Antimicrobial Additives market Size

The Antimicrobial Additives Market Is Estimated To Witness High Growth Owing To Rising Demand In Healthcare Industry

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The antimicrobial additives market is estimated to be valued at US$ 2.65 Billion 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 compounds that are added to various materials and products to protect them from microbial deterioration and control or prevent the growth of microorganisms such as bacteria, fungi, protozoa and viruses. Some key application areas of antimicrobial additives include healthcare, packaging, food and beverages, construction and others. In the healthcare sector, these additives help prevent various hospital acquired infections by inhibiting microbial growth on medical devices and equipment.

Market Dynamics:
The antimicrobial additives market is driven by rising demand from the healthcare industry. Growth in geriatric population and increasing incidence of hospital acquired infections are creating a need for advanced antimicrobial technologies in the healthcare sector. According to the Centers for Disease Control and Prevention (CDC), around 722,000 hospital patients in the U.S. suffered from hospital acquired infections in 2019. This is propelling demand for antimicrobial additives to incorporate their properties in various medical products.

Secondly, stringent government regulations regarding food safety are also boosting market growth. Regulatory bodies such as the FDA have laid down various guidelines to check microbial contamination in food contact materials. This is augmenting adoption of antimicrobial technologies in food packaging applications.

SWOT Analysis
Strength: Antimicrobial additives market has significant potential for growth due to rising health awareness. There is growing demand for antimicrobial products in medical, food packaging and other industries which boost market revenues. Wide applications in end use segments strengthen market position.
Weakness: High costs associated with R&D for new product development poses challenges. Stringent regulations and certifications result in longer lead times. Lack of standardized test methods affects scale of adoption.
Opportunity: Emerging economies offer new potential markets due to rising incomes and changing consumer preferences. Innovation in technologies and materials widen scope of applications. Increasing demand for antimicrobial surfaces post COVID-19 pandemic creates opportunities.
Threats: Easy availability of substitutes and growing preference for alternative ecofriendly products are threats. Regulatory challenges and compliance issues affect smooth operations. Economic slowdowns impact demand from end use industries.

Key Takeaways
The global Global Antimicrobial Additives Market is expected to witness high growth, exhibiting CAGR of 6.59% over the forecast period, due to increasing health awareness among consumers. The Asia Pacific region is expected to be the fastest growing market for antimicrobial additives due to rising demand from the healthcare sector. Regional analysis

The Asia Pacific region dominated the global market in 2021, accounted for near 35% of overall shares, due growing consumption in China, India and other countries. Rapid industrialization and evolving regulations to ensure product safety drives the APAC antimicrobial additives market. North America and Europe are also major markets driven by stringent regulations mandating use of antimicrobial agents.

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. AkzoNobel and BASF together account for over 30% value shares. The industry is characterized by mergers and acquisitions activity along with extensive R&D efforts to widen product offerings.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it