BURLINGAME, Calif., Jan. 9, 2024 /PRNewswire/ -- Coherent Market Insights published a report, titled, "Antimicrobial Plastics Market, By Product (Commodity Plastics, Engineering Plastics, High Performance Plastics), By Application (Building & Construction, Automotive & Transportation, Healthcare, Packaging , Food & Beverage, Textile, Consumer Goods, Others),: Size, Share, Outlook, and Opportunity Analysis, 2023-2030". According to the report, the global antimicrobial plastics Industry generated US$ 30.05 billion in 2022, and is anticipated to generate US$ 55.12 billion by 2030, witnessing a CAGR of 7.9% from 2023 to 2030.
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Market Dynamics:
The antimicrobial plastics market is driven by two primary factors - the growing awareness regarding health and hygiene and the rising demand for antimicrobial packaging solutions.
With increasing awareness regarding healthcare-associated infections and the need for preventing the spread of diseases, the demand for antimicrobial plastics has been on the rise. Antimicrobial plastics are widely used in the healthcare industry for various applications such as medical devices, packaging materials, and equipment surfaces. These plastics possess antimicrobial properties that inhibit the growth of microorganisms, thereby reducing the risk of infections.
Additionally, the demand for antimicrobial packaging solutions has witnessed significant growth in recent years. Antimicrobial plastics are extensively used in food packaging materials to prevent the growth of bacteria, fungi, and other pathogens that can spoil the food. This not only helps in maintaining the freshness and quality of the food but also enhances its shelf life, thereby reducing food wastage.
Market Trends:
Increasing Adoption of Antimicrobial Plastics in the Healthcare Industry: The healthcare industry has been witnessing a rapid adoption of antimicrobial plastics for various applications. These plastics are extensively used in medical devices, hospital surfaces, and other healthcare equipment to prevent the spread of infections and ensure patient safety. The increasing focus on infection control and the need for maintaining a sterile environment in healthcare settings are driving the demand for antimicrobial plastics in the healthcare industry.
Rising Demand for Sustainable Antimicrobial Plastics: With growing environmental concerns, there is a rising demand for sustainable and eco-friendly antimicrobial plastics. Manufacturers are increasingly focusing on developing bio-based antimicrobial plastics that are derived from renewable sources and have a lower environmental impact. These sustainable plastics not only offer antimicrobial properties but also help in reducing carbon footprint and promoting
Recent Developments:
In February 2021, Sanitized AG a producer of antimicrobial hygiene function and material protection for textiles and polymers introduced a new product to its existing BroadTect portfolio featuring durable antimicrobial protection. This new antimicrobial product is suitable for polyethylene (PE), polypropylene (PP), thermoplastic polyurethane (TPU), polyethylene (PE), and rubber. It provides properties including resistance toward high temperature, stain prevention, and odor reduction.
In October 2020, Sanitized AG a producer of antimicrobial hygiene function and material protection for textiles and polymers partnered with FERRO-PLAST as a new sales strategy for existing customers of Sanitized AG for antimicrobial polymer in Italy. This partnership is in alignment for serving customers of Italy and increasing the market span.
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Market Opportunities:
Commodity plastics refer to a group of plastics that are produced on a large scale and have versatile applications. This market opportunity lies in the increasing demand for commodity plastics across various industries such as packaging, consumer goods, automotive, and building & construction.
The growth in the packaging industry, driven by the rising e-commerce sector and changing consumer preferences, is a major factor contributing to the market opportunity for commodity plastics. Additionally, the increasing construction activities, especially in emerging economies, are driving the demand for commodity plastics in the building & construction sector.
Furthermore, the automotive industry is witnessing a surge in the adoption of lightweight materials, including commodity plastics, to improve fuel efficiency and reduce carbon emissions. This trend is expected to further boost the market opportunity for commodity plastics in the automotive & transportation sector.
Plastics have revolutionized the healthcare industry with their unique properties such as biocompatibility, durability, and cost-effectiveness. This market opportunity revolves around the growing demand for plastics in healthcare applications such as medical devices, drug delivery systems, and surgical instruments.
The increasing geriatric population, coupled with the rising prevalence of chronic diseases, is driving the demand for advanced medical devices. Plastics offer flexibility, ease of manufacturing, and cost advantages, making them the preferred choice for medical device manufacturers. Moreover, the growing focus on personalized medicine and targeted drug delivery systems is further propelling the demand for plastics in the healthcare sector.
The COVID-19 pandemic has also highlighted the importance of plastics in healthcare, with the surge in demand for personal protective equipment (PPE), such as face shields, gloves, and goggles. This has created new market opportunities for plastics manufacturers in the healthcare sector.
Read complete market research report," Antimicrobial Plastics Market, By Product, By Application, By Geography, Market Size And Share Analysis - Growth Trends And Forecasts 2023-2030", Published by Coherent Market Insights.
Key Market Takeaways:
The global plastics market is anticipated to witness a CAGR of 7.9% during the forecast period 2023-2030, owing to the growing demand for plastics in various industries.
On the basis of product, commodity plastics are expected to hold a dominant position, with engineering plastics and high-performance plastics following closely behind. Commodity plastics are preferred for their cost-effectiveness and versatile applications in packaging, consumer goods, and automotive sectors.
In terms of applications, healthcare is expected to dominate the market, driven by the increasing demand for medical devices and drug delivery systems. Other key application segments include building & construction, automotive & transportation, and packaging.
Regionally, Asia Pacific is expected to hold a dominant position in the global plastics market over the forecast period, due to the rapid industrialization, urbanization, and growing consumer base in countries such as China, India, and Japan.
Key players operating in the plastics market include Givaudan SA, International Flavors & Fragrances Inc., Firmenich SA, Symrise AG, Takasago International Corporation, Sensient Technologies Corporation, T. Hasegawa Co., Ltd., Kerry Group, Mane SA, and Huabao International Holdings Limited. These companies are focusing on R&D, strategic partnerships, and product innovations to gain a competitive edge in the market. Overall, the plastics market offers immense opportunities for players across various segments, regions, and applications.
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Detailed Segmentation:
- Global Antimicrobial Plastics Market, By Product
- Corrosion Inhibitor
- Commodity Plastics
- Engineering Plastics
- High Performance Plastics
- Global Antimicrobial Plastics Market, By Application
- Building & Construction
- Automotive & Transportation
- Healthcare
- Packaging
- Food & Beverage
- Textile
- Consumer Goods
- Others
- Global Antimicrobial Plastics Market, By Geographies
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific - Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
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