26 Mar, 2019, 10:30 ET
CHICAGO, March 26, 2019 /PRNewswire/ --According to the new research report "Antimicrobial Plastics Market by Type (Commodity Plastics, Engineering Plastics, High Performance Plastics), Application (Packaging, Automotive, Consumer Goods, Medical and Healthcare, and Building & Construction), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the Antimicrobial Plastics Market is projected to reach USD 43.1 billion by 2023 USD 29.6 billion in 2018, at a CAGR of 7.8%. The major factors driving the antimicrobial plastics market are the growing awareness about health-related issues, rapid urbanization, growing population, increasing demand from the healthcare sector, and wide application areas of antimicrobial plastics.
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The commodity plastics segment is estimated to be the largest type segment of the antimicrobial plastics market in 2018.
Commodity plastics are the most commonly used plastics across a wide range of applications. These plastics are used in applications where mechanical properties and service environments are not very critical. Some examples of commodity plastics are PE, PP, PS, PVC, PMMA, PET, and PUR. These plastics are produced in high volume at low cost for the most common disposable items and durable goods. The widespread applications, easy availability, and low-cost materials are the key factors driving the commodity plastics market.
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The medical and healthcare application segment is estimated to lead the antimicrobial plastics market during the forecast period.
The medical and healthcare application leads the antimicrobial plastics market owing to consumer awareness regarding health-related issues and life-threatening diseases such as H1N1 and nosocomial infections in the recent past. As a result, the importance of antimicrobial plastics in medical and healthcare application is expected to increase during the forecast period. Moreover, innovation in the medical and healthcare application, for instance, the development of non-toxic plastic equipment is anticipated to fuel the growth of the antimicrobial plastics market. Surgical and medical devices such as catheters, cubicle curtains, beds, and dental implants are the other medical and healthcare applications of antimicrobial plastics.
APAC is estimated to account for the largest share of the antimicrobial plastics market during the forecast period
APAC is the largest and fastest-growing Antimicrobial Plastics Market. Growing industrialization, backed by infrastructure development in the region, has offered enormous opportunities for the use of antimicrobial plastics in APAC. The growing demand and policies, such as emission control and use of environmentally-friendly products, have led to innovation in the plastics industry of the region, making it a plastics hub, globally. The growing population, along with industry alliances, is expected to lead to significant growth of the antimicrobial plastics market in the region.
Major players profiled in the report include DowDuPont (US), BASF SE (Germany), Bayer Material Science (Germany), Clariant AG (Switzerland), Lonza Group (Switzerland), PolyOne Corporation (US), Microban International Ltd. (US), Parx Plastics N.V. (Netherlands), King Plastic Corporation (US), BioCote (UK), and Sanitized AG (Switzerland).
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Commodity Plastics Market by Type (PE, PP, PVC, PS, PMMA), Application (Packaging, Consumer Goods, Construction, Automobile, Electronics, Textile, Medical & Pharmaceutical), and Region (APAC, NA, EU, MEA, and SA) - Global Forecast to 2022
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