WASHINGTON, March 29, 2022 (GLOBE NEWSWIRE) -- Increasing government initiatives to control the spread of bacteria, fungi, and viruses via high contact human touch surfaces that are growing at an exponential rate is driving the market growth. Also, rising concern towards outbreak of novel chronic diseases is another factor that is fuelling the demand for the Antiviral Antimicrobial Coatings Market.
In recent years, increasing demand from the food and beverage industry that has inclined the manufacturer’s interest to use antiviral and antimicrobial coating on food and beverages; this is another factor that is expected to generate revenue from the Antiviral Antimicrobial Coatings Market. The total Global Antiviral Antimicrobial Coatings Market is estimated to reach 7.59 USD Billion by 2028.
The market stood at a revenue of 3.7 USD Billion in the year 2021, and expected to exhibit a Compound Annual Growth Rate (CAGR) of 10.8%, states Vantage Market Research, in a report, titled “Antiviral Antimicrobial Coatings Market Size, Share & Trends Analysis Report by Type (Silver, Copper, Titanium Dioxide), by Application (Medical & Healthcare, Food & Beverage, Building & Construction, HVAC System), by Region (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Market Dynamics:
Drivers: Increasing Government Concerns for Preventing Novel Diseases
According to World Bank, the global population is expected to reach 9.10 billion in 2050. The challenge of microbial infection has been well met over the last century and needed to maintain adequate hygiene and control the transmission of infectious agents remains. Arguably, this threat is intensifying as novel viruses may enter the human population from animal reservoirs, as illustrated by the current global COVID-19 pandemic, and resistance to antimicrobial therapies develops especially with respect to microorganisms such as bacteria where its genetic determinants are rapidly exchanged between pathogens. Healthcare facilities and government bodies represent important environments for infection transmission. Their users are often immunocompromised and are more susceptible to infection than the general population. These are some of the factors that are fueling the demand for Antiviral Antimicrobial Coatings Market.
Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Antiviral Antimicrobial Coatings market is predicted to grow at a CAGR of roughly 10.8% during the forecast period.
- The Antiviral Antimicrobial Coatings market was estimated to be worth roughly USD 3.7 Billion in 2021 and is expected to reach USD 7.59 Billion by 2028; based on primary research.
- On the basis of region, Asia-Pacific is projected to dominate the worldwide Antiviral Antimicrobial Coatings market.
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Restrain: High Cost of Product
The cost of antiviral and antimicrobial coating is huge compared to traditional coating products. In developing countries, consumer preference mainly varies with respect to the price of the product. Also, low purchasing power, low per capita income, and low awareness about antimicrobial coatings in the developing countries compared to the developed ones resulted in the high growth of the market. Moreover, the requirement of skilled labour for the application of antimicrobial coatings is hampering the growth of the Antiviral Antimicrobial Coatings Market.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the antimicrobial and antiviral manufacturing industry. Small and medium-scale companies are the backbone of these technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The Report on Antiviral Antimicrobial Coatings Market Highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
Asia Pacific Holds Maximum Market Share
Asia Pacific is expected to dominate the growth of Antiviral Antimicrobial Coatings Market in 2021. The surge is attributed to the presence of a large patient pool of chronic diseases and significant investment to build the healthcare system. Also, the on-going investments for the development of the healthcare sector in the country will support market growth. Also, due to the stringent regulations pertaining to the indoor air quality, the HVAC system manufacturers are incorporating antimicrobial coatings on surfaces to ensure the required air quality by inhibiting the growth of mold and bacteria.
For instance, in April 2020, the Indian Institute of Technology has developed spray-based antimicrobial coatings for Personal Protective Equipment (PPE), such as face masks, which will kill over 99.9% of bacteria and viruses. In April 2020, IIT-Madras’ start-up had created textiles with antimicrobial material to fight against COVID-19.
List of Prominent Players in the Antiviral Antimicrobial Coatings Market:
- Axalta Coating Systems (US)
- The Sherwin-Williams Company (US)
- Nippon Paint Holdings (Japan)
- PPG Industries (US)
- DuPont de Nemours (US)
Browse market data Tables and Figures spread through 132 Pages and in-depth TOC on "Antiviral Antimicrobial Coatings Market Size, Share & Trends Analysis Report by Type (Silver, Copper, Titanium Dioxide), by Application (Medical & Healthcare, Food & Beverage, Building & Construction, HVAC System), by Region (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/antiviral-antimicrobial-coatings-market-579885
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Antiviral Antimicrobial Coatings Market?
- How will the Antiviral Antimicrobial Coatings Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Antiviral Antimicrobial Coatings Market?
- What is the Antiviral Antimicrobial Coatings market drivers and restrictions?
- What will be the CAGR and size of the Antiviral Antimicrobial Coatings Market throughout the forecast period?
This market titled “Antiviral Antimicrobial Coatings Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size in 2021 | USD 3.7 USD Billion |
| Projected Market Size in 2028 | USD 7.59 Billion |
| CAGR Growth Rate | CAGR of 10.8% From 2022 – 2028 |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered | • Type ° Silver ° Copper ° Titanium Dioxide • Application ° Medical & Healthcare ° Food & Beverage ° Building & Construction ° HVAC System ° Protective Clothing ° Transportation • Region ° North America ° Europe ° Asia Pacific ° Middle East & Africa ° Latin America |
| Region & Counties Covered | • North America ° U.S. ° Canada ° Mexico • Europe ° U.K ° France ° Germany ° Italy ° Spain ° Rest Of Europe • Asia Pacific ° China ° Japan ° India ° South Korea ° South East Asia ° Rest Of Asia Pacific • Latin America ° Brazil ° Argentina ° Rest Of Latin America • Middle East & Africa ° GCC Countries ° South Africa ° Rest Of Middle East & Africa |
| Companies Covered | • Axalta Coating Systems (US) • The Sherwin-Williams Company (US) • Nippon Paint Holdings (Japan) • PPG Industries (US) • DuPont de Nemours (US) |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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