The global antimicrobial coatings market size is predicted to reach USD 8.65 billion by 2027, exhibiting a CAGR of 11.5% during the forecast period.
Antimicrobial Coatings Market Driver:
Strong Utilization of Antimicrobial in Disease Prevention to Improve Business Prospects
The increasing application of antimicrobial coatings in healthcare facilities can be a vital factor in inflating the demand of the market. For instance, Healthcare-related infections (HCAI), also known as nosocomial infections lead to a high rate of morbidity and mortality in patients. As per the World Health Organization, Fact Sheet, Hundreds of millions of patients are affected by healthcare-associated infections worldwide each year, leading to significant mortality and financial losses for health systems. The rising cases of HCAI in the developing nations will create opportunities for the market.
The World Health Organization, states in high-income countries, approximately 30% of patients in intensive care units (ICU) are affected by at least one healthcare-associated infection. Likewise, the European Center for Disease Prevention and Control (ECDC) estimates that about 4.1 million acute care patients develop an HCAI annually, with 37,000 deaths directly attributed to HCAI. The increasing cognizance of HCAI and pandemics such as COVID-19 will lead to the improvement in the safety and hygiene of patients in hospitals, which, in turn, will aid the expansion of the market. Also, the rising concertation to prevent the growth of microbes, which can lead to infections or cause product degradation will foster healthy growth of the market.
The rising awareness regarding the advantages of active ingredients found in antimicrobial coatings to prevent microbial growth in the wall, door handles and other indoor objects will accelerate the antimicrobial coatings industry growth, states Fortune Business Insights in a report, titled "Antimicrobial Coatings Market Size, Share & Industry Analysis, By Type (Metallic {Silver, Copper, and Others}, and Non-metallic {Polymeric, and Others}), By Application (Medical & Healthcare, Indoor Air/HVAC, Mold Remediation, Building & Construction, Food & Beverage, Textile, and Others), and Regional Forecast, 2020-2027" the market size stood at USD 3.69 billion in 2019. The rising prevalence of diseases will spur significant demand for antimicrobial coatings in prevention and protection against mold, fungi, and bacteria during the forecast period.
Browse Summary of This Research Insights with Detailed TOC: https://www.fortunebusinessinsights.com/antimicrobial-coatings-market-102784
List of Major Companies in the Antimicrobial Coatings Market Research Report are;
- Akzo Nobel N.V.
- Axalta Coating Systems
- PPG Industrial Coatings
- John Desmond Limited
- BASF SE
- Nippon Paint (India) Company Limited
- The Sherwin-Williams Company
- DuPont
- Damond Vogel
Global COVID-19 Impact Analysis:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
Regional Analysis:
Favorable Laws and Policies will Strengthen Market in North America
The market size in North America stood at USD 1,383.5 million in 2019. North America and is likely to remain dominant during the forecast period. The growth in the region is attributed to the rising demand for antimicrobial coatings in indoor air / HVAC and medical applications. Favorable Healthcare Policies and laws will further promote the market in North America.
The rising demand from the food & beverages and apparel industry in the U.S. and Canada will support the growth in North America. The increasing living standards of people along with the rising healthcare spending in the U.S. will further aid the development of the market. The growing innovation in the healthcare industry and the growing production of processed foods will contribute positively to the market in North America.
