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(MoneyNewsWire.Net, March 28, 2018 ) The antimicrobial coatings market is projected to reach USD 4.19 Billion by 2021, at a CAGR of 12.1% from 2016 to 2021. Growing demand from the medical and indoor applications in North America and Europe is expected to drive the antimicrobial coatings market.
Antimicrobial coatings find usage in applications such as, indoor air / HVAC, medical, mold remediation, building & construction, foods & beverages, textiles, and other applications (consumer products, packaging, and so on).
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The medical application accounted for the largest share of the overall antimicrobial coatings market and this trend is projected to continue throughout the forecast period. Antimicrobial coatings are used in medical products, devices, and surfaces in medical facilities to prevent the spread of infections. Medical is also anticipated to be fastest growing application segment during the forecast period.
Indoor air / HVAC was the second largest application segment of antimicrobial coatings in 2015. Antimicrobial coatings are used in heating, ventilation, and air conditioning, or HVAC. These systems regulate the temperature and indoor air quality, and maintain comfortable and safe atmospheric conditions in buildings. Air filters built into these systems reduce the effect of airborne diseases.
The mold remediation, building & construction, and foods & beverages application segments are expected to grow at moderate rates from 2016 to 2021.
Companies are carrying out intense research & development activities to innovate and develop new products which can open new avenues of applications. Developments are taking place in medical applications leading to the further penetration of antimicrobial coating applications.
Growth in the usage of antimicrobial coatings in applications such as, medical, indoor air / HVAC and mold remediation has increased the demand for antimicrobial coatings. North America accounted for the largest share of the global antimicrobial coatings market in 2015, and is also projected to be the fastest-growing market till 2021. The U.S. is expected to account for the largest share in the North American region till 2021. The U.K. is expected to register the fastest growth in the antimicrobial coatings market during the forecast period. Germany accounted for the largest market for antimicrobial coatings in Europe in 2015.
The demonstration of efficacy and functionality of antimicrobial coatings is a major restraint in the market. The efficacy of antimicrobial coatings may reduce over a period of time and it is difficult to monitor and extend the functionality. These are the restraining factors in the antimicrobial coatings market.
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Companies have adopted the mergers & acquisitions, expansions, contracts & agreements, and joint-ventures strategies, to expand their market shares and distribution networks in the global antimicrobial coatings market for the forecast period, 2016 to 2021.
AkzoNobel N.V. believes in inorganic growth to expand in different markets with the mergers and acquisitions strategy. It is also strengthening its presence in the emerging economies of the Asia-Pacific region and other regions through new product developments and the establishment of new production plants. The company is focusing on expansions in emerging revenue markets. In 2016, the company expanded its performance coatings plant in Indonesia to meet the rising demand in the Asia-Pacific region. This expansion is expected to increase its capacity by 40% in its marine and protective coatings.
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