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 from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Antimicrobial additives are substances added to various products to inhibit the growth of microorganisms and prevent their spread. These additives are commonly used in healthcare products, personal care products, packaging materials, textiles, and paints and coatings, among others. They provide numerous advantages such as preventing bacterial and fungal growth, improving product lifespan, reducing odor, and minimizing the risk of infections. With the increasing emphasis on hygiene and the growing concern for infectious diseases, the demand for antimicrobial additives is expected to witness significant growth in the coming years.
Market Key Trends:
One key trend in the Global Antimicrobial Additives Market is the rising demand for hygienic products. The ongoing COVID-19 pandemic has led to a heightened awareness of cleanliness and personal hygiene. As a result, there is a growing demand for products such as antimicrobial textiles, disinfectants, and antimicrobial packaging materials. For example, antimicrobial coatings for medical devices and hospital surfaces help reduce the risk of healthcare-associated infections. This trend is expected to continue driving the growth of the antimicrobial additives market.
PEST Analysis:
- Political: Government regulations regarding the use of antimicrobial additives in certain applications may impact market growth.
- Economic: Increasing healthcare expenditure worldwide is likely to drive the demand for antimicrobial products.
- Social: Growing awareness of hygiene and cleanliness among consumers is boosting the adoption of antimicrobial additives.
- Technological: Advancements in nanotechnology have led to the development of more effective antimicrobial additives with enhanced performance and durability.
Key Takeaways:
– The global antimicrobial additives market is expected to witness high growth, exhibiting a CAGR of 8.9% over the forecast period, due to increasing demand for hygienic products.
– North America is anticipated to be the fastest-growing and dominating region in the market, driven by the high healthcare expenditure and stringent regulations regarding cleanliness and hygiene.
– 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.
In the global antimicrobial additives market is poised for significant growth in the coming years due to the increasing demand for hygienic products. The pandemic has heightened awareness about cleanliness and personal hygiene, driving the adoption of antimicrobial additives in various applications. With advancements in technology and a growing emphasis on hygiene, the market is expected to witness a substantial increase in demand for antimicrobial additives.