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Antimicrobial Coatings Market To Witness A Phenomenal Growth in coming years

Author : Ronak Bora | Published Date : 2019-05-13 

The Antimicrobial Coatings Market is set to grow from its current market value of more than $2 billion to over $7billion by 2024; as reported in the latest study by Global Market Insights, Inc.

Global Antimicrobial Coatings Market size produced higher than $2.5 billion revenue for 2015 and is projected to register CAGR of more than 10.1% during forecast timeline. Strong application overview in healthcare and medical equipment sector is predicted to propel global industry expansion. Global antimicrobial coatings industry contributed more than 25.1% to medical and healthcare segment for 2015 in terms of size. High end residential and commercial construction projects have witnessed an increase in product application which is aimed at reducing air pollution. The products can be included into producing materials and are utilized in conserving amount of air quality over a long period that can fuel industry expansion.

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Silver is the most dominant and active constituent and has substantially affected antimicrobial coatings market price trends. With higher than 60.1% of total revenue share, food packaging is main application for barrier & additive sector that converts into greater avenues for global antimicrobial coatings industry.

Global antimicrobial coatings market is segmented into medical & healthcare application, indoor air quality application, food application, antimicrobial textile application, mold remediation application and construction.

Indoor air quality application segment produced high sales for 2015. Strict rules in European Union and U.S. have made it compulsory for hospitals and schools to use antimicrobial coatings to minimize the medical infection hazard. This has encouraged new business entrants to invest in the application segment. It is predicted to witness healthy expansion during forecast timeline.

In the U.S., stringent regulations are imposed by regulatory bodies like FDA, to reduce infection risks in food industry, which require use of these coatings. Rise in applications in food, medical and indoor air quality should fuel the demand. Medical tourism market in India exceeded USD 2 billion in 2015. This is due to rise in demand for new technologies in health care devices should boost the growth of antimicrobial coatings market.

In Brazil, mold remediation applications growth rate is expected to exceed 9% by 2023.  Regulatory policies regarding control of VOCs emissions coupled with growth of construction sector is anticipated to drive the antimicrobial coating market. Advancements in tourism industries of UAE, Saudi Arabia and Qatar resulted in infrastructural development for hotels should fuel the antimicrobial coatings market growth. Increase in consumption of antimicrobial surface coating product in paint industry should fuel the demand.

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Worldwide antimicrobial coatings market is fragmented. Some of the prominent companies include BASF, AzkoNobel, royal DSM, DuPont, Dow Chemicals. Other key players include RPM, Nippon Paint, Sherwin-Williams, Arch Lonza, Troy and Sono-Tek. Regional small scale suppliers and producers also witness appreciable market share. Development of distribution channels to provide regional exposure through retailers, supermarket, convenience stores and online portals will fuel the growth.

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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