Packaging, healthcare will drive growth of antimicrobial plastics market to $3.6 billion: report
Driven by the packaging and healthcare segments, the global market for antimicrobial plastics is projected to reach around US$3.6 billion by 2020 and register a compound annual growth rate (CAGR) of 10 per cent between 2015 and 2020, according to a new report.
The report, “Antimicrobial Plastic Market by Type (Commodity, Engineering, and High Performance Plastics) and by Application (Packaging, Healthcare, Construction, Consumer Goods, Automotive, and Others) – Global Trends & Forecasts to 2020”, is published by research firm MarketsandMarkets.
“Growing consumer awareness about health-related infections and increasing regulations in North America and Europe to use products and devices of antimicrobial coatings so as minimize contact with pathogens and spreading of any infections is projected to drive the global antimicrobial plastics demand for healthcare application,” the report concluded.
According to the report, the Asia-Pacific region will dominate the antimicrobial plastics market and is anticipated to account for the highest growth rate between 2015 and 2020. Country-wise, China is estimated to be the top consumer of antimicrobial plastics in the region in 2014, and is projected to register a high CAGR between 2015 and 2020. The U.S. is currently the largest antimicrobial plastics consumer globally but is anticipated to be out casted by the emerging BRIC countries in the near future. “Many top market players are shifting their production and distribution business in Asia-Pacific and South America to tap the growing market demand of antimicrobial plastics in these regions,” the report said.
The packaging and healthcare segments are the two major applications for the antimicrobial plastic market, having major market share in 2014 – and they are projected to dominate the global market by 2020, the report said, “mainly due to the growth of innovative ways to proactively inhibit microbial growth on surfaces of plastic products and medical equipment.”
The automotive application is also showing an upward trend due to the growing replacements of conventional materials such as metals and glass by plastics, the report noted.