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Global Antimicrobial Coatings Market Size and Share is Set to Witness Double Digit Growth: Project to Grow at a CAGR of 10.5% by 2027

/EIN News/ -- Noida, Oct. 13, 2021 (GLOBE NEWSWIRE) -- Global antimicrobial coatings market is growing at a high CAGR because of its prominent use in healthcare, HVAC systems, construction, and other industries. Increasing awareness towards safety, health, and hygiene is also powering the market growth.

A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that global atimicrobial coatings market was worth USD 3.3 billion in the year 2020. According to the study, the market is estimated to grow at a CAGR of 10.5%, earning revenue of around USD 6.6 billion by the end of 2027. The global antimicrobial coatings market is gaining significant traction because of its prominent use in healthcare, HVAC systems, construction, and other industries. The rise in hospital-acquired infections (HAIs) and the use of antimicrobial coatings to sterilize medical devices are also propelling the antimicrobial coatings market forward. Additionally, the outbreak of COVID-19 has accelerated the growth of the antimicrobial coatings market as customers and the manufacturing industry are now more concerned with hygiene. Additionally, antimicrobial coatings are increasingly used in the food industry to eliminate unwanted and harmful viruses, fueling the market’s growth.

In addition to killing microbial attacks, antimicrobial coatings inhibit their growth and proliferation. During the forecast period, demand for antimicrobial coatings is likely to expand due to the increased construction of hospitals and other healthcare facilities, residential buildings, offices, and other commercial spaces, particularly in emerging markets. While antimicrobial coatings are relatively effective at preventing some bacteria, low health and hygiene awareness in low-income nations could be a major impediment to the growth of the global antimicrobial coatings market.

Growing Demand in Food and Packaging Industry is Expected to Drive the Global Antimicrobial Coatings Market

The growing use of active antimicrobial packaging in the food and packaging industry is offering growth opportunities to the global antimicrobial coatings market. By preventing bacterial or fungal growth during production, storage, and distribution, antimicrobial coatings can assist in extending the shelf life of foods with limited shelf life. These antimicrobial coatings films provide a way to protect food and foodstuff against spoilage and decrease the pathogens’ growth by controlling the diffusion-reaction.  These antimicrobial coatings gradual release of embedded antimicrobial agents onto the food surface. This helps prevent a large percentage of food from getting spoiled and lost to the manufacturers and sellers. Therefore, the food packaging industry is significantly adopting this chemical, which is anticipated to drive the global antimicrobial coatings market in the forecast period. For instance, the researchers from Victoria University of Wellington have made the breakthrough in antimicrobial coatings to kill over 650 different types of bacteria in food, including Salmonella ingestion, Norovirus, Listeria monocytogenes, and Campylobacter.

Expanding Product Ranges and Improved Supply Chain Is Projected to Boost the Global Antimicrobial Coatings Market

With emerging economies and low-income countries presenting lucrative growth opportunities for the global antimicrobial coatings market, the manufacturers of this chemical are working on expanding their distribution channel, which is expected to improve the product penetration. To expand their regional presence, the manufacturers are establishing production plants and factories in high potential regions, such as India and China. Furthermore, they are also adopting manufacturing automation like industry 4.0 and factory robots and innovative technologies like trackers and sensors for efficient inventory management and to optimize the manufacturing process. In addition, enhanced production rates and productivity, more effective material utilization, improved product quality, improved safety, shorter labor workweeks, and shorter manufacturing lead times have driven the growth of the global antimicrobial coatings market. Such efforts are likely to drive the global antimicrobial coatings market in the forecast period.

