by Antimicrobial coatings are protective coatings used on surfaces to prevent microbial deterioration and degradation by inhibiting or killing microorganisms such as bacteria, viruses, fungi, or molds. These coatings are majorly applied on high contact surfaces like door handles, kitchen tops, floors, walls, medical devices, HVAC systems and many more. They help reduce surface contamination and spread of infections, thereby providing hygienic environment.
The Antimicrobial Coatings Market is estimated to be valued at US$ 4.65 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growing concerns associated with spread of infections and need for hygienic surroundings majorly drives the antimicrobial coatings market. The ongoing COVID-19 pandemic has further accelerated demand for these coatings from healthcare and consumer goods industries to control surface contamination. Additionally, rising construction and renovations activities also fuels product adoption. Furthermore, increasing regulatory approvals and implementation of stringent hygiene standards by regulatory bodies are some other factors augmenting market growth. However, availability of alternative disinfectants and high costs associated with antimicrobial coatings limits market expansion.
Segment Analysis
The Antimicrobial Coatings market is dominated by the commercial application segment. This segment accounts for over 40% market share owing to high demand from healthcare, food industry and other commercial areas which require antimicrobial protection.
PEST Analysis
- Political: Regulations regarding the use of antimicrobial coatings is fragmented across regions. However, most countries adhere to ISO standards for testing and certification of such coatings.
- Economic: The global antimicrobial coatings market is expected to witness high growth owing to rising health and hygiene standards globally. Rapid industrialization and infrastructure growth are further driving demand.
- Social: Rising awareness about health, hygiene and benefits of antimicrobial protection is a key driver. People prefer products and surfaces with antimicrobial properties especially in healthcare and consumer goods.
- Technological: Advancements in material science have led to development of new coating polymers which are long lasting and provide strong antimicrobial efficacy without losing mechanical properties. Many players are focusing on R&D to provide customizable solutions.
Key Takeaways
The global Antimicrobial Coatings market is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing health awareness and stringent regulations regarding hygiene. The market size is anticipated to reach US$ 8.3 Bn by 2030.
Regional analysis: North America currently dominates the market with over 30% share due to stringent healthcare laws and growing construction industry. Asia Pacific is expected to witness fastest growth owing to rising consumerism, healthcare infrastructure development and urbanization.
Key players operating in the Antimicrobial Coatings market are AkzoNobel Coatings Inc., BASF, RPM International Inc., PPG Industries Inc., Royal DSM, and Sherwin-Williams Company. AkzoNobel captures largest market share of 15% on back of extensive product portfolio and global presence. BASF is focusing on development of new eco-friendly antibacterial solutions to strengthen its position.
The market is consolidated in nature with top 5 players accounting for over 50% share. Strong focus on R&D of new materials, expansion in developing markets and strategic partnerships with end users are key strategies adopted by leading companies. Innovation also plays a vital role in development of value added products
