PUNE, India, May 12, 2020 /PRNewswire/ -- The antimicrobial packaging market size is predicted to reachUSD 17.55 billion by 2026, exhibiting a CAGR of 7.9% during the forecast period. The rising concerns regarding food quality and safety will spur demand for antimicrobial packaging, which, in turn, will boost the antimicrobial packaging market growth during the forecast period. Moreover, the rising focus of consumers towards quality products will aid the growth of the market in the forthcoming years. Besides, the increasing awareness regarding the benefits of green packaging such material reduction, waste reduction, less energy consumption, recycled content and renewable energy source will boost the market trends for antimicrobial packaging, mentioned states Fortune Business Insights in a report, titled "Antimicrobial Packaging Market Size, Share & Industry Analysis, By Material (Plastics, Biopolymers, Paper & Paperboard, and Others), By Antimicrobial Agents (Organic Acid, Bacteriocins, and Others), By Type (Bags, Pouches, Trays, and Others), By Application (Food & Beverages, Healthcare & Pharmaceutical, Personal Care, and Others) and Regional Forecast, 2019-2026"the market size stood at USD 9.57 billion in 2018.
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Expansion of BASF's Production Plant to Encourage Healthy Growth
BASF SE, a German chemical company and the second largest chemical producer in the world announced that it has constructed a new specialty amines plant at its existing wholly owned site in Nanjing Chemical Industry Park in China. The latest multi-product plant can manufacture 21,000 metric tons per year and further prolongs BASF's amines portfolio at the specialty amines complex in Nanjing.
The launch of the new plant by BASF can be a fundamental factor in accelerating the antimicrobial packaging market growth owing to the production of Propylenediamine (1,2-PDA), n-Octylamine (n-OA) and Polyetheramine (PEA). Furthermore, Stefan Blank, President, BASF Intermediates division, said in a statement, "BASF offers a wide range of amines globally, and this investment reflects our continued commitment to meeting the growing market demand in Asia Pacific. Building on decades of experience in developing and manufacturing amines, this new plant will further strengthen our global leadership in these versatile intermediate products."
In addition, the rising demand for specialty amines will aid the antimicrobial packaging market revenue during the forecast period. Senior Vice President, Intermediates Asia Pacific, BASF, Narayan Krishna Mohan, said in a statement, "This investment will help us to meet the increasing Asia Pacific demand for specialty amines used as intermediates in a diverse range of industries and applications, such as epoxy formulations, crop protection agents, spandex and biocides for the coatings industry, through this expansion, we will be able to better serve our customers in Asia Pacific with steady and timely supply of quality products."
Browse Summary of This Research Report with Detailed Table of Content:
Rising Demand for Medical Devices to Stimulate Growth in North America
North America is expected to grow rapidly during the forecast period owing to the growing adoption of antimicrobial packaging in various industries. The growing demand for drugs and medical devices will enable growth in North America. The market in Asia Pacific generated a high revenue in 2018 and is likely to witness high demand during the forecast period owing to the high demand for sustainable packaging from China, India, and South Korea. The rising consumption and demand of food will contribute positively to the growth in Asia Pacific. In addition, the blooming pharmaceutical and medical industry will have a positive impact on the market in Asia Pacific during the forecast period.
List of Key Companies Operating in the Antimicrobial Packaging Market are:
Food Packaging Market Size, Share & Industry Analysis, By Materials (Glass, Metal, Paper & Paperboard, Wood, and Plastics [Polypropylene, Polyethylene, PET, and Others]), By Product (Rigid, Semi-Rigid, and Flexible) By Application (Fruits & Vegetables, Bakery & Confectionery, Dairy Products, Meat, Poultry & Seafood, Sauces, Dressings and Condiments, and Others), and Regional Forecast, 2019-2026
Beverage Packaging Market Size, Share & Industry Analysis, By Material (Plastic, Glass, Metal, and Others), By Product (Can, Bottle & jars, Pouch, Carton, and Others), By Application (Alcoholic and Non-alcoholic) and Regional Forecast, 2019-2026
Smart Food Packaging Market Size, Share & Industry Analysis, By Type (Active Packaging, Controlled Packaging, Modified Atmosphere Packaging, Others), By Material (Plastic, Metal, Glass, Paper, Aluminium, and Plastic) Others and Regional Forecast, 2019-2026
Anti-Counterfeiting Packaging Market Size, Share & Industry Analysis, By Technology (RFID, Holograms, Barcode, and Others), By End-Use (Food & Beverages, Healthcare & Pharmaceutical, Industrial & Automotive, Consumer Electronics, and Others), and Regional Forecast, 2019-2026
Micro-perforated Food Packaging Market Size, Share & Industry Analysis, By Material (Polypropylene, Polyethene, PET, Other), By Application (Fruits & Vegetables, Bakery & confectionary, Ready-to-eat, Other)Others and Regional Forecast, 2019-2026
Antimicrobial Textiles Market Size, Share & Industry Analysis, By Agents (Synthetic Organic Compounds, Bio-Based Compounds, Metal & Metallic Salts and Others), By Fabric (Cotton, Polyester, and Others), By Application (Home, Commercial, Medical, Apparel, Industrial, and Others) and Regional Forecast, 2020-2027
Bioplastics Market Size, Share & Industry Analysis, By Type (Biodegradable and Non-biodegradable), By Application (Rigid Packaging, Flexible Packaging, Textiles, Automotive & Transportation, Agriculture & Horticulture, Consumer Goods, and Others), and Regional Forecast, 2019-2026
Plastics Market Size, Share & Industry Analysis, By Type (Polyethylene, Polypropylene, Polyethylene Terephthalate, Polyvinyl Chloride, Acrylonitrile Butadiene Styrene, Polyamide, Polycarbonate, Polyurethane, Polystyrene), By End-Use Industry (Packaging, Automotive & Transportation, Infrastructure & Construction, Consumer Goods/Lifestyle, Healthcare & Pharmaceutical, Electrical & Electronics, Textile), and Regional Forecast, 2019-2026
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