DUBLIN--(BUSINESS WIRE)--The "Antimicrobial Plastics Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The antimicrobial plastics market is expected to grow at a CAGR of around 7.5% during the forecast period of 2019-2024
The major factors driving the growth of market studied are the replacement of conventional materials by plastics in various applications, and rapidly increasing demand from the healthcare and packaging sectors. On the flipside, the stringent environmental regulations hamper the growth of the studied market.
- Healthcare industry dominated the market in 2018 and is likely to grow during the forecast period with the growing investments into the healthcare industry, and increasing demand for medical tools & equipment.
- The increasing investments into research & development (R&D) is likely to provide opportunities for the studied market during the forecast period.
- Asia-Pacific dominated the market across the globe, owing to the application in industries, such as packaging, healthcare, food & beverages, and consumer goods.
Key Market Trends
Healthcare Segment to Dominate the Market Demand
- Healthcare industry dominates the consumption of antimicrobial plastics. Antimicrobial plastics offer various advantages, such as cleanliness, sterility, convenience, ease of use, and low cost, over conventional materials in the healthcare industry.
- Complex epidemiological situation, healthcare-associated infections (HAIs), microbial contamination, nosocomial infections, and infection risks in hospital and dental equipment have led to an ever-growing need for prevention of microbial infections in these areas.
- A growing need for recycling disposable medical products has created innumerable opportunities for the development of antimicrobial solutions.
- Antimicrobial plastics are used in dental surgeries, hospitals, care homes for products ranging from cubicle curtains, beds, nurse call systems, handrails, floors, door handles, pull cords, and case note holders.
- In addition, antimicrobial plastics are also used in manufacturing of medical devices such as tubing, connectors, syringes, and connectors, as well as the wide variety of molded parts.
- Thus, with the increasing healthcare-associated infections in healthcare industry, the usage of antimicrobial plastics is expected to rapidly rise in the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region dominated the global market share in 2018. With the growing production in industries, such as consumer goods, food & beverages, automotive, and consumer goods, the demand for antimicrobial plastics is increasing significantly in the region.
- Healthcare industry in the region has been witnessing huge investments in countries, such as India, Indonesia, South Korea, and Vietnam. The region have been focusing on increasing healthcare infrastructure with rising income of the people, growing aging population, and growing medical spending in the region.
- Automotive production is also increasing in the countries, such as India, Thailand, Vietnam, and Indonesia. Besides, China, the world's largest automotive producer, is majorly focusing on increasing the production and sale of electric vehicles in the country. For this purpose, the country has planned to increase the production of electric vehicles (EVs) to 2 million a year by 2020, and 7 million a year by 2025.
- In addition, India is witnessing investments in the automotive industry. For instance, in 2018, Hyundai planned investment of USD 1 billion in India by 2020. SAIC Motor has also announced to invest USD 500 million in India by 2020.
- Asia-Pacific has been witnessing numerous investments into the electronic industry and growth in electronics production, especially in countries, such as China, India, South Korea, and Japan, which is expected to further increase the demand for antimicrobial plastics for electronic applications in the region during the forecast period.
- The region is also witnessing fastest growth in the global packaging industry, where countries, such as China and India has been leading the market. Factors, such as e-commerce, online food deliveries, and innovation & development in packaging industry has been driving the growth of packaging industry in the region.
- Hence, all such market trends are expected to drive the demand for antimicrobial plastics market in the region during the forecast period.
The antimicrobial plastics market is a fragmented market, where numerous players are holding insignificant share to affect the market dynamics individually.
Some of the noticeable players in the market include BASF SE, DowDuPont, Microban International, PolyOne Corporation, and Sanitized AG, amongst others.
- Replacement of Conventional Materials by Plastics in Various Applications
- Rapidly Increasing Demand from the Healthcare and Packaging Sectors
- Stringent Environmental Regulations
Industry Value-Chain Analysis
Porters 5 Force Analysis
Opportunities & Future Trends
- Increasing Investments in R&D
- BASF SE
- Bayer AG
- Biocote (AkzoNobel N.V)
- King Plastic Corporation
- Microban International
- Milliken Chemical
- Parx Plastics N.V.
- PolyOne Corporation
- SANITIZED AG
For more information about this report visit https://www.researchandmarkets.com/r/x1hgah