The global Antimicrobial Additives Market 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.
Market Overview
Antimicrobial additives help in reducing or preventing the growth of microorganisms like bacteria, viruses, fungi or protozoa when added to various materials. They are usually added to plastics, paints, coatings, construction materials and various packaging solutions.
Market key trends
Growing awareness regarding health and hygiene along with increasing food safety concerns is one of the key drivers of antimicrobial additives market. With rising awareness, demand for packaged and preserved food is increasing globally. Antimicrobial additives play an important role in preservation of food by protecting it from bacterial contamination and increasing its shelf life without refrigeration. Their usage in food packaging materials is expected to drive significant growth of the market over the forecast period.
SWOT Analysis
Strength: Antimicrobial additives possess strong antimicrobial properties that help prevent microbial growth in various materials. They provide long lasting protection against microbes.
Weakness: Some antimicrobial additives may leech or migrate out of materials over time, thereby reducing their efficacy. Further, stringent regulations pertaining to the use of certain antimicrobial agents poses challenges.
Opportunity: Increasing awareness about health and hygiene is driving the demand for antimicrobial products across various end-use industries like healthcare, packaging, food and beverages. The ongoing COVID-19 pandemic has further boosted the market growth.
Threats: Availability of alternative disinfection methods and rising environmental concerns associated with some antimicrobial agents can hamper the market growth. Continuous fluctuations in raw material prices also pose a threat.
Key Takeaways
The Global Antimicrobial Additives Market Size is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period, due to increasing health awareness among consumers.
Regional analysis: North America dominated the global market in 2022 due to stringent government regulations regarding hygiene and pandemic control. Asia Pacific is expected to witness fastest growth on account of high economic growth, rising incomes, improving healthcare infrastructure and increasing demand from industries like healthcare and packaging in emerging economies like China and India.
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.
