July 15, 2024
Antimicrobial Additives market Size

Antimicrobial Additives Market Is Estimated To Witness High Growth Owing To Rising Demand In Medical Applications

The Antimicrobial Additives market is estimated to be valued at US$ 2.81 Bn 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 substances that are added to various materials and products to prevent the growth of microorganisms and protect the goods from deterioration, damage or staining caused by microorganisms. The additives are predominantly used in medical, packaging, food, construction and other industrial applications. They help increase the lifetime of products and maintain hygiene.

Market key trends:
One of the key trends driving the antimicrobial additives market is the rising demand from the medical industry. There is a growing need for antimicrobial surfaces and coatings in healthcare settings like hospitals, clinics and nursing homes to reduce hospital acquired infections. Various medical devices, equipment and materials used in the sector are incorporating these additives to inhibit the growth of bacteria, viruses, molds and other microbes. This is helping drive the uptake of antimicrobial additives in the medical applications segment.

Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as Antimicrobial Additives market is a consolidated market with presence of many established players. However, new players need significant capital to set up manufacturing facilities.

Bargaining power of buyers: The bargaining power of buyers is high as Antimicrobial Additives is a commodity chemical and buyers can easily switch between suppliers.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many raw material suppliers for Antimicrobial Additives manufacturers.

Threat of new substitutes: Threat of substitutes is low as there are limited product alternatives available for Antimicrobial Additives.

Competitive rivalry: Competition in the market is high among established players.

SWOT Analysis
Strength: Wide application base in end use industries such as healthcare, packaging, food and beverages gives steady demand for Antimicrobial Additives.

Weakness: Stringent regulations regarding use of certain antimicrobial chemicals poses challenges. Supply chain disruptions affect availability of raw materials.

Opportunity: Rising hygiene standards due to COVID-19 pandemic is boosting demand. Growing construction industry in emerging nations offer new opportunities.

Threats: Volatility in raw material prices increases production costs. Environmental concerns around some antimicrobial agents.

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 hygiene standards across various industries amid COVID-19 pandemic. Asia Pacific dominates the market and is expected to continue its lead, expanding at a CAGR of over 7%, due to rapid industrialization and infrastructure development in China and India.

North America is second largest market for Antimicrobial Additives owing to stringent regulations and demand from healthcare sector. Growth in Europe is driven by increasing demand from food industry to avoid microbial contamination of foodstuffs.

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. They focus on R&D of environment-friendly antimicrobial solutions to comply with regulations.

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