Antimicrobial Coatings Market to Expand at a Healthy CAGR During Forecast Period

Introduction

Antimicrobial coating is a chemical applied to a surface to inhibit the growth of disease-causing germs. These coatings increase the surface's durability, attractiveness, corrosion resistance, and other characteristics, but they also protect against microorganisms that cause disease. Chemicals are employed in antimicrobial coatings to break cellular membranes and prevent pathogen growth. Antimicrobial coatings are frequently utilized to protect surfaces as well as people. Antimicrobial coatings are mostly graphene, polycationic hydrogel, silver nanoparticles, polymer brushes, dendrimers, copper, and copper alloys.

Growth in Global Healthcare Expenditure and Medical Devices Industry to Drive Antimicrobial Coatings Market

According to the US Centers for Medicare & Medicaid Services, healthcare spending in the United States climbed by 4.60% in 2018, hitting USD 3.6 trillion. Healthcare spending accounted for more than 17.70% of the country's GDP in 2018, and this trend is likely to continue over the forecast period. According to the same source, healthcare spending in the United States is predicted to grow at a 5.40% annual rate from 2019 to 2028, reaching USD 6.2 trillion.

This rapid development is projected to be driven by the rising demand for medical care among the aging population (65 and older), the prevalence of chronic disorders and diseases, infrastructure improvements, and technology innovations. As a result, demand for antimicrobial coatings is likely to rise as the medical device market grows.

Antimicrobial coatings can be found on catheters, implanted devices, and surgical equipment, among other medical devices. One of the most effective ways to increase infection control in healthcare without jeopardizing patient care is to use antimicrobial coating technology. Illnesses from medical devices are more prevalent, leading to healthcare-associated infections (HAI). As a result, antimicrobial coatings on medical devices aid in preventing the growth and spread of bacteria and germs.

The medical device industry is growing at a rapid pace worldwide. Increased healthcare spending, the developing home healthcare sector, the growing senior population, notably in North America and Europe, and the rising frequency of cardiovascular illnesses are driving medical device demand.

Furthermore, the medical device industry's growth has been aided by rising demand for better healthcare facilities and an increase in the number of hospitals. North America surpassed Europe as the leading market for medical equipment in 2020. Rising healthcare spending and the existence of well-equipped hospitals and healthcare centers in North America are fueling the need for medical devices. Over the forecast period, increasing demand for medical devices will likely fuel demand for antimicrobial coatings.

Surging Adoption in Novel Applications

As a result of the COVID-19 outbreak, demand for antimicrobial coatings has increased significantly in several industries, including protective gear, consumer goods, and electronic devices. Protective garments to prevent COVID-19 infection are now being developed by many established enterprises and startups.

For instance, in April 2020, the Indian Institute of Technology (IIT) announced the development of spray-based antimicrobial coatings for Personal Protective Equipment (PPE), such as face masks, that will kill 99.9% of germs and viruses. In April 2020, an IIT-Madras startup created clothing with antibacterial fabric to combat COVID-19.

As a result, technological advancements concerning the market trends will likely provide lucrative opportunities for established vital players to expand their innovative product portfolios and gain market dominance.

Growth in Global Healthcare Expenditure and Medical Devices Industry to Drive Antimicrobial Coatings Market

According to the US Centers for Medicare & Medicaid Services, healthcare spending in the United States climbed by 4.60% in 2018, hitting USD 3.6 trillion. Healthcare spending accounted for more than 17.70% of the country's GDP in 2018, and this trend is likely to continue over the forecast period. According to the same source, healthcare spending in the United States is predicted to grow at a 5.40% annual rate from 2019 to 2028, reaching USD 6.2 trillion.

This rapid development is projected to be driven by the rising demand for medical care among the aging population (65 and older), the prevalence of chronic disorders and diseases, infrastructure improvements, and technology innovations. As a result, demand for antimicrobial coatings is likely to rise as the medical device market grows.

Antimicrobial coatings can be found on catheters, implanted devices, and surgical equipment, among other medical devices. One of the most effective ways to increase infection control in healthcare without jeopardizing patient care is to use antimicrobial coating technology. Illnesses from medical devices are more prevalent, leading to healthcare-associated infections (HAI). As a result, antimicrobial coatings on medical devices aid in preventing the growth and spread of bacteria and germs.

The medical device industry is growing at a rapid pace worldwide. Increased healthcare spending, the developing home healthcare sector, the growing senior population, notably in North America and Europe, and the rising frequency of cardiovascular illnesses are driving medical device demand.

Furthermore, the medical device industry's growth has been aided by rising demand for better healthcare facilities and an increase in the number of hospitals. North America surpassed Europe as the leading market for medical equipment in 2020. Rising healthcare spending and the existence of well-equipped hospitals and healthcare centers in North America are fueling the need for medical devices. Over the forecast period, increasing demand for medical devices will likely fuel demand for antimicrobial coatings.

