Pune, India, July 05, 2023 (GLOBE NEWSWIRE) -- The global antimicrobial plastics market size was valued at USD 41.19 billion in 2022 and is expected to be worth USD 43.94 billion in 2023. The market is projected to reach USD 73.65 billion by 2030, recording a CAGR of 7.7% during the forecast period.
Antimicrobial agents are incorporated into plastic products to boost their functionality. These additives play a vital role in decreasing the growth of harmful microbes, such as algae, bacteria, yeast, and fungi. Plastics that are fused with antimicrobial additives have showcased better performance than conventional plastics. The antimicrobial and anti-mold properties of these plastics can enhance the hygiene and lifespan of various products, such as medical equipment, packaging films, kitchen utensils, and kids’ toys. These properties are expected to boost the antimicrobial plastics market growth. Fortune Business Insights™ displays this information in a report titled, "Antimicrobial Plastics Market, 2023-2030."
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LIST OF KEY COMPANIES PROFILED IN THE REPORT
- BASF SE (Germany)
- LyondellBasell Industries Holdings B.V. (Netherlands)
- DuPont de Nemours, Inc. (U.S.)
- INEOS Group Limited (U.K.)
- Avient Corporation (U.S.)
- SABIC (Saudi Arabia)
- Palram Industries Ltd. (Israel)
- RTP Company (U.S.)
- Microban International, Ltd. (U.S.)
- King Plastic Corporation (U.S.)
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 7.7% |
| 2030 Value Projection | USD 73.65 billion |
| Market Size in 2022 | USD 41.19 billion |
| Historical Data | 2019-2021 |
| No. of Pages | 350 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Antimicrobial Plastics Market Growth Drivers | Rising Demand for Silver-based Additives to Increase Adoption of Inorganic Additives |
| Growing Use of Antimicrobial Plastics in the Building & Construction Sector to Boost Market Development |
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/antimicrobial-plastics-market-107635
Segmentation:
Rising Demand for Silver-based Additives to Increase Adoption of Inorganic Additives
Based on additive, the market is divided into inorganic and organic. Inorganic additives captured the largest antimicrobial plastics market share in 2022 as silver-based inorganic additives are being widely used in the packaging industry due to their antimicrobial and antibacterial properties.
Expansion of Packaging Industry to Boost Usage of Commodity Plastics
Based on type, the market is segmented into commodity plastics, engineering plastics, and high-performance plastics. The commodity plastics segment is predicted to dominate the market during the forecast period as these plastics are finding robust use in the ever-expanding packaging industry. They are used for a wide range of packaging applications, such as physical photographs, electronics, and pharmaceuticals.
Medical & Healthcare to Increase Reliance on Microbe-Resistant Plastics to Prevent Cross-Contamination
Based on application, the market is bifurcated into medical & healthcare, packaging, consumer goods, automotive, building & construction, and others. The medical & healthcare application segment is predicted to hold a major market share as these plastics reduce the risk of cross-contamination by preventing the growth of harmful microbes on the surface of medical devices.
With respect to region, the market covers North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
COVID-19 Impact:
Disruptions in Supply Chain & Logistics Activities Decelerated Market Growth During COVID-19 Pandemic
The COVID-19 outbreak caused major disruptions in the supply chain networks of various industries. The growing number of COVID-19 patients during this period also shed light on the importance of maintaining proper hygiene and sanitation. However, the production of antimicrobial plastics was halted due to severe supply chain disruptions and a shortage of raw materials. This factor impeded the market progress during this period.
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Report Coverage:
The report analyzes the market in detail and highlights key aspects, such as additive, type, application, and leading organizations. It also offers quantitative information in terms of value, research methodology for market size estimation, and insights into ongoing market trends. It covers top industry developments and the competitive landscape. Apart from the above-mentioned factors, the report covers various factors that have contributed to the market’s growth in recent years.
Drivers and Restraints:
Growing Use of Antimicrobial Plastics in the Building & Construction Sector to Boost Market Development
Antimicrobial plastics have seen a robust increase in their demand in recent years as more people are becoming conscious about their hygiene and cleanliness practices. Since various harmful bacteria and germs can grow in wall ceilings and home furniture, the need for these plastics has grown tremendously. Manufacturers are using antimicrobial coatings to inhibit the growth of these harmful microbes. This factor is expected to drive the market share.
However, stringent anti-plastic laws by governments may stifle the market’s growth.
Regional Insights:
Asia Pacific Market to Record Considerable Growth Due to Expansion of Packaging Industry
The Asia Pacific market is expected to register commendable growth in the global industry in the future as the region’s packaging industry is witnessing notable expansion. Since China has captured the largest market share due to a strong rise in plastic usage, the regional market will continue to grow in the future.
The North America market will also record notable growth during the forecast period as the region’s healthcare and consumer goods industries are growing at an appreciable pace.
Competitive Landscape:
Key Companies Might Offer Products to Different Industries to Boost Their Market Position
BASF SE, Inc, LyondellBasell Industries Holdings B.V., DuPont de Nemours, INEOS Group Limited, and Avient Corporation, are the key market players. Among them, BASF SE has a strong presence in Europe and makes antimicrobial plastics. The company is said to be the region's largest producer of advanced raw materials and specialty chemicals. The other key players have also established robust distribution channels, a strong regional presence, and expanded their product offerings.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Regions
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological AdvanOrganic
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights on Impact of COVID-19 on Global Antimicrobial Plastics Market
- Supply Chain Analysis & Challenges due to Covid-19
- Steps taken by Government / Companies to Overcome this Impact
- Potential Challenges and Opportunities due to COVID-19 Outbreak
- Global Antimicrobial Plastics Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- By Additive (Value and Volume)
- Inorganic
- Organic
- By Type (Value and Volume)
- Commodity Plastics
- Engineering Plastics
- High-Performance Plastics
- By Application (Value and Volume)
- Medical & Healthcare
- Packaging
- Consumer Goods
- Automotive
- Building & Construction
- Others
- By Region (Value and Volume)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
TOC Continued...!
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Notable Industry Development:
January 2023 - Avient Corporation introduced a polymer solution to improve the durability of healthcare products and boost the mechanical and physical performance of medical-use plastics. This Trilliant HC healthcare series aims to offer sustainable medical devices and polymer colorants to reduce the risk of mechanical failure.
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Plastic Additives Market Worth USD 75.20 Billion by 2028 | Growth at 5.7% CAGR
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