by Antimicrobial coatings are thin coatings applied on various surfaces including metals, plastics, tiles, and cement to protect them from growth and reproduction of microorganisms. They provide improved hygienic conditions and extend lifespan of surfaces and materials. Antimicrobial coatings provide better aesthetics, durability, cleanliness and reduced costs associated with cleaning and maintenance of various surfaces. They are widely used in hospitals, food processing units, commercial kitchens, classrooms, railings, door handles, etc. to prevent transmission of diseases.
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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the antimicrobial coatings market is growing emphasis on hygiene and cleanliness post COVID-19 pandemic. The pandemic has increased focus on mitigating spread of infectious diseases through surfaces. It has boosted demand for advanced antimicrobial surfaces across healthcare, indoor air ventilation systems, public infrastructure including transportation systems. Stringent regulations regarding hygiene and cleanliness across industries is another trend fueling adoption of antimicrobial coatings.
Porter’s Analysis
- Threat of new entrants: The threat of new entrants is moderate. The market requires high R&D investment and technological expertise to develop new antimicrobial coating products. There are also regulations which new entrants must adhere to.
- Bargaining power of buyers: The bargaining power of buyers is moderate to high. Buyers have a variety of options to choose from due to presence of many established players. They can negotiate on price and demand customized products.
- Bargaining power of suppliers: The bargaining power of suppliers is low to moderate. There are numerous raw material suppliers and switching costs are low. However, suppliers of some key chemicals wield some power.
- Threat of new substitutes: The threat of new substitutes is low. There are no cost-effective substitutes that can provide the attributes of antimicrobial coatings such as prevention of microbial growth.
- Competitive rivalry: Competition in the market is high as major players compete on basis of product quality, pricing and innovation.
Key Takeaways
The global antimicrobial coatings market is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing demand from building & construction and healthcare industries.Regional analysis
North America dominated the global market in 2020 and is expected to retain its lead position over the forecast period. Presence of major market players and rising healthcare expenditure are driving the regional market. Asia Pacific is anticipated to be the fastest growing region on account of rapid industrialization and infrastructural development in countries like China and India.Key players analysis
Key players operating in the antimicrobial coatings market are AkzoNobel Coatings Inc., BASF, RPM International, Dow Chemicals, PPG Industries, Diamond Vogel, RPM International Inc., PPG Industries Inc., Royal DSM, and Sherwin-Williams Company. These players are focusing on new product launches and expansion strategies to gain higher market share
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
