NEW YORK, Feb. 18, 2021 /PRNewswire/ -- Due to the increasing population, the construction, healthcare, and packaging industries are growing. Another key driver for the healthcare industry is the rising incidence of chronic diseases. This is expected to be a reason behind the increase in the global antimicrobial additives market revenue to $3,784.3 million in 2030 from $1,753.2 million in 2019, at a 7.4% CAGR between 220 and 2030, according to P&S Intelligence.
Another industry where the usage of such compounds is rising is food packaging, with the Association for Packaging and Processing Technologies estimating this sector to be worth $400 billion by 2025. During long-distance transportation, microbes, especially fungus and mold, can spoil ready-to-eat products. Therefore, the anti-microbial additives market is growing on account of the usage of such compounds in packaging materials.
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The anti-microbial additives market witnessed slow growth during the COVID-19 pandemic, as the governments' lockdown measures led to a reduced scale of operations in many manufacturing industries. This resulted in the decreased demand for anti-microbial additives for use in end-products. However, a spurt in the demand for these additives was seen with the increase in monitoring activities, to lower the risk of the spread of the infection.
In the near future, the fastest anti-microbial additives market growth, on the basis of material type, is projected to be observed in the plastics and polymers category. In the construction and healthcare sectors, plastics and polymers are widely used in window blinds, insulation, pipes, and vinyl sidings. Moreover, these materials are replacing conventional materials during the production of medical devices, which is why they are now being bolstered with anti-microbial additives.
Browse detailed report with COVID-19 impact analysis on Antimicrobial Additives Market Research Report: By Material Type (Plastics and Polymers, Paints and Coatings, Rubber, Ceramics, Textiles and Fabrics, Laminates, Paper, Foam), Sector Type (Building Materials/Construction, Automotive, Aviation, Marine, Consumer Electronics, Sports Goods, Packaging, Healthcare, Retail) - Global Industry Analysis and Growth Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/antimicrobial-additives-market
The healthcare category dominated the antimicrobial additives market in the past, based on sector type. Due to the increasing prevalence of hospital-acquired infections (HAIs), which affected almost 30% of the patients in ICUs, according to the World Health Organization (WHO), the usage of anti-microbial additives in this sector is rising fast.
North America contributes the highest revenue to the antimicrobial additives market presently because of the expansion of end-use industries, increasing awareness about the benefits of these materials, and existence of major companies offering these products. Asia-Pacific (APAC) will witness the fastest growth in the market during this decade owing to the high demand for products containing these additives in the regional packaging, healthcare, food and beverage, and construction industries.
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The global antimicrobial additives market competition is shaped by major players such as LyondellBasell Industries B.V., The Dow Chemical Company, BASF SE, Clariant International Limited, Akzo Nobel N.V., DuPont de Nemours Inc., RTP Company, Momentive Performance Materials Inc., Microban International Ltd., Avient Corporation, Biocote Limited, Milliken Chemical Company, and Sanitized AG.
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Polymer Market
Presently, Asia-Pacific is the most-productive polymer market, and it is also set to grow the fastest in the years to come. The expansion of the construction, automotive, agriculture, packaging, textile, and electronics & electrical industries is propelling the consumption of numerous polymeric materials in the region.
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