Market Overview:
Antimicrobial additives are compounds that are added to various materials and products to prevent the growth of microorganisms and protect the products from spoilage, odor, and degradation. They find widespread application in food packaging, construction, healthcare, and consumer goods industries. Antimicrobial additives help increase the shelf life of products.
Market key trends:
One of the major trends in the antimicrobial additives market is the growing demand from the food packaging industry. There is an increasing focus on ensuring food safety and increasing the shelf life of packaged foods. Antimicrobial food packaging helps inhibit the growth of microorganisms and prevents spoilage. Many food packaging manufacturers are incorporating antimicrobial additives in their packaging materials. Another key trend is the development of bio-based and plant-derived antimicrobial additives. Strict environmental regulations regarding the use of chemicals are promoting research on green and sustainable antimicrobial solutions. Companies are investing in R&D of antimicrobials extracted from natural sources such as herbs, spices, and plant extracts.
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: Antimicrobial additives help increase the lifespan of materials by preventing microbial growth. They provide hygienic properties to products and help control infections.
Weakness: Strict regulations regarding the use of antimicrobial additives can restrict their applications. Concerns around microbial resistance may also limit their use in some end-use industries.
Opportunity: Growing demand from the healthcare industry for surfaces and materials with permanent antimicrobial properties presents an opportunity. Increasing focus on hygienic homes and kitchens also provides scope for market expansion.
Threats: Availability of alternatives like antimicrobial coating can threaten the demand for additive solutions. Stringent environmental laws around the use of toxic antimicrobial agents pose challenges.
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 demand from the healthcare industry. Growing consumer awareness about hygiene and spreading infections is driving the need for antimicrobial surfaces in hospitals, nursing homes, and other medical facilities.
Regional analysis – North America dominated the global market in 2023 and is expected to maintain its lead, owing to strict safety and hygiene regulations in industries like healthcare. Asia Pacific is anticipated to be the fastest growing market for antimicrobial additives between 2023 to 2030 on account of rising healthcare expenditure and growing middle-class population in countries like India and China.
Key players operating in the antimicrobial additives 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. AkzoNobel and BASF captured a significant share of the global market due to their wide product portfolio and extensive geographical presence. Innovation in technologies for developing advanced antimicrobial solutions will help key companies strengthen their position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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.