Grandview Research has recently released a report on the global antimicrobial coatings market. Antimicrobial coatings are used to protect surfaces from micro-organisms including parasites, bacteria, germs and fungi. Initially introduced to inhibit the effect of micro-organisms in the surfaces to which they were applied to; increasing health concerns regarding the effect of such micro-organisms on human heath, have seen antimicrobial applications cover both human and surfaces. Growth of global medical device coatings market is expected to remain a key demand driver for antimicrobial coatings over the next six years. In addition, increasing market penetration for indoor air quality products is also expected to have a positive impact on the market over the forecast period. However, health concerns regarding the use of silver in antimicrobial coatings coupled with stringent regulatory scenario mainly in the U.S. and in Europe is expected to hinder the market growth over the next six years. Huge untapped potential, mainly in Asia Pacific and Latin America is expected to be a major opportunity for industry participants in the near future.
Product Insights
Key product segments analyzed and reported in the study include antimicrobial powder coatings and surface modification and coatings. Surface modification and coatings emerged as the leading product segment in the global market and accounted for 53.9 percent of total market volume in 2013. These products have been further segmented as E.Coli, listeria and pseudomonas among others. However, antimicrobial powder coatings are expected to be the fastest growing product segment at an estimated CAGR of 10 percent from 2014 to 2020. 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.
Application Insights
Major applications covered in the study include indoor air quality, mold remediation, medical/healthcare, antimicrobial textiles, construction and others. Indoor air quality emerged as the leading application market for antimicrobial coatings and accounted for 26.9 percent of total market volume in 2013. In addition of being the largest market, indoor air quality is also expected to be the fastest growing application market for antimicrobial coatings at an estimated CAGR of 10.3 percent from 2014 to 2020. The global demand for antimicrobial coatings in construction industry is expected to reach a market worth $312.9 million by 2020, growing at a CAGR of 11.3 percent from 2014 to 2020.
Regional Insights
North America emerged as the leading market for antimicrobial coatings and accounted for 39 percent of total market volume in 2013. In addition of the being the largest market, North America is also expected to be the fastest growing market for antimicrobial coatings at an estimated CAGR of 10.6 percent from 2014 to 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. However, growth of major end use industries such as medical, construction and food mainly in China and India will serve as major opportunities for companies to invest in Asia Pacific. Asia Pacific market for antimicrobial coatings was valued at $532 million in 2013 and is expected to grow at a CAGR of 12.4 percent from 2014 to 2020.
Competitive Insights
The global antimicrobial coatings market is moderately concentrated with top four participants catering to over 40% of global demand in 2013. The market also displays somewhat oligopolistic characteristics, with a few multinational corporations accounting for a large chunk of the total revenue generated by the industry. Some of the leading companies operating in the global market include AkzoNobel NV, Sherwin-Williams, Dow Microbial Control and Diamond Vogel among some other companies.
