by Market Overview:
Antimicrobial additives are used to protect various end use products from microbial deterioration. They are added to plastics, coatings, medical devices, construction materials and several other applications. Some key end use industries of antimicrobial additives include healthcare, packaging, food and beverages, construction and others. Additives like organic acids, bio based additives and metal ions are commonly used antimicrobial agents. They help increase the lifespan of products by preventing the growth of microbes.
Market Dynamics:
Increasing awareness about hygiene and cleanliness among consumers is a key driver for the antimicrobial additives market. The COVID-19 pandemic has further boosted the demand for antimicrobial products in several industries like healthcare and packaging. Growing focus on prevention of hospital acquired infections and increasing use of packaging for food delivery and takeaways is positively impacting the market. Stringent government regulations regarding hygiene and public health in developed regions also contribute to market growth. Additionally, the rising disposable incomes in developing countries is enabling increased consumption of premium products featuring antimicrobial properties.
Some of the major factors propelling the growth of the antimicrobial additives market are rising prevalence of infectious diseases, growing health and hygiene consciousness among consumers and stringent government regulations regarding prevention of microbial contamination. The COVID-19 pandemic has further augmented the demand for antimicrobial additives in industries like healthcare, packaging, food and beverages among others. On the other hand, factors like toxicity concerns of certain antimicrobial agents and preference for non-toxic alternatives may hamper the market growth during the forecast period.
The global Antimicrobial Additives Market Demand is estimated to be valued at US$ 3.01 Bn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Segment Analysis
The antimicrobial additives market is dominated by the silver-based segment, which accounts for over 30% share of the overall market. Silver when mixed with other materials has strong antibacterial properties that help inhibit the growth of microbes like bacteria, viruses and fungus. It is widely used in applications ranging from plastics to paints to ensure these materials have antimicrobial functionality. The segment is dominating owing to silver’s established effectiveness as an antimicrobial agent and its versatile applications across industries.
PEST Analysis
Political: Regulations around the use of antimicrobial products are becoming more stringent globally, especially in developed markets of North America and Europe. This is driving innovation towards more sustainable and environment-friendly antimicrobial solutions.
Economic: The growing healthcare industry and increasing consumer demand for hygienic products is boosting the antimicrobial additives market. The market is expected to grow at a steady pace along with economic growth especially in emerging countries.
Social: Higher awareness around health, wellness and prevention of infections has increased the social importance of using antimicrobial technologies in everyday products. This is driving demand from various end-use industries.
Technological: Continuous R&D is helping develop new metal and non-metal based antimicrobial ingredients with better efficacy, lower toxicity and more targeted activity. Advancements in polymer science has also increased opportunities for incorporation of such ingredients in varied materials and applications.
Key Takeaways
The global antimicrobial additives market is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period, due to increasing health awareness among consumers and growing demand from end-use industries like healthcare, packaging and consumer goods.
Regional analysis: Asia Pacific dominates the global market and is expected to continue its dominance in the coming years. This can be attributed to rising living standards, growing middle class, and increasing consumer spending on health & wellness products in high-growth economies such as India and China.
Key players operating in the antimicrobial additives are AkzoNobel N.V., BASF SE, The Dow Chemical Company, Sanitized AG, SteriTouch Ltd., BioCote Ltd., Life Material Technologies Ltd., Momentive Performance Material Inc., Clariant Chemicals India Ltd., and Nanobiomatters. The market is consolidated in nature with top players competing on factors like product quality, innovation and global presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
