February 24, 2024
Antimicrobial Additives Market

Growing Health Consciousness to Boost Growth of the Global Antimicrobial Additives Market

The global Antimicrobial Additives Market is estimated to be valued at US$ 3.01 Bn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Antimicrobial additives are substances that are added to various materials and products to prevent microbial deterioration and protect the properties of products over their lifetime. They help inhibit or restrict the growth of microbes such as bacteria, fungi, or viruses. Antimicrobial additives find wide applications in consumer goods, food and beverages, construction, healthcare, and other industries. They help increase the shelf life of products by preventing spoilage and degradation caused by microbes. This reduces economic losses for manufacturers and ensures product safety for consumers.

Market key trends:

One of the key trends in the antimicrobial additives market is the growing adoption of silver-based antimicrobial additives. Silver has emerged as an effective and proven antimicrobial agent due to its broad spectrum of activity against bacteria, viruses, and other microbes. It is increasingly being added to various materials such as plastics, coatings, foams, fibers, and others. The non-toxic nature and long-lasting efficacy of silver-based additives is further driving their demand in several end-use industries. The growing awareness about health and hygiene is also expected to propel the demand for antimicrobial products and boost the antimicrobial additives market over the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as setting up a new antimicrobial additives production facility requires high initial investment for R&D and manufacturing infrastructure.

Bargaining power of buyers: The bargaining power of buyers is high due to the presence of many established players offering antimicrobial additives. Buyers can negotiate on price easily.

Bargaining power of suppliers: The bargaining power of raw material suppliers is moderate as there are many suppliers for raw materials like organic and inorganic antimicrobial agents used for production.

Threat of new substitutes: The threat of substitutes is low as there are limited product substitutes for antimicrobial additives that can provide both microbiological protection and enhance product properties.

Competitive rivalry: The competitive rivalry in the market is high due to the presence of major global players competing on pricing, quality, and production capacity.

Key Takeaways

The Global Antimicrobial Additives Market Size is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period, due to increasing demand from end-use industries like packaging, healthcare, furniture and wood, and construction. North America is expected to dominate the market over the forecast period owing to stringent regulations regarding food safety and hygiene in the region.

The global antimicrobial additives market size for 2023 is estimated to be US$ 3.01 Bn. The market is projected to reach US$ 5.05 Bn by 2030, increasing demand for protective packaging from the food and healthcare industries. Rapid urbanization and rising health awareness are some of the key factors driving market growth.

Key players operating in the antimicrobial additives market are AkzoNobel N.V., BASF SE, The Dow Chemical Company, Sanitized AG, SteriTouch Ltd., BioCote Ltd., Life Material Technologies Ltd., Momentive Performance Material Inc., Clariant Chemicals India Ltd., and Nanobiomatters. AkzoNobel N.V. and BASF SE currently hold the largest market shares owing to their extensive product portfolio and global sales network.

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