for environments like hospitals and food processing plants. Their self-sterilizing property without using harsh chemicals makes it easy to clean and maintain surfaces. Many coating products are FDA approved and eco-friendly.
Weakness: High cost of development and regulatory testing makes antimicrobial coatings more expensive than conventional alternatives. Certain coatings are effective only as long as the active ingredients last on the treated surfaces.
Opportunity: Growing awareness about importance of hygiene and infection control is driving demand from healthcare and hospitality industries. Rapid infrastructure development in emerging countries offers new areas of application.
Threats: Stringent safety regulations associated with active ingredients may restrict use of certain coatings. Alternative sterilization techniques can replace need for antimicrobial surfaces.
Key Takeaways:
The global antimicrobial coatings market is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing health and hygiene concerns among consumers and institutions. Growth of end use industries such as healthcare and construction with stringent regulations is driving market expansion.
The Asia Pacific region dominated the global market in 2020, accounting for around 35% of overall consumption. Rapid expansion of healthcare infrastructure in China and India along with rising consumer spending on hygienic products is fueling demand. North America is another major regional market supported by stricter rules regarding infection control in medical and food contact applications.
Key players operating in the antimicrobial coatings are AkzoNobel Coatings Inc., BASF, RPM International, Dow Chemicals, PPG Industries, Diamond Vogel, RPM International Inc., PPG Industries Inc., Royal DSM, and Sherwin-Williams Company. Leading companies are focusing on new product development using advanced active ingredients to strengthen their portfolio and market position.
