The antimicrobial coatings market is expected to grow close to US$7 billion by 2024, from US$3.6 billion in 2018 at a healthy CAGR around 9% over the forecast period. Antimicrobial coatings ensure and maintain surface quality, and prevent the formation of rust, cracks, bubbles, algae, and fungus. The market is expected to witness significant growth over the forecast period owing to the increasing demand across various end-user industries. Major players are increasingly investing in the research and development for future advancement in technology of antimicrobial coatings for different other applications. Rising aging population in the developed countries and government regulations are some other key factors driving the antimicrobial coatings market growth.
However, health hazards with regard to usage of silver in antimicrobial coatings and governmental interference in several European countries and the U.S. are expected to restrain the market growth. The Americas region was estimated to account for the largest market share for antimicrobial coatings in 2018, while the Asia Pacific region is expected to exhibit the fastest growth rate over the next five years.
The growing consumer awareness regarding the ill effects of microbial and increasing need to comply with the stringent government regulations are some of the key driving factors influencing the antimicrobial coatings market growth.
While, innovations in the field of applications of microbials in new sectors such as wind power will provide new opportunities for players in the near future.
Silver antimicrobial coating accounts for the major market share of more than 50%.
Antimicrobial coating market by type has been segmented into silver, copper, and others. The others segment comprises of polymer, organic material, and other metallic and non-metallic coatings. Silver as a compound has wide range of usage in medicine, cosmetics, packaging of food, textiles among others. Silver is highly effective against different kinds of bacteria, fungi, algae, and viruses while being nontoxic to humans and thus finds effective use in the healthcare industry. Although, there is a concern regarding the effectiveness of silver coatings over time, and ill effects of the same due to prolonged exposure of the metal to human skin.
Copper antimicrobial coatings market is estimated to grow at a high CAGR over the projected period as copper is also finding increasing applications in the medical sector. Agriculture, marine, and healthcare are some of the other major key application sectors for copper antimicrobial coatings. Since, copper is significantly cheap compared to silver, enterprises are focusing on expanding the usage of the metal for antimicrobial coating solutions.
Healthcare, the major application segment accounting for more than 1/3 of the market share.
Owing to the increasing use of these coatings on surfaces and devices which are in continuous contact with patients to prevent the spreading of infections, the healthcare industry has been making significant use of antimicrobial coatings. The construction industry also holds a significant share in the global market owing to the increasing focus on sustainable structures which is driving the demand for antimicrobial coatings for various surfaces and components to prevent them from cracks, rust and other forms of damage due to bacteria build-up. Increasing applications of antimicrobial coatings in food and beverage industry are expected complement the market growth over the forecast period.
Others segment that includes HVAC, sanitary products, and mold remediation also accounts for a significant market share close to 30%. HVAC accounts for bulk of the demand for antimicrobial coating solutions driven by increasing investment in HVAC installations across the globe. The Increasing investments towards antimicrobial coatings for different industry applications will continue to drive the demand for efficient coating solutions over the next five years.
Americas accounts for more than 50% of the overall market, although the Asia Pacific is expected to grow at the highest CAGR.
Geographically, global antimicrobial coatings market is segmented as Americas, Europe Middle East and Africa (EMEA), and Asia-Pacific (APAC). Americas held the largest market share in 2018 owing to the presence of major market players such as DowDuPont and BASF among many others coupled with the early adoption of antimicrobial coatings across end-use industries in the region. North America Antimicrobial Coatings market is projected to dominate the Americas regional market. Stringent regulations regarding hygiene in hospitals and clinics further contribute to the dominance of North American Antimicrobial Coatings market. High demand for HVAC in both industrial and residential sectors further boosts the demand for antimicrobial coatings in the region.
Europe dominates the EMEA region and will continue to do so over the next five years. Rising research in the development of antimicrobial solutions and products coupled with the growing aerospace and defence industry along with the rising demand from the healthcare sector will continue to drive the Europe antimicrobial coatings market.
Asia Pacific, however, will witness the highest regional market growth over the forecast period owing to the growing end-use industries such as construction, healthcare, and food and beverage in emerging economies of China and India.
Industry and Supplier Overview
Increasing application of these coatings across various industry verticals like healthcare, food and beverage, construction, and textiles among others is expected to drive the demand for these coatings. Stringent regulations aimed at ensuring mitigating the threats to human health will continue to drive the market for antimicrobial coatings over the projected period. Furthermore, a number of acquisitions in the near past have are made the suppliers more powerful through the power of synergy, while expanding their products and solutions portfolio.
The demand for antimicrobial coatings is significantly driven by growing healthcare and construction industry across the globe. However, antimicrobial coatings manufacturers are highly exposed to restraints like fluctuating prices of copper and silver that may result in fluctuations in their operating results and thus, cost structure, thereby eating away some profit margins of companies which may have significant impact on the smaller players.
The competitive intelligence section deals with the major players in the market, their market shares, growth strategies, products, financials, and recent investments among others. Key industry players profiled as part of this report are Akzonobel, BASF, DowDuPont, and PPG Industries among several others.
The antimicrobial coatings market has been segmented on the basis of type, industry verticals, and geography as follows:
By Industry Verticals
Food and Beverage
Europe Middle East and Africa
Middle East and Africa