Antiviral & Antimicrobial Coatings Market Worth $8.53 Billion by 2028 - Exclusive Report by Meticulous Research®

According to a new market research report titled "Antiviral & Antimicrobial Coatings Market by Type (Antimicrobial, Antiviral), Material (Copper, Silver, Aluminium), Form (Powder, Aerosol), Application (Healthcare, Building & Construction, Automotive, Packaging), and Geography - Forecast to 2028" published by Meticulous Research®, antiviral & antimicrobial coatings market is expected to grow at a CAGR of 11.7% from 2021 to 2028 to reach $8.53 billion by 2028.

Antiviral & antimicrobial coatings are used to restrict the growth of viruses and other microorganisms. These coatings provide long-lasting protection against microorganisms and help to maintain permanent hygiene. Growing awareness of these coatings and acceptance by the consumers to protect from infectious diseases are the key factors driving the market growth.

The growth of this market is mainly attributed to the increasing incidence of healthcare-associated infections, rising number of food product recalls due to microbial contamination, and government initiatives & funding for the development of antimicrobial coatings. Developments in emerging economies and rising incidences of healthcare-acquired infections are creating opportunities for market growth.

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The trend prevailing in the market is the growing adoption of antimicrobial coatings in healthcare and non-healthcare industries amid the COVID-19 pandemic. The cleanliness and hygiene practices are revised across all the sectors. The use of antimicrobial coatings has significantly increased across all sectors, especially amid COVID-19. Demand for antimicrobial coatings has been increasing drastically in the medical and healthcare sectors and packaging products, protective clothing, consumer electronics, appliances, and other goods. However, the current hygiene practices have increased the demand for antimicrobial coatings across non-healthcare sectors as well. During peak infection waves, temporary facilities were erected to treat COVID-19 patients. In most cases, high-touch surfaces (beds, handles, medical devices, instruments, and protective gear) were protected with antimicrobial coatings to prevent hospital-acquired infections (HAIs).

Growing need for permanent disinfection coupled with rising awareness regarding antimicrobial coatings as permanent disinfectants are expected to positively influence the adoption of antimicrobial coatings. Consumers are becoming more conscious while making a purchase of products in the market. Purchasing antimicrobial-coated products in the F&B, building & construction, and packaging sectors has significantly increased in developed countries.

Impact of COVID-19 on the Antiviral & Antimicrobial Coatings Market
The impact of COVID-19 on the antiviral and antimicrobial coatings market has been partial positive and partial negative. Initially, during the pandemic, the impact on the market was negative as the key market players experienced a slowdown in demand for antiviral & antimicrobial coatings. The economic slowdown following the pandemic affected the consumer buying powers, thereby negatively impacting the sales of antiviral & antimicrobial coatings. Further, imposed national lockdowns and disruptions in the supply chain also negatively impacted the market growth. However, as the world is gradually recovering from the pandemic, the consumers are becoming more conscious about the spread of covid-19 and are following measures to limit the spread of the virus, thereby positively influencing the market growth.

The global antiviral & antimicrobial coatings market is segmented on the basis of type (antimicrobial and antiviral), material (silver, copper, aluminum, silicon dioxide, organic materials, and other materials), form (powder and aerosol), application (building & construction, healthcare, automotive, food & beverages, packaging, protective clothing, and air & water treatment), and geography. The study also evaluates industry competitors and analyzes their market share at the global and regional levels.

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Based on type, the antimicrobial coatings segment is estimated to account for the largest share of the overall antiviral & antimicrobial coatings market in 2021. The key factors attributing to the highest market share of this segment are the growing adoption of continuously active antimicrobial coatings to combat the spread of infectious diseases caused by pathogens, including bacteria, molds/fungi, parasites, and helminths. However, the antiviral coatings segment is estimated to grow with the fastest CAGR over the forecast period. Increasing demand for antiviral coatings amid the COVID-19 pandemic and growing measures to prevent further epidemics are creating opportunities for market growth.

Based on material, the silver segment is estimated to account for the largest share of the overall antiviral & antimicrobial coatings market in 2021. The segment is also estimated to grow with the fastest CAGR over the forecast period. The development of silver nanotechnology has augmented the demand for silver coatings in the medical equipment and food industries. For instance, sutures coated with silver nanoparticles have anti-inflammatory properties; whereas, low-density polyethylene polymer matrices containing silver nanoparticles can extend the shelf life of fruit juices. Moreover, copper coatings also offer significant market opportunities in terms of the revenue estimated to generate from metallic coatings. The use of copper in the antimicrobial coatings post-pandemic world is gradually rising, creating favorable opportunities for market growth.

Based on form, the liquid antiviral & antimicrobial coatings segment is estimated to account for the largest share of the market in 2021. Liquid antimicrobial coatings have applications in agriculture, oil and gas, equipment and machinery, building and construction, and healthcare. The smooth liquid metallic finishing is one of the key drivers for adopting liquid-based antiviral & antimicrobial coatings. However, the powder segment is estimated to grow lucratively over the forecast period. The shifting trend towards powder coatings due to environmental reasons like the creation of less waste and restriction of solvent-based liquid coatings and recent innovations in powder coatings supports the market growth.

Based on application, the healthcare segment is estimated to account for the largest revenue share in 2021, owing to the widespread use of antiviral & antimicrobial coatings amid the pandemic. Other than healthcare, the food & beverage and building & construction segment also offer significant opportunities for market growth.

This research report analyzes major geographies and provides comprehensive analysis for North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, and RoAPAC), Latin America, and the Middle East & Africa. North America is estimated to command the largest share of the global antiviral & antimicrobial coatings market in 2021, followed by Europe and Asia-Pacific. The U.S. is estimated to be the largest shareholding market in North America in 2021. The growing packaged food & medical devices industry, cosmetic product recalls due to microbial contamination, increasing burden of infectious diseases, and the developed healthcare infrastructure are driving the market growth. However, the Asia-Pacific region is expected to grow at the fastest CAGR during the forecast period, mainly due to the significant burden of healthcare-associated infections and growing food product recalls due to microbial contamination. The adoption of antiviral & antimicrobial coatings in food facilities, the transport sector, air purifiers, medical devices, and others have also contributed to the market's growth.

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The report also includes an extensive assessment of the key strategic developments of leading market participants in the industry over the past three years. The global antiviral & antimicrobial coatings market is highly fragmented and has witnessed product approvals, mergers, acquisitions, and expansions in the last couple of years.

Some of the key players operating in the global antiviral & antimicrobial coatings market are Akzo Nobel N.V. (Netherlands), Lonza Group Ltd (Switzerland), PPG Industries Inc (U.S.), Axalta Coating System (U.S.), The Sherwin-Williams Company (U.S.), Nippon Paint Holdings Co., Ltd. (Japan), RPM International Inc. (U.S.), Sciessent LLC (U.S.), Sika AG (Switzerland), BASF SE (Germany), Jotun Group (Norway), DuPont De Nemours, Inc. (U.S.), and NanoGraphene Inc (U.S.) among others.

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