Antimicrobial Coatings Market Size, Share reveals significant growth through 2026
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Nov 09, 2020 (Market Insight Reports) --
Selbyville, Delaware Market Study Report newly added Antimicrobial Coatings Market Report provides an analytical assessment of the prime challenges faced by this Market currently and in the coming years, which helps Market participants in understanding the problems they may face while operating in this Market over a longer period of time.
Global Antimicrobial Coatings market is projected to expand with a CAGR of 12.4% during 2019-2026, subsequently accounting USD 7.48 billion by the end of the forecast timeframe.
As per the report findings, global antimicrobial coatings market is primarily driven by growing awareness regarding safety and hygiene. Antimicrobial coatings are formulations of paints and biocides that offer resistance to fungi, bacteria, and other pathogens. Owing to this benefit, along with compatibility with different substrates leading to its application across various end-use verticals such as textiles, food processing & packaging, medical, automotive, HVAC, and other consumer durables are boosting the industry growth.
Besides, technological advancements such as the development of nano-silver materials have augmented global antimicrobial coatings market growth. Moreover, continuous R&D and implementation of laws by organizations like Anti-Microbial Coatings Innovations (AMiCI) consortium for application of AMC in various real-life settings are enhancing the overall industry outlook.
Moreover, stringent norms from government & regulatory authorities play a significant role in global antimicrobial coatings market growth. Centers for Disease Control and Prevention (CDC) guidelines state that antimicrobial coatings require rigorous quality checks including complete testing for lethalness and harmful environment effects. Further, antimicrobial coating manufacturers have to adhere to a clinical standard for testing methods in accordance with sales pitch for Environmental Protection Agency (EPA) FIFRA.
Based on end-user spectrum, global antimicrobial coatings market share from medical segment is slated to showcase strong growth over the forecast period. Ability to avert nosocomial infections is fuelling the demand for antimicrobial coatings is the healthcare sector, especially in North America and Europe. Product application in medical devices, catheters, medical electronics, trays, and others will continue to sustain the segment growth.
Meanwhile, food segment in global antimicrobial coatings industry is driven by the product use to improve product shelf-life in an effort to fulfil the rising demand for ready-to-eat food products.
Considering the regional outlook, North America is the prime contributor to global antimicrobial coatings market remuneration, followed by Western Europe and Asia Pacific. High healthcare expenditure in the U.S. acts a major growth impetus for the industry expansion in North America.
Whereas, rising geriatric population especially in Japan has led to an increased spending towards healthcare, thus, contributing to the growth of Asia Pacific antimicrobial coatings market.
Key players influencing global antimicrobial coatings market dynamics are Akzo Nobel N.V., The Jotun Group, The Valspar Corp., Kansai Paint Company Ltd., RPM International Inc., Sherwin-Williams Company, DuPont, Axalta Coatings LLC, BASF SE, and PPG Industries Inc.
Questions & Answers: Global Antimicrobial Coatings Market
Q1: What are the key growth determinants of global antimicrobial coatings market?
A: Growing awareness regarding safety and hygiene, wide application area across various industries, and technological advancements are the key growth drivers of global antimicrobial coatings market.
Q2: How is the healthcare sector contributing to growth of global antimicrobial coatings market?
A: Product’s ability to avert nosocomial infections, and application in medical devices, catheters, medical electronics, and trays are bolstering the demand for antimicrobial coatings in the healthcare sector.
Q3: Which organizations hold an authoritative status in global antimicrobial coatings market?
A: Key players influencing global antimicrobial coatings market dynamics are Akzo Nobel N.V., The Jotun Group, The Valspar Corp., Kansai Paint Company Ltd., RPM International Inc., Sherwin-Williams Company, DuPont, Axalta Coatings LLC, BASF SE, and PPG Industries Inc.
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