Antimicrobial Plastics Market worth $66.7 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, March 2, 2022 /PRNewswire/ -- According to the report "Antimicrobial Plastics Market by Additive (Inorganic, Organic), Type (Commodity Plastics, Engineering Plastics, High-Performance Plastics), Application and Region (APAC, North America, Europe, MEA, South America) - Global Forecast to 2026", published by MarketsandMarkets™, the global market is projected to reach USD 66.7 billion by 2026, at a CAGR of 10.8% from USD 40.0 billion in 2021.
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Antimicrobial plastics are polymer materials infused with antimicrobial agents and additives, such as organic-metallic biocides and oxybisphenoxarsine (OBPA). They are mainly used to kill microorganisms, such as bacteria, algae, and fungi, and inhibit their growth in the end-use product. Antimicrobial plastics offer improved mechanical properties, high dimensional stability, heat & chemical resistance, chemical stability and are low cost. The continuous and repeated use of plastic materials may cause hygiene-related concerns, increasing the risk of contamination and pathogenic diseases. The use of antimicrobials plastics restricts the growth of microorganisms and helps prevent the harmful effects caused by the presence of bacteria, fungi, and other parasites.
Inorganic additives is the largest additive segment of the antimicrobial plastics market. Commodity plastics is the largest type segment of the antimicrobial plastics market. Medical & healthcare was the largest application segment of the antimicrobial plastics market. Asia Pacific was the largest market for antimicrobial plastics in 2020, in terms of value. Although industrial operations in other end-use industries such as building & construction, automotive, consumer goods, and packaging were restricted, the increasing trend of antimicrobial plastics usage in these applications is expected to register positive growth during the forecast period.
"Inorganic additives is projected to be the fastest-growing additive for antimicrobial plastics market between 2021 and 2026"
Antimicrobial additives consist of certain specific active ingredients which have antimicrobial properties. These additives are effective against a broad range of bacteria, fungi, and viruses. There is a higher demand for inorganic antimicrobial additives mainly due to their non-volatile nature, high thermal stability, and widespread applications. Inorganic antimicrobial additives are widely used in the healthcare, packaging, and construction industries.
"High-performance plastics segment is projected to be the fastest-growing type for antimicrobial plastics market between 2021 and 2026."
High-performance plastics play a significant role in the automotive segment to make a vehicle lightweight. The growth of high-performance plastics is mainly attributed to the augmenting need from the automotive industry. The high-performance plastics market is growing rapidly and is expected to continue to grow owing to its increasing demand from industries such as medical & healthcare, electronics, and automotive. The current market is backed by the high demand from Asia Pacific and improved regulations by regional environment associations, and optimized performance of high-performance plastics.
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"Medical & Healthcare is projected to be the fastest-growing application in antimicrobial plastics market between 2021 and 2026."
he medical & healthcare segment is projected to be the fastest-growing application of the antimicrobial plastics market during the forecast period owing to the heightened demand for antimicrobial plastics driven by growing consumer awareness about personal hygiene and health-related issues. Due to COVID-19 at the beginning of 2020, the awareness among manufacturers and consumers for the usage of antimicrobial plastics has increased. This has resulted in more demand for these plastics in different applications industries, specifically the medical and healthcare industry.
"Asia Pacific is projected to be the fastest-growing region for the antimicrobial plastics market during the forecast period"
Asia Pacific is the largest antimicrobial plastics market. The increasing population and rapid urbanization in key countries, such as China and India, contribute to the growth of the antimicrobial plastics market. The region is projected to witness the highest CAGR between 2021 and 2026, owing to the emerging players in the region and burgeoning demand from industries such as packaging, consumer goods, and automotive. Although Asia Pacific is the largest market, mature and developed regions such as North America and Europe also account for a considerable share in the global antimicrobial plastics market. Factors such as awareness towards personal hygiene and stringent regulations drive the antimicrobial plastics market in North America and Europe.
The key market players profiled in the report include DuPont De Nemours Inc. (US), BASF SE (Germany), Microban International (US), Sanitized AG (Switzerland), BioCote Limited (UK), Avient Corporation (US), King Plastic Corporation (US), Milliken Chemical (US), and Parx Plastics N.V (Netherlands). They have adopted strategies such as and new product launch, acquisition, and collaboration in order to gain an advantage over their competitors
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