June 18, 2024
Antimicrobial Additives Market

Antimicrobial Additives Market is Estimated to Witness High Growth Owing to Rising Demand from Healthcare Industry

Antimicrobial additives help curb the growth of microbes, bacteria, and fungi, preventing spoilage of goods. They find widespread application in healthcare, packaging, food and beverage, construction, and other industries. The growing demand for healthcare products that curb hospital-acquired infections (HAIs) and ensure safety of medical goods is fueling the adoption of antimicrobial additives.

The global Antimicrobial Additives market is estimated to be valued at US$ 3.47 Bn in 2024 and is expected to exhibit a CAGR of 25% over the forecast period from 2024 to 2031.

Increasing awareness about hygiene and the growing need for preservation of materials from microbial degradation are boosting market revenues. Stringent regulations in developed regions to reduce HAIs are also catalyzing market growth.

Key Takeaways

Key players operating in the antimicrobial additives market include NetApp Inc., Nutanix Inc., Dell EMC (Dell Technologies Inc.), Hewlett Packard Enterprise Co., Juniper Networks Inc., Western Digital Corp., Lenovo Group Limited, Liqid Inc., Fungible Inc. and TidalScale Inc. These players are focusing on new product launches, partnerships, and mergers & acquisitions to gain a competitive edge in the market.

The rising consumer awareness about food safety and hygiene offers significant opportunities to market players to expand their business through innovative product offerings. The increasing demand for antimicrobial packaging from the food industry due to its ability to extend the shelf life of products is another key opportunity.

The growing international trade of goods along with the expansion of end-use industries into developing nations provides a huge potential for market players to increase their global footprint. Strict mandates in the healthcare industry worldwide for use of antimicrobial substances is expected to drive the global expansion of the antimicrobial additives market during the forecast period.

Market drivers
One of the major drivers for the Antimicrobial Additives Market Size is the rising demand from the healthcare industry. With growing health expenditure and increasing incidence of HAIs globally, the need for using antimicrobial additives in healthcare materials like medical devices, equipment, and infrastructure is surging. Their ability to prevent cross-contamination and curb antimicrobial resistance aids in ensuring patient safety. This will continue bolstering the demand for antimicrobial additives over the coming years.

PEST Analysis
Political: The antimicrobial additives market is experiencing policy support in developed economies for encouraging the development and usage of environmentally sustainable products. Regulations promoting hygiene and public health are positively impacting demand.
Economic: Rising disposable incomes and growing populations in emerging economies have led to increased spending on health, wellness, and hygiene products. This trend boosts the antimicrobial additives market. High R&D investments into new product variants is catalysing market growth.
Social: Heightened awareness about health and hygiene along with changing consumer preferences for sustainable and eco-friendly products strengthens market potential. There is increasing societal focus on preventive healthcare and minimizing spread of infections.
Technological: Advancements in materials science and nanotechnology have enabled the development of more effective and targeted antimicrobial formulations. Digitization is also facilitating remote monitoring of products to ensure prolonged protection from microbes.

North America dominates the antimicrobial additives market in terms of value share, led by the United States. Strong demand comes from the personal care, healthcare, packaging, and food and beverage industries in the region. Europe is another major revenue contributor supported by stricter regulations regarding product sanitization and safety. Asia Pacific exhibits highest growth and is projected to emerge as the fastest growing market during the forecast period due to increasing expenditure on healthcare and personal care products by the vast population in China and India.

Asia Pacific antimicrobial additives market is poised to capture the highest growth during the forecast period. This is attributed to rising living standards, growing health awareness, and expanding manufacturing sector across developing nations. Changing lifestyles and increasing consumption of packaged food are boosting the need for effective preservation in the region’s food and beverage industry. Furthermore, the rapid industrialization in Asia Pacific economies like India and Southeast Asia are expected to drive the product demand from various end-use industries, thus positioning the region as the fastest emerging antimicrobial additives market.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it