The global antimicrobial additives market was valued at US$ 4.8 billion in 2020, and is expected to reach USD 7.5 billion by 2027, growing with a CAGR of 7.1%, during the forecast period.
The factors responsible for the growth of the market combine the rising threat of bio-resistance in patients due to administration of antibiotic drugs and rising cases of pathogen spread due to human-to-human contact.
Rising population and rapid urbanization in emerging economies of Asia Pacific are likely to boost the growth of the end-use industries, which, in turn, is expected to escalate the product demand over the forecast period. The product demand is expected to increase majorly in the healthcare and packaging application industries. Increasing awareness among consumers about health-related infections, booming population, increasing urbanisation in the Asia Pacific region has caused a major growth of the antimicrobial additives market industry. Other factors include, growth among end use industries, progressing implementation of these products in the aviation, marine, construction, healthcare, packaging, and food and beverage industries and growing awareness among consumers toward health-related issues are also driving the market for anti-microbial additives.
The rise in infectious microorganisms due to that usually spread diseases and also due to spreading microorganisms which are trapped on various surfaces such as door-knobs, automotive interiors, etc. Antimicrobial additives are capable of restraining trapped microbes during the manufacturing of products. Hence, increase in utilization of antimicrobial additives in plastic products will boost the growth of the global antimicrobial additives market. The new trends in the antimicrobial additives is that there is a higher demand for anti-microbial additives to reduce the risk of covid 19 by means of increasing monitoring procedures. Major key players are launching innovative antimicrobial additives to tackle the spread of Covid 19. Restraints in the antimicrobial additives market analysis can be listed as fluctuating prices of raw material and stringent environmental regulations by many regions.
The chief restraining aspect in the global market is the use of antimicrobial additives in surface coatings as it is less effective in healthcare and food related application. Development of natural-based antimicrobial additives that are used in the food packaging sector is predicted to offer lucrative growth opportunity during the forecast period.
In terms of region, Asia Pacific region was dominant and accounted for over 35% share of the global revenue in 2020. The market is driven by the escalation of the key end-use industries, such as automotive, healthcare, packaging, construction, and food and beverage. The vigorous manufacturing base of the automotive industry in China and India together with better sales of vehicles for passengers is expected to enhance the product demand. Additionally, constructive policies, such as Foreign Direct Investments (FDI) and Make in India, which is implemented by the government of India, are expected to generate abundant growth opportunities for the automobile industry, which, in turn, is expected to increase the product consumption.