Antimicrobial Coatings Market Analysis, Opportunities, Figures with Sweeping Sales by 2028

According to The Insight Partners latest market study on "Antimicrobial Coatings Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Raw Material and Application," the market was valued at US$ 2,918.30 million in 2019 and is projected to reach US$ 7,514.56 million by 2028; it is expected to grow at a CAGR of 11.2% from 2020 to 2028.

RISING INSTANCES OF HOSPITAL-ACQUIRED INFECTIONS (HAIS) TO BOOST IN THE GLOBAL MARKET

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Healthcare-associated infections (HCAI) or nosocomial infections are the infections associated with the equipment and devices, such as catheters or ventilators, used during medical procedures. Over the period, there has been rising prevalence of HCAI diseases, which has become a serious concern among various economies. For instance, according to National Center for Biotechnology Information, it has been estimated that almost 2 million patients in the US suffer from HCAI annually, out of which ~98,000 people die. Likewise, in the EU, the European Center for Disease Prevention and Control (ECDC) registers almost 4.1 million acute care patients acquiring HCAI every year with ~37,000 deaths. Further, as per the World Health Organization (WHO), almost 7% and 10% of patients from developed and developing economies respectively have instances of healthcare associated infection during medical treatment. HCAIs poses major health challenge in healthcare units and the conditions arising from HCAIs is the sixth leading cause of death in western nations and even higher in other developing economies. Therefore, in 2016, AMiCI, an association representing universities and institutes along with organizations and manufacturers, was formed in Europe to increase awareness among people and organizations about research and application of antimicrobial coatings.

Antimicrobial coatings are the layers applied on medical equipment that are exposed to sensitive bodily fluids such as blood and urine. Medical equipment need regular sanitation and disinfection with antimicrobial coatings to avoid infection arising from external bacteria. The rising focus toward impact of HCAI through several programs along with active participation of hospitals and manufacturers to generate the significance of the antimicrobial coatings is expected to stimulate the growth in the global antimicrobial coatings market.

The major players operating in the global antimicrobial coatings market include Cupron, Alistagen Corporation, AK Coatings Inc., Fiberlock, Microban International Ltd., PPG Industries Inc., Akzo Nobel N.V., DuPont de Nemours, and Axalta Coating Systems among others.The major players in the antimicrobial coatings market are focused on strategies such as mergers and acquisitions and research and development to increase the geographical presence and consumer base globally.

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Impact of COVID-19 Pandemic on Antimicrobial Coatings Market

The COVID-19 pandemic has adversely affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The chemical and materials industry is one of the major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns. The shutdown of various plants and factories in leading regions such as North America, Europe, Asia Pacific, South America, and the Middle East and Africa restricted the global supply chain and negatively impacted the manufacturing activities, delivery schedules, and various goods sales. Furthermore, various companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition, the global travel bans imposed by countries in Europe, Asia, and North America are adversely affecting the business collaborations and partnerships opportunities. All these factors are hindering the chemical and materials industry and thus act as restraining factors for the growth of various markets related to this industry. The market for antimicrobial coating is impacted by the pandemic due to shortfall in production along with limited transportation facilities.

Based on raw materials, the antimicrobial coatings market is segmented into silver, copper, titanium oxide, and others. In 2019, the silver segment held the largest market share. Silver has the most effective antimicrobial activity while being the least toxic to animal cells. Silver ions are produced when silver is added to water. These ions destroy and prevent biological growth, interfering with germ metabolism and membrane functions. Further, silver biocides can be found in hospital water systems, catheters, furniture, and almost in the operation theatre. Furthermore, in the late 1800s, silver nitrate was used to treat many eye infections in new-born infants, and physicians discovered that silver dressings helped wounds heal faster. The metal was used in surgical wound sutures and ulcer remedies, and it is still used today, with silver-embedded bandages proving to be especially effective in healing burn wounds. Silver's high effectiveness, low toxicity, long-lasting impact, and durability are among the major factors driving its demand. The market growth for the silver segment is attributed to the rising demand from the medical & healthcare, food & beverage, and other industrial applications to ensure occupational safety and hygiene, and to prevent the growth of novel coronavirus that causes COVID-19, bacteria, and other microbes on commonly touched surfaces.

TOC:

1. Introduction

1.1 Study Scope

1.2 The Insight Partners Research Report Guidance

1.3 Market Segmentation

2. Key Takeaways

3. Research Methodology

3.1 Scope of the Study

3.2 Research Methodology

3.2.1 Data Collection:

3.2.2 Primary Interviews:

3.2.3 Hypothesis formulation:

3.2.4 Macro-economic factor analysis:

3.2.5 Developing base number:

3.2.6 Data Triangulation:

3.2.7 Country level data:

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