The antimicrobial plastics market is forecasted to grow at a high rate owing to the increasing demand from end use industries along with rising consumer awareness about usage of antimicrobial plastics
The Global Antimicrobial Plastics Market was valued at USD 26.10 Bn in 2020 and is expected to reach USD 45.52 Bn by 2027, with a growing CAGR of 8.3% during the forecast period.
The antimicrobial plastics industry is majorly growing owing to the increasing awareness among consumers regarding the harmful effects of tonnes of plastic wastes that are produced every year at an alarming rate. Advanced antimicrobial plastic technologies are rapidly being adopted in plastic products to overcome these challenges associated with plastic pollution. These antimicrobial plastics minimize the presence of bacteria, are more hygienic and more durable to use. Therefore, antimicrobial plastics are increasingly being used in automobiles, food packaging, healthcare industries, and consumer products. The shifting focus of consumers on a healthy lifestyle and improved consumer awareness of pandemic diseases has resulted in a surge in the demand in the antimicrobial plastics market. For instance, the food & beverage industry are increasingly using antimicrobial plastics for better quality maintenance, improved food preservation, and safety. Similarly, these plastics have high application in medical devices in the healthcare industry due to their stainless, durability, and odourless properties. This trend is expected to continue over the forecast period.
Moreover, rising instances of healthcare-associated infections (HAIs), complex epidemiological situations, nosocomial infections, infection risks, and microbial contamination are also immensely creating the need for the prevention of microbial infections. According to WHO, hundreds of millions of patients get affected by healthcare-associated infections across the world every year that leads to significant financial losses and mortality for health systems. At any given time, among 100 hospitalized patients, 10 in developing nations and 7 in developed get at least one healthcare-associated infection. Antimicrobial plastics are synthetic polymer material that helps in preventing microbial growth such as bacteria, algae, and fungi and thereby reducing the chances of several healthcare-associated infections and other infections. Thereby, a rise in the rate of these infections is also expected to boost the demand for the antimicrobial plastics market.
Global Antimicrobial Plastics Market by Region Outlook (Revenue, USD Million, 2021-2027)
In terms of geography, the Asia-Pacific region has dominated the antimicrobial plastics market across the globe in 2020 and is expected to hold a similar trend during the forecast year. The growth in the region is mainly attributed to the rising production in industries, such as food and beverages, consumer goods, and automotive which in turn is expected to increase the demand for the antimicrobial plastics. The region’s healthcare industry has also been witnessing huge investments in countries, such as Indonesia, India, South Korea, Japan, and Vietnam. The region has been focusing on developing its healthcare infrastructure, due to the growing aging population and increasing medical spending in the region. Moreover, the market growth is also due to the rapidly growing automotive industry in the region. Increasing investments and favourable government policies are driving the growing automotive industry in this region. Policies such as “Made in China 2025”, “Made in India” and the “Automobile Industry Mid and Long-Term Development Plan” are contributing to automotive industry growth and in turn, increasing the product demand. All these aforementioned factors are positively driving the antimicrobial plastics market demand in the region.
The Global Antimicrobial Plastics Market Segmentation:
Global Antimicrobial Plastics Market by Product Outlook (Revenue, USD Million, 2021-2027)
Global Antimicrobial Plastics Market by End-Use Industry Outlook (Revenue, USD Million, 2021-2027)
Key Findings:
Company Profiles and Competitive Intelligence
The key players operating in the antimicrobial plastics market are:
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