Market Overview:
Antimicrobial additives are primarily used to prevent microbial growth in various applications including packaging, automotive, healthcare, construction and other industries. They protect surfaces from becoming contaminated through contact with microorganisms like bacteria and fungi. Key applications of antimicrobial additives include medical devices, air filters, antimicrobial plastics and laundry applications among others.

Market Dynamics:
One of the major drivers contributing to the growth of antimicrobial additives market is increasing prevalence of hospital acquired infections globally. According to the World Health Organization, over 1.4 million people worldwide suffer from hospital acquired infections at any given time. Moreover, growing health concerns coupled with rising demand for packaged and convenient food is also expected to boost the market growth during the forecast period. Furthermore, stringent regulations regarding use of antimicrobial additives in several end-use industries will also propel the market growth.

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.

SWOT Analysis:
Strength:
- Increasing demand for hygiene and safety products during COVID-19 pandemic
- Wide range of applications in various end use industries like healthcare, packaging, construction etc.
- Ability to inhibit growth of microbes and prevent transmission of infections

Weakness:
- Strong regulations regarding use of antimicrobial chemicals
- Can lead to development of drug resistance in microbes with excessive use

Opportunity:
- Growing construction industry in developing nations focused on hygienic buildings
- Rising demand for antimicrobial packaging from food and beverage industry

Threats:
- Availability of alternative technologies like UV treatment
- Environmental and toxicity concerns associated with some antimicrobial chemicals

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 and focus on hygiene during COVID-19 pandemic.

Regional analysis: North America dominated the antimicrobial additives market in 2023, accounting for around 35% of global demand. Asia Pacific is expected to be the fastest growing region, owing to rapid industrialization and infrastructure development in countries like China and India.

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.

Read More: https://www.ukwebwire.com/the-growth-of-antimicrobial-additives-market-trend-and-share-analysis/