The antimicrobial additives market stood at $1,753.2 million in 2019, and it is projected to reach $3,784.3 million by 2030, displaying a CAGR of 7.4% during the forecast period (2020–2030). This market thrives on the escalating threat of bio-resistance in patients owing to the intake of antibiotic drugs and surging incidence of pathogen transmission from human-to-human contact. Besides, the increasing awareness among customers regarding health issues and growing adoption of these additives in the food and beverages, aviation, healthcare, mining, packaging, and construction sectors will fuel the market growth.
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The increasing consumer awareness about general hygiene and microbial spread will propel the demand for antimicrobial additives in the coming years. Thus, the large-scale consumption of these products in the medical sector will support the antimicrobial additives market growth. The increasing incidence of life-threatening ailments, such as COVID-19, and the constant threat of healthcare-associated infections (HAIs) have generated awareness among people regarding the causes and prevention of diseases. Therefore, the healthcare industry is developing products containing antimicrobial additives to prevent the spread of these diseases.
The material type segment of the antimicrobial additives market is classified into foam, plastics and polymers, paper, paints and coatings, textiles and fabrics, rubber, laminates, and ceramics. Under this segment, the plastics and polymers category accounted for the largest market share in 2019, and it is projected to be the frontrunner in the forecast period too. This can be ascribed to the burgeoning demand for plastics and polymers from medical instrument manufacturers. These materials are replacing conventional materials in anesthetic equipment and surgical ventilators, as they can minimize the risk of infections by containing the spread of contaminants.
In 2019, North America dominated the antimicrobial additives market, owing to the existence of key market players, expansion of end-use industries, and high awareness regarding the advantages of such chemicals. Additionally, the increasing government support for research and development in the field has also contributed to the growth of the regional market. The Asia-Pacific market is expected to witness the fastest growth during the forecast period. This can be majorly attributed to the continuous advancements in technology and high-volume production of healthcare, construction, packaging, and food and beverage products.
Thus, the rising awareness about health issues and increasing production of medical devices and equipment will fuel the market growth in the foreseeable future.
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