Antimicrobial Coatings Set to Clean Up
TUESDAY, NOVEMBER 25, 2014
Huge concerns over the tiny world of bacteria, germs and parasites will ignite and sustain strong growth in the paint and coatings market in the coming years, a new report forecasts.
North America, which accounted for 39 percent of the global market volume in 2013, is on course for a 10.6 percent Compound Annual Growth Rate (CAGR) from 2014 to 2020, according to “Antimicrobial Coatings Market Analysis and Segment Forecasts to 2020,” published by Grand View Research Inc.
Worldwide, the antimicrobial paint and coatings market is on track to reach $4.5 billion by 2020, with North America leading revenue and demand, the study reports. Strong growth is also expected in Asia Pacific.
Key Drivers
Growing demand for medical device coatings and indoor-air-quality products is expected to be the key market driver over the next six years.
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“High standards of living and increasing healthcare expenditure mainly in the U.S. is expected to remain a key driving factor for the market over the forecast period,” Grand View Research says. |
The key challenges for the industry include increasing health concerns and costs associated with product registration as well as volatile prices of silver and other raw materials.
The report breaks down the market by product types, applications and geography, while providing analysis of revenues and volumes.
Global antimicrobial coating market volume, estimated at 310.3 kilo tons in 2013, is expected to reach 589.8 kilo tons by 2020.
North America Leads Way
As the dominant market, North America will drive much of the growth through 2020.
“High standards of living and increasing healthcare expenditure mainly in the U.S. is expected to remain a key driving factor for the market over the forecast period,” Grand View Research says.
Meanwhile, growth of the medical, construction and food industries, mainly in China and India, will serve as major opportunities for companies to invest in Asia Pacific.
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| AST Products |
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AST Products' RepelaCOAT is one of the entrants in the fast-growing antimicrobial coatings and surfaces market. |
Asia Pacific antimicrobial coatings market revenue was estimated at $532 million in 2013 and is expected to grow at a CAGR of 12.4 percent from 2014 to 2020, the firm reports.
Key Product Findings
Key product segments analyzed in the study include antimicrobial powder coatings and surface modification and coatings.
Worldwide revenue for antimicrobial powder coatings is expected to be the fastest-growing segment—reaching 2.2 billion by 2020, at a CAGR of 13.2 percent from 2014 to 2020.
The powder coatings will displace surface modification and coatings as the top performer. Surface modification and coatings dominated the market in 2013, accounting for 53.9 percent of total market volume.
The global market for silver powder-based antimicrobial coatings was valued at $556.9 million in 2013 and is expected to grow at a CAGR of 13.1 percent from 2014 to 2020, the firm says.
Application Insights
Major applications covered in the study include indoor air quality, mold remediation, medical/healthcare, antimicrobial textiles and construction.
In 2013, indoor air quality emerged as the leading application market, accounting for 26.9 percent of total volume. The segment is forecast to be the fasting-growing market for the next six years, posting a CAGR of 10.3 percent from 2014 to 2020.
The demand for medical applications is expected to reach 151.6 kilo tons by 2020, growing at a CAGR of 10.2 percent for the study years.
The global demand for antimicrobial coatings in construction industry is expected to be worth $312.9 million by 2020.
Tagged categories: Antimicrobial coatings; Coating chemistry; Coating Materials; Market; Market forecasts; Research
