Dublin, May 19, 2021 (GLOBE NEWSWIRE) -- The "Antimicrobial Coatings Market - Global Outlook and Forecast 2021-2026" report has been added to ResearchAndMarkets.com's offering.
The global antimicrobial coatings market by revenue is expected to grow at a CAGR of approx. 6% during 2020-2026.
The outbreak of the COVID-19 pandemic has significantly influenced the market. The demand for antimicrobial coating from the healthcare industry has increased drastically to prevent the spread of hospital-acquired infections (HAIs) during the pandemic.
Over 2 million people are affected, and 90,000 people die annually due to HAIs, thereby emerging a major cause for mortality across the world. With the healthcare industry set to cross over USD 200 billion mark due to the growth of smart hospitals and medical tourism, the demand for advanced medical equipment and surgical procedures increases, thereby increasing the application at a rapid pace.
The global antimicrobial coatings market research report includes a detailed segmentation by material type, end-user, geography. The global silver material market expects to reach over USD 3 billion by 2026.
Silver metals are heavily used in various end-user industries, which contribute over 54% of the market share by value. They are used in the antimicrobial coating due to the broad continuum of antibacterial, antifungal, antiviral properties, less toxicity, high efficiency, and long-lasting effect.
In addition, they show low cytotoxicity and immunological response. Therefore, silver nanoparticles are used in the biomedical sector on a wider scale. These materials are finding high applications in medical tomography, molecular diagnostics, and therapeutics such as fabrication of artificial joint replacements, wound dressing, and surgical wire.
The healthcare antimicrobial coatings market is expected to reach over USD 3 billion by 2026, growing at a CAGR of over 7%. The segment accounted for over 54% of the market share in 2020. The healthcare industry is one of the largest end-users. The increasing awareness of hygiene and health safety, growing HAIs cases, and steady increase in chronic orders are stimulating the demand in the healthcare sector.
High touch surfaces in hospitals such as surgical equipment, lift-buttons, bedside railings, and IV poles are coated with antimicrobial solutions to prevent the growth of microbes. Currently, North America is the leading market in the application of antimicrobial medical device coating industry; however, APAC is the fastest-growing region.
INSIGHTS BY GEOGRAPHY
North America dominated the antimicrobial coatings market share of approx. 38% in 2020. The US and Canada are the major end-users in North America and accounted for a revenue share of approx. USD 2 billion in 2020. Owing to the growth of HAIs and the steady rise in chronic diseases, the region is expected to grow at the fastest CAGR of over 6% during 2020-2026.
Furthermore, the growth in residential and commercial construction activities, the demand for safe and hygienic food, stringent regulations for installing HVAC systems in buildings is likely to boost the demand in North America. In terms of revenue, APAC accounted for over 18% market share in 2020. The region is the fastest growing market for antimicrobial coating and is expected to increase the demand in the coming years.
The rise in the geriatric population, the increase in healthcare expenditure, and the high adoption of antimicrobial solutions in several end-user industries such as construction, healthcare, textile, and food & processing industry are the primary factor responsible for the market's growth. China, India, and Japan are the key contributors to the APAC antimicrobial coatings market. China accounts for over 25% share of the market. The demand for antimicrobial coating in China is driven by healthcare, building & construction, textile, and oil & gas industry.
INSIGHTS BY VENDORS
Sherwin -Williams, Akzo Nobel NV, PPG Industries, RPM International, and Axalta Coating Systems are the major players in the antimicrobial coatings market and constitute the maximum share of the market.
These companies are at the forefront of delivering innovative and high-quality solutions. Companies have started focusing on sustainability with a commitment to generate more value from fewer resources and turning environmental challenges and societal concerns into product innovations.
Several new players entered the antimicrobial coating market with the onset of the COVID-19 pandemic. They expect to expand their presence worldwide during the forecast period, especially in the fast-developing countries in the APAC region, to gain more market share.
Impact of COVID-19
Market Opportunities & Trends
Rising Demand From Healthcare Sector
Increasing Demand From Construction Sector
Accelerating Demand From Food Industry
Growing Demand From Textile Industry
Market Growth Enablers
Emergence Of New Technologies
Innovation In Existing And New Products
High Demand For Controlling HAIs
Health And Environment
Stringent Government Regulations
Axalta Coating System
RPM International Inc.
Other Prominent Vendors
Burke Industrial Coating
Protech-Oxyplast Group (Protech-Oxyplast Powder Coatings)
IBC Coating Technologies
Prism Surface Coating
John Desmond Ltd.
Innovative Chemical Product Group (ICP)
Sono -Tek Corporation
Jamestown Coating Technologies
Inspiraz Technology Pte Ltd
For more information about this report visit https://www.researchandmarkets.com/r/adjbvb
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