Antimicrobial Coatings Market: Rising Demand for Antiviral Coatings in Public Spaces

Antimicrobial Coatings Market: Rising Demand for Antiviral Coatings in Public Spaces

Antimicrobial coatings are widely used in medical and hygiene products such as medical devices and equipment, surgical and medical instruments, cleanroom disinfection and others to prevent microbial infections. These coatings possess both antimicrobial and self-cleaning properties that help reduce microbial settlements and fight against viruses, fungi and bacteria. With rising awareness about hygiene and growing concerns regarding Hospital Acquired Infections (HAIs), there is increasing demand for antimicrobial coatings from healthcare industry.

The global antimicrobial coatings Market is estimated to be valued at US$ 4.65 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity

Growing healthcare industry globally presents a major market opportunity for antimicrobial coatings market. According to World Health Organization (WHO), healthcare spending is expected to grow at a rate of 5.4% annually worldwide between 2015 and 2020. Growing aging population, emergence of new diseases and increasing healthcare expenditure is fueling demand for new medical devices, surgical equipment and hospital infrastructure development. Antimicrobial coated medical products provide additional benefits of hygiene and lower risk of infections. Rising demand from medical industry for HAIs prevention is expected to drive significant demand for antimicrobial coatings over the forecast period. Growing applications of these coatings in diagnostic equipment, surgical instruments, medical appliances and hospital infrastructure will promote the market growth.

Porter's Analysis for Antimicrobial Coatings Market

Threat of new entrants: Low capital requirements for manufacturing but huge R&D investments required for product development and brand positioning may deter new players.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitute products however compliance with regulations provide advantage to established brands.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power as raw materials for antimicrobial coatings are commodity chemicals widely available from multiple sources.

Threat of new substitutes: Threat from new substitutes is low as alternatives lack functional properties of conventional coatings however nanocoatings may emerge as alternative in future.

Competitive rivalry: Intense competition exists among major players to capture market share through product innovation, branding and strategic partnerships.

SWOT Analysis for Antimicrobial Coatings Market

Strengths: High demand from healthcare and construction industry. Ability to inhibit microbial growth on coated surfaces prolonging product life.

Weaknesses: High product and production costs compared to conventional coatings. Potential toxicity of antimicrobial agents need to be addressed.

Opportunities: Expanding application scope in household goods, food industry and transportation. Growing infrastructure development in emerging nations.

Threats: Strict environmental and safety regulations for product approval. Substitution threat from alternative coating technologies like plasma deposition and sol-gel coatings.

Key Takeaways

The global antimicrobial coatings market is expected to witness high growth during the forecast period of 2023 to 2030 supported by increased spending on healthcare infrastructure and rising consumer awareness. The global antimicrobial coatings Market is estimated to be valued at US$ 4.65 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.

The Asia Pacific region dominated the market in 2024 attributed to rapid industrialization and infrastructure development in China, India and other ASEAN countries. North America and Western Europe will continue to be the major revenue generators owing to well established healthcare systems, stringent hygiene regulations and growing geriatric population susceptible to infections. However, Asia Pacific is anticipated to record highest CAGR during the projection period on back of favorable government policies, rising per capita income and demand for antimicrobial surfaces in hospitals, public transit and commercial buildings in the region.

Key players operating in the antimicrobial coatings market are AkzoNobel Coatings Inc., BASF, RPM International Inc., Dow Chemicals, PPG Industries Inc., Diamond Vogel, Royal DSM, and Sherwin-Williams Company. Major players are focusing on new product launches with enhanced properties and strategic mergers and acquisitions to bolster their market presence. Collaboration with coating applicators and end-users is another key strategy adopted by leading brands.