July 24, 2024

Antimicrobial Coatings Market Driven by Rising Hygiene Concerns in Healthcare Settings

Antimicrobial coatings are primarily used in various indoor settings such as hospitals, clinics, laboratories and other healthcare facilities to reduce microbial contamination and promote hygiene. Antimicrobial coatings help eliminate the growth of microbes like bacteria, fungi, mould, and mildew on indoor surfaces through the release of biocidal compounds. These coatings provide long-lasting protection against various microbial infections and play a key role in elevating hygiene standards. Surfaces coated with antimicrobial technology have proven effective in reducing hospital-acquired or nosocomial infections.

The global antimicrobial coatings market is estimated to be valued at US$ 4.65 Bn in 2024 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 key trends:

One of the major trends witnessed in the antimicrobial coatings market is the increasing use of silver-based coatings. Silver has been extensively used as an antimicrobial compound in coatings due to its strong antimicrobial efficacy. Silver-based antimicrobial coatings have been proven effective in inhibiting over 650 microbial strains, making them suitable for use in a variety of indoor settings. Moreover, silver nanoparticles are gaining popularity in coatings as they provide enhanced antimicrobial properties and are more durable than bulk silver. With advances in nanotechnology, newer variants of silver-based coatings are being introduced with tailored antimicrobial activity and durability. Rising focus on controlling antimicrobial resistance is another key trend driving innovations and development of novel antimicrobial formulations for household and medical applications.

Porter’s Analysis

  • Threat of New Entrants: Low. High costs associated with R&D and brand building pose entry barriers.
  • Bargaining Power of Buyers: Moderate. Buyers have moderate power due to availability of alternatives and branding focus of key players.
  • Bargaining Power of Suppliers: Low. Numerous raw material suppliers keep prices competitive.
  • Threat of New Substitutes: Moderate. Alternative surface treatment methods pose a threat.
  • Competitive Rivalry: High. Intense competition exists between major international brands to gain market share.

Key Takeaways

The global Antimicrobial Coatings market is expected to witness high growth. The market is estimated to reach a value of US$ 4.65 Bn by 2024 from US$ 3.07 Bn in 2019, expanding at a CAGR of around 10% during the forecast period.

North America dominated the market in 2019 led by the U.S. due to high demand from the healthcare industry. Europe is also a major market with major contributions from Germany, France, and the UK. Asia Pacific is expected to be the fastest growing market for antimicrobial coatings during the forecast period. Countries such as China, India, Japan, and South Korea are witnessing significant growth in healthcare infrastructure, which is driving the demand for antimicrobial coatings in the region. Additionally, growth of the construction industry is also supplementing the consumption of antimicrobial coatings in Asia Pacific.

Key players

Key players operating in the Antimicrobial Coatings market are AkzoNobel Coatings Inc., BASF, RPM International, Dow Chemicals, PPG Industries, Diamond Vogel, RPM International Inc., PPG Industries Inc., Royal DSM, and Sherwin-Williams Company. Key players are focused on new product development and expansion strategies to gain higher market share.