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| Global Antimicrobial Additives Market |
The global Antimicrobial Additives Market is estimated to be valued at US$ 2.65 Bn or Billion in 2023 and is
expected to exhibit a CAGR of 6.59%
over the forecast period of 2023-2030,
as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Antimicrobial additives are compounds that are added to raw materials and
products to prevent microbial deterioration and control microbial growth. They
help inhibit or prevent the growth of microorganisms such as bacteria, fungi,
protozoa and viruses. They are increasingly being used in a wide range of end
use industries such as healthcare, packaging, food and beverage, construction
and others. With rising awareness regarding hygiene and growing concern about
surface disinfection, especially after the COVID-19 outbreak, the demand for
antimicrobial additives from various end use industries is expected to increase
significantly over the forecast period.
Market key trends:
One of the key trends in the antimicrobial additives market is growing demand
from the medical industry. Antimicrobial additives find wide application in
medical textiles, plastic and composites used for manufacturing of medical
devices and equipment. They help control hospital acquired infections by
inhibiting the growth of microbes on medical surfaces that people frequently
touch. Several market players are focusing on developing new and innovative
antimicrobial additives particularly targeted for the healthcare industry to
capitalize on opportunities in the sector.
Porter’s Analysis
Threat of new entrants: Low barrier for new entrants in the industry due to
availability of raw materials and suppliers. However, established key players
dominate major market share requiring high capital to gain significant market
share.
Bargaining power of buyers: Buyers have moderate to high bargaining power due
to the availability of generic and bio-based substitutes providing options to
switch. The threat is lowered for specialty ingredients with unique properties.
Bargaining power of suppliers: Supply of raw materials is consolidated among a
few market leaders having an advantage in negotiations on price and quantity.
Suppliers thus enjoy moderate bargaining power.
Threat of new substitutes: Continuous R&D leads to the emergence of new
bio-based and eco-friendly substitutes posing a threat. However, regulation and
certification requirements for substitutes in specialty applications provide
incumbents an edge.
Competitive rivalry: Intense competition among key players to drive innovation
and expand market share globally through extensive production capacity, patent
portfolio and strategic partnerships & acquisitions.
Key Takeaways
The Global
Antimicrobial Additives Market is expected to witness high growth,
exhibiting a CAGR of 6.59% over the
forecast period, due to increasing consumer demand for packaged and processed
food products with longer shelf-life.
Regional analysis: North America currently dominates the market owing to
stringent food safety regulations and increasing per capita consumption of
packaged goods in the US and Canada. Asia Pacific is expected to be the fastest
growing market led by China, India and other developing nations primarily on
account of rising health awareness and changing consumer lifestyles.
Key players operating in the Antimicrobial Additives market are AkzoNobel N.V.,
BASF SE, The Dow Chemical Company, Sanitized AG, SteriTouch Ltd., BioCote Ltd.,
Life Material Technologies Ltd., Momentive Performance Material Inc., Clariant
Chemicals India Ltd., and Nanobiomatters. Key players are focusing on new
product development and capacity expansion strategies to strengthen their
market position.
Read
More: https://www.ukwebwire.com/antimicrobial-additives-market-is-estimated-to-witness-high-growth/