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What's inside the Antimicrobial Powder Coatings Global Market Report 2024?
The antimicrobial powder coatings market size has grown rapidly in recent years. It is expected to grow from $1.73 billion in 2023 to $1.94 billion in 2024, and then to $3.04 billion in 2028, at a compound annual growth rate CAGR of 12.2% and 11.8% respectively. This remarkable growth can be attributed to the growing awareness of hygiene standards, stringent regulatory requirements, health concerns and pandemic preparedness, demand in consumer goods, and the prevention of microbial growth.
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What is fueling the market growth of Antimicrobial Powder Coatings?
A key driver propelling this market's growth is the rising concern about the prevention of contamination risk in medical equipment. Contamination, in this context, refers to unintentional introduction of infectious agents like bacteria, yeast, mold, fungi, virus, prions, protozoa, or their toxins and by-products on medical equipment. This can result in harmful effects on human health. To prevent such scenarios, institutions such as hospitals, surgical centers, and dental offices frequently utilize antimicrobial powder coatings to offer a protective layer to medical equipment. According to the World Health Organization WHO, on average, 1 in every 10 patients affected by a healthcare-associated infection HAI dies due to the infection globally. The high incidence of HAIs indicates a significant demand for antimicrobial solutions in healthcare settings, which is expected to propel the growth of the antimicrobial powder coating market in the coming years.
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Who are the major players to watch out for in the Antimicrobial Powder Coatings Market?
Anticipation is high as major industries, including BASF SE, The Sherwin-Williams Company, PPG Industries Inc., Royal DSM N.V., Akzo Nobel N.V., ICL Advanced Additives Ltd., Nippon Paint Holdings Co. Ltd., RPM International Inc., Axalta Coating Systems LLC, and Troy Corporation among others, are making significant strides in the antimicrobial powder coatings market.
What are the current trends that are shaping the Antimicrobial Powder Coatings Market?
Product innovation is at the forefront of the antimicrobial powder coatings market's progress. Companies are focused on research and development for product innovations, with the goal of maintaining a competitive edge in the market. Microban, a US-based company, launched Ascera, a next-generation antimicrobial technology, in September 2023. Ascera offers lifelong protection for olefinic polymers and solvent-based coatings and is expected to revolutionize the antimicrobial powder coating market.
How is the Antimicrobial Powder Coatings Market Segmented?
The antimicrobial powder coatings market report provides insights into the following segments –
1 By Product: Natural, Organic, Inorganic
2 By Additive: Silver, Zinc, Copper, Other Additive Type
3 By End-Use Industries: Healthcare, Textiles, Electrical and Electronics, Food and Beverages, Building and Construction, Other End-User Industries
What is the geographical distribution of the Antimicrobial Powder Coatings Market?
The largest region in the antimicrobial powder coatings market share was North America in 2023, and it is expected to be the fastest-growing region in the forecast period. The report covers regions, including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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