Transparency Market Research
Antimicrobial Coatings Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth And Forecast, 2012 - 2018
Albany, NY (PRWEB) February 09, 2015
A recent study by Transparency Market Research (TMR), reveals that demand for antimicrobial coatings, worth US$1.6 billion in 2012, is anticipated to reach US$3.3 billion in the next three years, registering an impressive CAGR of over 12% from 2012 to 2018. According to the report, North America will retain its position as the market leader and will continue to dominate the global antimicrobial coatings market in terms of revenue.
Apart from protecting the surface upon which they are applied, antimicrobial coatings have applications across numerous segments such as medical and healthcare, construction, textiles, indoor air quality, food, etc. The coatings are also used to eliminate microbial growth, an aspect that has contributed to the growing demand for antimicrobial coatings in medical applications such as catheters.
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According to the report, the realization of the fact that indoor air pollution can be exceedingly harmful to health has further contributed to the growing use of antimicrobial coatings for improving indoor air quality. However, factors such as health issues pertaining to the use of active silver, stringent quality regulations enforced by the government, and the uncertain efficacy of coatings used in the textile market have surfaced as major restraints hindering growth in the antimicrobial market.
Among numerous compounds, active silver has come across as the most widely used raw material for antimicrobial coatings since it is believed to deliver higher efficacy compared to most other compounds. In terms of volume, experts predict that demand for antimicrobial coating is anticipated to grow at a CAGR of 12.4% in the forecast period. Surface modifications and coatings, which occupy a larger share of the markets among product types, are expected to show steady growth at a CAGR of 8.8% in terms of volume and 12.2% in terms of revenue by 2018. Similarly the demand for antimicrobial coatings for improving indoor air quality is expected to register growth at a CAGR of 12.8% during the forecast period.
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The escalating need for clean surroundings in hospitals and healthcare centers has emerged as one of the major factors attributing to the impressive growth trends of the global antimicrobial coatings market. North America has historically been an early adapter of new technologies and practices meant to improve quality of life and enhance human health. Hence, it is no surprise that the demand for antimicrobial coatings is observed to be the highest from this region. North America is considered to be the fastest growing market both in terms of demand and supply perspectives. In forecast years the North American market for antimicrobial coatings is expected to grow at a CAGR of 13.2%.
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The recent economic boom witnessed by Asia Pacific made it the second largest market for antimicrobial coatings worldwide, and is expected to grow at a CAGR of 12.3% between 2012 and 2018. Europe, on the other hand, is anticipated to register growth at CAGR of 10.6% by the end of 2018.
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According to the report by TMR Sherwin-Williams Company, Diamond Vogel Paints, BASF, E.I. du Pont de Nemours & Company (DuPont), AkzoNobel N.V., Sono-Tek Corporation and Royal DSM N.V., are a few of the key players in the antimicrobial market.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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