BANGALORE, India, Oct. 23, 2020 /PRNewswire/ -- According to the Latest Market Research Report "Antimicrobial Coatings Market by Type (Anti-Bacterial, Anti-Viral, Anti-Fungal, and Others), Coating Material (Silver, Copper, Graphene, Titanium Dioxide, and Others), Application (Protective Clothing, Medical, Air & Water Treatment, Packaging, Building & Construction, Mold Remediation, and Others), and Form (Spray, Powder, Liquid, and Others) and Region – Global Forecast to 2026", published on Valuates Reports.
The global antimicrobial coatings market size was valued at USD 4.0 billion in 2019 and is anticipated to reach USD 11.6 billion by 2027 at a CAGR of 13.3% from 2020 to 2027.
Major factors driving the growth of Antimicrobial coating market size are raising awareness of safety and hygiene, strict regulations, and increasing adoption of antimicrobial coatings in industries across many applications.
The report provides an in-depth analysis of the antimicrobial coatings market size along with the current and future market trends. The Antimicrobial Coatings Market report also presents key drivers, restraints, and opportunities with a detailed impact analysis during the forecast period.
TRENDS INFLUENCING THE ANTIMICROBIAL COATING MARKET SIZE
The increasing application of antimicrobial coatings in the medical & healthcare industry worldwide is expected to increase the antimicrobial coating market size during the forecast period. This is mainly due to the government's rising knowledge and initiatives to prevent the spread of HAIs (Healthcare-associated infections). HAIs are the leading cause of mortality and morbidity at healthcare facilities.
The recent COVID-19 outbreak is expected to further propel the antimicrobial market size. Due to its effective results in curbing the micro growth that prevents hand-to-mouth transmission, especially in the aftermath of COVID-19, the market for antimicrobial coatings will experience higher paced growth. Also, demand for different pharmaceutical products, disinfectants, and sanitizers has increased in the face of the global COVID-19 pandemic situation. This, in turn, is driving the market for products in the application segment of medical devices.
R&D operations are carried out at a deeper level and at a quicker rate, which can lead to improved and more efficient solutions. The increasing R&D is expected to rule the antimicrobial coating market size.
Based on type, the antibacterial coatings segment dominated the antimicrobial coating market share. However, due to its demonstrated effectiveness against various bacteria, the same segment is expected to expand faster. In addition, the increase in demand for these coatings during the pandemic is also a driving factor for the growth of the antimicrobial market size.
Based on the coating material, copper and silver held the largest antimicrobial coating market share. The use of silver and copper has shown no adverse effects on human beings. This contributed to their wide acceptance for many medical purposes.
Based on the region, North America held the largest antimicrobial coating market share in 2019. However, due to the COVID-19 outbreak, increased demand for antimicrobial coating is seen from all regions around the world. It is expected that the most infected areas in the world will raise demand for antimicrobial coatings because they are successful in preventing the virus's spread. Asia-Pacific is projected to rise at a higher CAGR due to increasing demand and improved healthcare systems.
The Global Antibacterial Coatings Market for medical implants is projected to reach USD 343.16 million by 2023 from USD 120.22 million in 2016, registering a CAGR of 16.1% from 2017-2023.
The Antibacterial Coatings Market size is driven by an increase in the prevalence of implant-related infections, an increase in the global geriatric population, an increase in the number of implantation procedures, and a high incidence of implant-related infections.
However, high prices for raw materials used in antibacterial coatings and time-consuming regulatory approvals for coatings are constraining the growth of the Antibacterial Coatings Market size.
The global anti-viral coatings market size was valued at USD 0.5 billion in 2019 and is anticipated to generate USD 1.3 billion by 2027. The market is projected to experience a growth at a CAGR of 13.3% from 2020 to 2027.
Medical and indoor air/HVAC(Heating, ventilation, and air conditioning) application acts as the main driving factor for the growth of anti-viral coatings.
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