The rising demand for hygienic and sanitized products is anticipated to openup the new avanue for Antimicrobial Additives market

The Antimicrobial Additives Market is estimated to be valued at US$ 2.65 Bn in 2023 and is expected to exhibit a CAGR of 6.59% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Antimicrobial additives are utilised in various end use industries like healthcare, packaging, food and beverage, construction and others to curb microbial growth. These additives are available in different forms like powders, liquids or dispersions and added to various materials during production or manufacturing processes. They effectively control microbes like bacteria, fungus, virus and others by releasing controlled amount of biocidal active ingredients over long durations. Major applications include medical devices, air and water filters, plastics, fabrics, coated surfaces and others.

Market Dynamics:
The primary drivers fuelling the antimicrobial additives market include growing preference for hygienic products and rapid spread of infectious diseases. Increased demand from healthcare industry for antimicrobial treated medical devices, equipment and machinery to control hospital acquired infections (HAIs) is a key factor augmenting market growth. Hectic lifestyle has raised health awareness among consumers who now seek hygienic and microbial resistant packaging, clothing and household products. Stringent regulatory norms towards food safety and quality has propelled use of these additives in food contact materials and food packaging industries. Furthermore, increased construction of hospitals and requirement of microbial resistant infrastructure is supporting market revenues.
Segment Analysis

The Global Antimicrobial Additives Market is segmented into organometallics, inorganic, and organic segments. The organic segment dominates the market and accounted for over 60% market share in 2021. Organic antimicrobials are more popular as they are safer & more effective against microbes as compared to their inorganic counterparts. Organic antimicrobials such as triclosan, zinc pyrithione, and triclocarban are widely used in several personal care and healthcare products.

PEST Analysis

Political: Regulations regarding the use of microbicides in various consumer goods are becoming stricter globally, which is driving innovation towards eco-friendly alternatives. Economic: Growing health awareness and increasing per capita disposable income in developing nations are fueling the demand for premium personal care and medical products containing antimicrobial additives. Social: Rising hygiene consciousness coupled with growing population susceptibility to infections is propelling the consumption of antimicrobial-based products. Technological: Continuous R&D towards developing value-added and non-toxic antimicrobial formulations for versatile applications in agriculture, construction, and packaging industries.

Key Takeaways

The global antimicrobial additives market is expected to witness high growth, exhibiting CAGR of 6.59% over the forecast period, due to increasing healthcare & consumer good spending worldwide. The Asia Pacific region dominated the market and accounted for over 35% share in 2021, led by China, India and other Southeast Asian countries. Growing medical tourism and increasing health issues have been major factors for the antimicrobial additives demand in the region.

Regional analysis

The Asia Pacific region is projected to be the fastest-growing market for antimicrobial additives during the forecast period. Expanding end-use industries such as healthcare, food & beverage, packaging, and personal care in emerging nations are driving the growth of the Asia Pacific antimicrobial additives market. Supportive government policies and focus on infrastructure development are also contributing positively to the regional market.

Key players

Key players operating in the antimicrobial additives market 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. These players are focusing on developing novel technologies for sustainable and cost-effective product formulations.

 

Read More: https://www.rapidwebwire.com/antimicrobial-additives-market-size-and-growth/

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