Global Antimicrobial Coatings Market - By End-User

Based on end-users, the global antimicrobial coatings market is segmented into medical & healthcare, food & beverage, building & construction, protective clothing, HVAC system, transportation, and other applications. Among the leading segments in the market, medical & healthcare is distinguished by its prominent use of antimicrobial-coated catheters, surgical devices, medical electronics, trays, etc., that reduce the risk of infection during medical procedures. However, the building and construction industry also covers a substantial share of the global antimicrobial coatings market and is projected to grow at a high CAGR during the forecast period. These coatings are applied to counters, walls, door handles, and other frequency touched areas. With the increasing construction of commercial and residential spaces by public and private investment, the demand for antimicrobial coatings is projected to flourish to ensure the safety of the residents.

Global Antimicrobial Coatings Market - Regional Insights

Geographically, the global antimicrobial coatings market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. North America accounts for the largest market share because of the high awareness regarding the safety of people and stringent government regulations. However, the Asia-Pacific region is projected to witness the highest CAGR during the forecast period, especially after the COVID-19 period. The increasing construction activities in emerging economies like China, India, Japan, etc., for infrastructural development significantly increase the demand for antimicrobial coatings. Furthermore, these countries’ flourishing manufacturing and packaging industries are also emerging as a major driving factor for the antimicrobial coatings market. Antimicrobial coatings are prominently used in electronic device manufacturing that has both a manufacturing and consumption market in the Asia-Pacific region.

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Impact of COVID-19 on Global Antimicrobial Coatings Market

The pandemic has altered people's social and economic circumstances. The practically ubiquitous enforcement of stay-at-home regulations, which began in mid-March 2020 and continues even now, as well as the broad adoption of social distancing, have resulted in rising economic and social insecurity. However, COVID-19's outbreak brought immense growth opportunities and significantly boosted the global antimicrobial coatings market. The COVID-19 pandemic has had a substantial influence on the healthcare and food industry across the globe. Antimicrobial coatings have witnessed an increase in demand in the health care industry as they safeguard healthcare professionals from contacting germs and prevent the spread of the COVID-19 virus. Before the COVID-19 outbreak, the markets for antimicrobial coatings in developing economies were very limited. However, the antimicrobial coating market growth potential has increased in recent years owing to the pandemic. Post-COVID-19, manufacturers will likely focus on a strong distribution channel to achieve new heights in the global antimicrobial coatings market.

Competitive Landscape

The leading players in the global antimicrobial coatings market are AK Steel Corporation, Specialty Coating Systems Inc., Akzo Nobel NV, Sono-Tek Corporation, AST Products Inc., Sciessent LLC, BASF SE, Troy Corporation, The Sherwin-Williams Company, RPM International Inc., PPG Industries Inc., Mankiewicz Gebr. & Co., Lonza, Hydromer, DuPont, DSM, Covalon Technologies Ltd, Biointeractions Ltd, BIO-FENCE, and other prominent players.

The global antimicrobial market is highly fragmented, with various global and regional industry players with regional companies having better grip and penetration in the local market. To stay ahead of the competition, industry competitors offer a diverse choice of items. They also frequently participate in product approvals and launches across many geographies. The companies significantly invest in R&D activities to engage in product approvals and launches and improve their product penetration. Furthermore, the global antimicrobial market is characterized by a high level of competitive strategies, such as mergers, acquisitions, partnerships, collaborations, etc.

Recent Development

September 2021: With over 40 years of serving global clients, Hydromer, a leading provider of coatings for medical devices and industrial applications, opened a brand-new facility that includes a wide range of new capabilities.  The company’s new location, located in Concord, North Carolina (a suburb of Charlotte), is a fully FDA-certified, ISO9001:2015, and ISO13485:2016 authorized facility built to accommodate all of the Company's functions under one roof and offers the following important services.

In August 2021, Lanxess, a speciality chemicals business, agreed to pay USD 1.3 billion to Flavors & Fragrances' New York City-based microbial control division. Lanxess, which has headquarters in Findlay and is based in both Germany and North America, expects the deal to close in the second quarter of 2022. However, a decision by the relevant antitrust authorities is still pending.

Don’t miss the business opportunity of the global antimicrobial coatings market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global antimicrobial coatings market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global antimicrobial coatings market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

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