The 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Antimicrobial additives are extensively used in plastics, paints, coatings, and several other applications to inhibit the growth of microorganisms such as bacteria, fungi, mold, and mildew. These additives offer properties such as long-lasting freshness and durability to finished products. They find applications in healthcare, packaging, food & beverages, construction, and other industries.
Market key trends:
The increasing prevalence of hospital-acquired infections and awareness regarding health and hygiene are major factors influencing the growth of the antimicrobial additives market. According to the Centers for Disease Control and Prevention (CDC), around 1 in 31 hospital patients contracts at least one HAIs each year in the U.S. The rising healthcare costs associated with the treatment of such infections have led to increased adoption of antimicrobial products and solutions. Additionally, stringent regulations regarding food safety along with rising consumption of packaged food are propelling the demand for antimicrobial packaging solutions.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate. While the growth opportunities are lucrative, high technological barriers and high capital investments discourage new players.
Bargaining power of buyers: The bargaining power of buyers is high as there are many established players offering substitutable products. Buyers can bargain for better prices and quality.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many suppliers for raw materials. However, suppliers of novel and patented materials can command better margins.
Threat of new substitutes: The threat of substitutes is moderate as alternative preservation techniques and new generation alternatives continually emerge.
Competitive rivalry: Intense as players compete on pricing, quality and innovation.
SWOT Analysis
Strengths: Products offer protection against microbes and lengthen product shelf-life. Demand is driven by growth in end-use industries.
Weaknesses: Regulations on antimicrobial use are stringent. Alternatives can impact market share.
Opportunities: Potential in developed antimicrobial surfaces and coatings. Demand from developing nations offers scope.
Threats: Substitution threat from alternative food preservation techniques. Price fluctuations of raw materials affect costs.
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 demand from end-use industries and growing consumer awareness on food safety. The market size for 2023 is US$ 3.01 Bn.
Regional analysis: Asia Pacific dominates the market and is forecast to grow at fastest pace due to rising urban population, health awareness and demand from industries like packaging and consumer goods in densely populated countries like China and India. North America and Europe are also major markets driven by high living standards and regulatory support for antimicrobial usage.
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 compete on technological innovations, partnership strategies and expansion into high growth regions.
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https://www.newswirestats.com/antimicrobial-additives-market-size-share-growth-outlook-2023/
