The Antimicrobial Coatings Market size is estimated to reach US$7.2 billion by 2027, after growing at a CAGR of 11.1% during the forecast period 2022-2027. The growth of the antimicrobial coatings market would be highly dependent on the surging demand from the medical & healthcare industry, owing to its vital role as surface coatings for the prevention of microbes, viruses, bacteria and others and reducing the spread of infections. Antimicrobial coatings are the chemical agents that help in the prevention of harmful micro-organisms such as bacteria, germs and others on the applied surfaces. These coatings are utilized in medical devices such as surgical items, catheters, masks and others, which explains their growth scope in the healthcare sector. According to the India Brand Equity Foundation (IBEF), the Indian pharmaceuticals sector is expected to reach US$65 billion by 2024 and further expand to US$120-US$130 billion by 2030. With the rising emphasis and use in medical devices and surgical fabrics and demand from major industries such as construction, textiles and others across the world, the Antimicrobial Coatings industry is observed to achieve robust growth.
Antimicrobial Coatings Market: The Medical & Healthcare Segment Leads the Market
Based on the end-use industry, the Antimicrobial Coatings market can be segmented into Medical & Healthcare, Building & Construction, Food & Beverage, Textile, Electrical & Electronics, Packaging and Others. The leading segment in the antimicrobial coatings industry is evaluated to be the medical & healthcare sector. During the forecast period 2022-2027, the medical & healthcare industry is projected to grow with a CAGR of 9.7%. This can be attributed to growth factors such as high demand for antimicrobial coatings in medical devices, emphasis on hygiene, developing healthcare infrastructure and rising income. According to the International Trade Administration (ITA), the medical devices sector in the United States is expected to rise to US$208 billion by 2023. Thus, the Antimicrobial Coatings industry would grow significantly as a result of emerging medical applications over the forecast period.
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Antimicrobial Coatings Market: North America Holds the Largest Share
Based on geography, the Antimicrobial Coatings market can be segmented into North America, South America, Europe, APAC and EMEA. According to IndustryARC's analysis, North America has emerged as the most profitable region. In 2021, the North American region held a 36.5% share of the total revenues earned by the market, globally. The North American region is estimated to grow rapidly due to the established base for the medical & healthcare sector, surging construction activities and urbanization trends. The healthcare sector is growing exponentially in North American countries, including the USA, Canada and others due to a high rate of health emergencies and chronic incidents, growing expenditure on drugs and advancements in medical technologies.
According to the International Federation of Pharmaceutical Manufacturers & Associations (IFPMA), the estimated growth of the pharmaceutical sector in North America was 5.4% for the year 2022. With robust growth scope for antimicrobial coatings in the medical & healthcare sector across North American countries, the Antimicrobial Coatings industry would grow significantly in North America over the forecast period.
Antimicrobial Coatings Market: Competitive Landscape
Key companies holding major shares in the Antimicrobial Coatings market are AK coatings Inc, Specialty Coating System, Inc., BASF SE, AkzoNobel, BBJ Environmental Solutions, Cupron Inc., Dow Microbial Control, Fiber Lock Technologies, PPG Industries, Inc and Microban International Ltd.
Mr. Venkat Reddy
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