The global antimicrobial coatings market size is anticipated to reach $18.8 bn by 2027, according to a new report by Grand View Research Inc, registering a CAGR of 12.8% over the forecast period. Rising demand for cleaning products for protection against fungal and bacterial growth is expected to be the key factor driving the overall market. The rising demand for implantable medical devices and increasing burden of Cardiovascular Diseases (CVDs) are expected to boost the product demand over the next eight years.
Silver-based biocides are widely used in medical application owing to their excellent antimicrobial properties. Based on product, the global market is segmented into antimicrobial powder and surface modification & coatings. The demand for antimicrobial coatings is expected to increase majorly in the medical devices and packaging application industry owing to the COVID-19 pandemic situation around the world. North America is expected to lead the global market due to the strong presence of some of the world's major healthcare products manufacturers in this region.
Surface modification and coatings was the prominent product segment and accounted for 53.9% of the global revenue in year 2019. Antimicrobial powder coatings product segment is expected to witness the fastest CAGR from 2020 to 2027 due to the high demand for silver- and copper-based and other coatings. Silver-based products are used as antimicrobial agents owing to their properties, such as non-toxicity, continual performance for a long duration, eco-friendly nature, and high thermal stability.
Mould remediation application segment is expected to witness the highest CAGR of 15.2%, in terms of revenue, over the forecast period. The cost involved in remediating a mould-infested building can be staggering, especially when the building has inferior coatings. Air conditioning and ventilation segment accounted for the maximum volume share of over 21.7% in 2019.
Antimicrobial coatings help to deter the growth of microorganisms in heating, ventilation and air conditioning systems. Ag ION coated materials inhibit the growth of different microbes. North America accounted for 43.4% of the overall revenue share in 2019 and is projected to retain its dominant position throughout the forecast period.
Original Source: Grand View Research, 2020. Found on SpecialChem Coatings and Inks Formulation, 6 Jul 2020, (Website: http://www.specialchem4coatings.com), Copyright Grand View Research 2020.