LOS ANGELES, June 04, 2021 (GLOBE NEWSWIRE) -- The Global Antimicrobial Coatings Market is expected to grow at a CAGR of around 10.8% from 2020 to 2027 and reach the market value of over US$ 6,756.2 Mn by 2027.
North America has historically dominated the antimicrobial coatings market and is expected to do so again during the forecast period. Over the forecast period, the construction industry in North America is expected to grow significantly due to increased demand for non-residential construction projects such as hospitals, schools, and colleges. Furthermore, the implementation of the “Affordable Healthcare Act” in the United States has prompted the construction of healthcare units and hospitals. The growing population is expected to increase the construction of office buildings, industrial plants, schools, and colleges, driving the demand for antimicrobial coatings in the construction industry.
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Asia Pacific, on the other hand, is expected to have the fastest growing CAGR in the coming years. The growth of the major end-use industries, such as healthcare, construction, and food processing and packaging, is driving the market. The strong manufacturing base of the packaging products industry in China, Japan, and India, combined with increased sales of packaged food products, is expected to boost market growth in the near future. Furthermore, favorable policies implemented by the government of India, such as Foreign Direct Investment (FDI) and Make in India, are expected to create ample growth opportunities for the food processing and healthcare industries, which, in turn, is expected to increase consumption of antimicrobial coatings in the region.
Market Dynamics
Increasing construction and renovation activities as a result of rising living standards and easy loan availability are expected to boost product demand. Antimicrobial coatings are commonly used in public buildings to coat walls, handles, and countertops. Furthermore, the increasing outbreak of diseases such as COVID 19 and SARS is likely to encourage use due to stringent regulations in the construction industry to reduce the risk of touch contamination, thereby increasing the market share of antimicrobial coatings. Increasing parental concerns and rising demand for safe school environments are likely to drive up demand. Antimicrobial coatings are commonly used on classroom and corridor walls, as well as railings, to help prevent the spread of bacterial diseases. These coatings are safe and do not leave toxic residue, making them suitable for use in schools and nurseries, which is likely to drive demand for antimicrobial coatings.
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Growing concerns about cleanliness in various industries have resulted in increased product demand, resulting in the global market's rapid development. Antimicrobial coatings are used to protect surfaces from microorganisms such as parasites, germs, bacteria, and other unwanted microorganisms.
Segmental Outlook
The global antimicrobial coating market is segmented based on material and application. Material is bifurcated into antimicrobial powder coatings and surface modifications & coatings. Antimicrobial powder coatings are further sub segmented as silver, copper, and other. Surface modifications & coatings is further sub segmented as E. coli, listeria, pseudomonas, and others. By application, the market is segregated as sanitary facilities & kitchen, air conditioning & ventilation systems, food processing & packaging, antimicrobial textiles, mold remediation, construction, medical devices, healthcare, and others.
Competitive Landscape
Some of the leading competitors are Akzo Nobel N.V., Nippon Paint Holdings Co., Ltd., PPG Industries, Inc., RPM International Inc., Koninklijke DSM N.V., The Sherwin Williams Company, and among others.
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Some of the key observations regarding the antimicrobial coatings industry include:
- In April 2018, Lonza announced a new product namely, Proxel Spektra Preservative". The newly launched product is an industrial product from yeast, mold ad bacterial degradation. This product launch expands the company’s methylisothiazolinone-free biocides product portfolio and attracts new customers.
- In October 2015, Sherwin-Williams announced the launching of a new product namely, "Paint Shield". The newly launched product is an antimicrobial paint which is capable of eliminating tough pathogenic bacteria within two hours of exposure. This product launch enables BASF to improve its product offering to hospitals & healthcare institutions for controlling the spread of hospital-acquired infections.
- In February 2015, Sono-Tek Corp. announced a partnership with Mercer Group Ltd. The collaboration whereby the latter firm gains complete access to Sono-Tek’s antimicrobial spray coating systems. This allows Sono-Tek Corp. to achieve expansion of the antimicrobial coatings market.
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