(I-BusinessNews.Com, July 01, 2021 ) Antimicrobial Plastic Market is experienced with the revenue of $57.6 billion and expected to grow at a CAGR of 10.3% during 2021-2026. The increase in demand for antimicrobial plastics from applications such as packaging, automobile, consumer products, medical and healthcare, building & construction, and others is driving the market in particular. Growing demand for antimicrobial plastics has provided diverse prospects for manufacturers in upcoming applications. However, the COVID-19 epidemic has completely infected the world economy and numerous sectors. Although, unlike other industries, the pandemic has had a positive effect on the demand for antimicrobial plastics, as understanding of the usage of antimicrobial plastics has increased in numerous applications, especially in the medical and healthcare sectors.
Antimicrobial Plastic Market Segment Analysis – By Type
The industry was dominated by commodity plastics which accounted for the highest share of global sales in 2020. It is anticipated that the growing use of commodity plastics in the packaging, consumer goods, healthcare and food and beverage industries will boost the demand over the forecast period. Product development in these end-use sectors is driven largely by the market understanding of personal hygiene and changing consumer lifestyles around the globe. Due to their biocompatibility, high impact power, moisture tolerance, chemical resistance, and a broad variety of applications in different end-use industries, polyethylene and polypropylene antimicrobial plastics are the main contributors in driving demand for commodity plastic.
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Antimicrobial Plastic Market Segment Analysis – By Application
Medical and healthcare segment led the market and accounted for the highest share of the global revenue in 2020. Because of the low costs involved compared with hospital services and the growing need for intensive care medical equipment, the growth of the home healthcare industry is expected to raise the need for antimicrobial plastics in the healthcare sector in the coming years. Due to the availability of well-developed healthcare facilities, the rising prevalence of chronic diseases and the rising ageing population around the globe, high demand for specialized healthcare services is projected to boost demand for medical devices. This, in particular, is projected to have a positive effect on healthcare market for antimicrobial plastic.
Antimicrobial Plastic Market Segment Analysis – By Geography
Asia-Pacific region was the largest market for antimicrobial plastic. Market growth in the area is expected to be led by the increasing demand for antimicrobial plastics from the healthcare and packaging sectors, especially in countries such as India, China and Japan. In addition, growing spending on healthcare, led by the increasing prevalence of chronic illnesses and the widening of insurance coverage in countries such as India, China and Japan, is projected to be a significant driver of government spending in healthcare infrastructure. Moreover, key players are spending more in research and development to identify uses of antimicrobial plastics in unconventional sectors of the market in order to expand their reach and demand.
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Antimicrobial Plastic Market Drivers
Pandemic outbreaks and the knowledge of the use of antimicrobial plastics
It is almost difficult to keep any surface sanitized, despite social distancing, facemasks, and stringent hygiene steps. There is also a need for self-cleansing properties that will neutralize contaminant pathogens from the surface and reduce the chance of future dissemination. There is a strong need for coatings such as antimicrobial plastics in different applications, with the number of COVID-19 positive cases rising day by day and the lack of relevant vaccines. Antimicrobial plastics possess properties that make them ideal for use in non-toxic plastic equipment, such as high antimicrobial activity, hardness, toughness and transparency. Moreover, the rise of antimicrobial plastics in healthcare is increasing the market for medical devices. The need to repel surface pathogens and the understanding of antimicrobial plastics is rising rapidly, and the market for antimicrobial plastics in the medical & healthcare industry is increasing.
Antimicrobial Plastic Market Challenges
Raw Material Price Volatility
With the all-time slump in oil prices due to the lockout imposed by COVID-19, plastic demand has decreased. Furthermore, the changing attention of suppliers towards new technology is hampering the development of the demand for antimicrobial plastics. The cost of manufacture rises with the introduction of emerging technology, as the implementation of new technologies requires considerable resources. The plastic industry is currently being transformed by increasing societal consciousness of the persistence of plastic in the environment and the implementation of increasingly tight regulations.
Antimicrobial Plastic Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Antimicrobial Plastic Acid market. In 2020, the market of Antimicrobial Plastic Acid has been consolidated by the top five players accounting for xx% of the share. Antimicrobial Plastic Acid Market top companies are DuPont (US), BASF SE (Germany), Lonza Group (Switzerland), Avient Corporation, Microban International, Parx Plastics, King Plastic Corporation, BioCote, Milliken Chemical and Sanitized AG, among others.
An agreement with Microban International to provide antimicrobial protection in their products was announced by Panaria Group (Italy) in May 2019.
In February 2017, a new product line for antimicrobial applications in refrigerators, washing, and dishwasher gaskets was launched by Microban International.
Growing investments in research and development are expected to create prospects for the business under review during the forecast period.
During the forecast era, the healthcare industry dominated the market and is likely to see growth. This is largely attributed to growing healthcare sector investments and increasing demand for medical devices and supplies.
Related Reports :
A. Antimicrobial Coatings Market
B. Plastic Additives Market
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