The new report by Expert Market Research titled, ‘Global Antimicrobial Additives Market Share, Report and Forecast 2023-2028’, gives an in-depth analysis of the global antimicrobial additives market. It assesses the market based on its segments like product type, application of antimicrobial additives, end uses, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
Antimicrobial Additives Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): USD 4.8 billion
• Forecast CAGR (2023-2028): 7.24%
• Forecast Market Size (2028): USD 7.3 billion
Antimicrobial additives find applications in industries such as construction, automotive, healthcare, food, and beverages, among others.
The COVID-19 pandemic resulted in manufacturers producing more efficient versions of antimicrobial additives to safeguard their consumers and took steps to meet the rising demand. For instance, in April 2020, Tosaf Compounds Ltd, created a new antiviral and antimicrobial additive to be used on masks and medical disposables. In March 2020, BioCote Limited expanded its production capacity for certain additives, owing to a surge in demand for antimicrobial plastic products.
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The growing population in the Asia Pacific region and the rising disposable income are expected to increase investments in the automotive and construction sectors, further stimulating market growth.
Antimicrobial Additives Industry Definition and Major Segments
Antimicrobial additives are active agents included in the processing of materials to prevent the growth of microbes such as bacteria, mould, fungi, algae, and viruses. These additives reduce illnesses and infections, minimise the occurrences of stain and odour-causing bacteria, and prevent the physical degradation of plastics.
Based on product type, the antimicrobial additives market is segmented into:
- Inorganic Antimicrobial Additives
- Organic Antimicrobial Additives
- Oxybisphenox Arsin
On the basis of application, the market is categorised into:
• Painting and Coating
• Pulp and Paper
The end use segments of antimicrobial additives include:
• Food and Beverages
The major regional markets include:
• North America
• Latin America
• Middle East and Africa
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Antimicrobial Additives Market Trends
The expanding automotive market is providing a boost to the antimicrobial additives market as these additives reduce the build-up of microbes in crevices and hidden areas of the vehicle. Additionally, rising disposable incomes and growing transportation needs are expected to increase the demand for antimicrobial additives.
Microbes can cause aesthetical and mechanical damage to plastic car components. Producers are thus offering antimicrobial and antifungal additives for moulded and extruded parts used in automotive interiors.
In May 2021, Avient Corporation launched three proprietary thermoplastic elastomer (TPE) formulations containing antimicrobial additives in its GLS™ TPE portfolio. These additives would be used for its consumer electronics category, as well as personal care item grips, and other automotive applications. These additives preserve the surface integrity of products, increase their durability, and minimise odour, providing an improved consumer experience.
Key Market Players
The major players in the market are :
- BASF SE
- BioCote Ltd
- Clariant AG
- King Plastic Corporation
- Milliken Chemical Company
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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