Antimicrobial coatings are widely used on numerous surfaces to inhibit the growth of microorganisms like bacteria, viruses, mold, and mildew. These coatings provide protection against infectious diseases and are highly demanded in the healthcare industry for applications ranging from medical devices and equipment to furnishings and building materials.
The global 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 key trends:
The rising demand from the healthcare industry has been a key growth driver for the antimicrobial coatings market. Healthcare facilities extensively use these coatings on various frequently touched surfaces like door handles, bed rails, surgical and medical equipment to minimize the risk of hospital-acquired or nosocomial infections. With growing awareness about infection control and prevention of diseases, many hospitals and clinics are opting for antimicrobial coatings coated products and materials. This has significantly boosted the sales of antimicrobial coatings in recent years.
- Strength: Antimicrobial coatings prevent the growth of microorganisms like bacteria, viruses and fungi. This helps reduce hospital-acquired infections and improves hygiene.
- Weakness: These coatings require frequent reapplication for sustained efficacy. High costs associated with R&D and production also act as a constraint.
- Opportunity: Rising consumer awareness about health and wellness is driving demand in residential and commercial spaces. Growing healthcare sector worldwide presents new opportunities.
- Threats: Stringent regulations around use of biocides and emergence of resistant microbial strains are challenges. Competition from alternative surface disinfection methods can hamper growth.
The global antimicrobial coatings market is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2024 is projected to reach US$ 4.65 Bn, indicating a CAGR of around 10% during the period.
Regional analysis suggests North America dominates currently due to well-established healthcare infrastructure and stringent regulations around hospital-acquired infections. Asia Pacific is projected to exhibit fastest growth owing to rising construction spending, increasing population and improving healthcare sector across nations like China and India.
Key players operating in the antimicrobial coatings market are AkzoNobel Coatings Inc., BASF, RPM International, Dow Chemicals, PPG Industries, Diamond Vogel, and Sherwin-Williams Company. AkzoNobel launched a new product range addressing anti-viral performance in 2020. BASF has enhanced its portfolio through ongoing R&D focusing on efficacy and durability.