Surging Adoption in Novel Applications

As a result of the COVID-19 outbreak, demand for antimicrobial coatings has increased significantly in several industries, including protective gear, consumer goods, and electronic devices. Protective garments to prevent COVID-19 infection are now being developed by many established enterprises and startups.

For instance, in April 2020, the Indian Institute of Technology (IIT) announced the development of spray-based antimicrobial coatings for Personal Protective Equipment (PPE), such as face masks, that will kill 99.9% of germs and viruses. In April 2020, an IIT-Madras startup created clothing with antibacterial fabric to combat COVID-19.

As a result, technological advancements concerning the market trends will likely provide lucrative opportunities for established vital players to expand their innovative product portfolios and gain market dominance.

Regional Insights

North America, Europe, Asia-Pacific, Central and South America, and the Middle East and Africa make up the market's five regions. North America and the Asia-Pacific are the two most important markets for antimicrobial coatings. Out of all the regional countries, the United States has the most tempting market potential for market players, majorly driving the North American market. Rising demand for minimally invasive surgeries, the availability of novel implant devices, and modern healthcare infrastructure are expected to be favorable growth factors in the United States over the forecast period.

The United States is likely to play a significant role in the overall growth of the North American market. Due to the country's well-developed healthcare infrastructure and reimbursement coverage, high demand for sophisticated healthcare services is likely to increase demand for medical devices, driving demand for antimicrobial coatings over the forecast period.

Asia-Pacific is expected to be the second-largest market for antimicrobial coatings, with an expected market value of USD 7,131.19 million by 2030. The market is expected to be driven by the key end-use industries of healthcare, construction, food processing, and packaging. Due to the robust manufacturing base of the packaging products sector in India, China, and Japan and the expanding sales of e-Commerce and packaged food products, the regional market is anticipated to rise.

In Europe, one of the primary factors regulating the antimicrobial coatings market expansion in the region is stringent regulations on VOC emissions from coatings and technological advancement in the medical sector. Consumers are likely to spend more on effective and innovative medical treatments, general operations, and in vitro diagnostics, which will drive demand for antimicrobial coatings over the forecast period in the European market.

Healthcare spending is anticipated to climb steadily throughout the Central and South American regions during the forecast period. Governments around the area are working on several efforts to strengthen public healthcare systems despite budget constraints. Several initiatives encourage more private investment in the region's healthcare sector to enhance current healthcare infrastructures in key nations, including Brazil, Argentina, Colombia, and Venezuela. As a result, demand for antimicrobial coatings in the medical device application segment increases.

Over the forecast period, the increased use of antimicrobial coatings in medical devices is likely to fuel demand for antimicrobial coatings in the Middle East and Africa region. Over the forecast period, rapid population growth and high rates of lifestyle-related illnesses, together with ambitious healthcare infrastructure development, are expected to enhance the demand for medical devices in the region.

Key Highlights

• The global antimicrobial coatings market was valued at USD 9087.34 million in 2021 is expected to reach a valuation of USD 27,607.54 million by 2030. The market is expected to grow at a CAGR of 13.25% during the forecast period (2022–2030).
• By product, the surface modification and coatings segment is expected to reach USD 10,655.64 million by 2030.
• By application, the medical devices segment is expected to reach USD 10,278.11 million by 2030.
• Geographically, the global antimicrobial coatings market is divided into North America, Europe, Asia Pacific, Central & South America, and the Middle East and Africa. North America and Europe were the two significant regional markets in 2021.

Competitive Players

1. Akzo Nobel N.V
2. BASF
3. Lonza
4. Diamond Vogel
5. DuPont
6. Axalta Coating Systems
7. Nippon Paint Holdings Co. Ltd.
8. PPG Industries
9. RPM International Inc.
10. Koninklijke DSM N.V
11. Burke Industrial Coatings
12. The Sherwin-Williams Company
13. Troy Corporation

Recent Developments

Recent Developments

• May 2021- HeiQ developed HeiQ MetalliQ, a high-tech surgical mask that kills all bacteria and viruses, tested with a 100% efficacy rate. The mask, which has a proprietary design, has an ultra-thin copper coating deposited using a high-tech vapor deposition process called HeiQ Metallix.
• November 2020- PPG Industries, Inc. announced the debut of antibacterial matt paint under the JOHNSTONE brand, aiming to limit bacterial growth on home walls and thereby enhance the company's product offering.
• May 2020- Akzo Nobel NV produced Interpon D AM. This architectural powder coating may be used on various internal surfaces such as window frames, ceiling tiles, metal office partitions, metal doors, and elevator doors, thereby expanding the company's product portfolio.
• July 2020- Using Lonza's GS Xceed Expression System, Lonza has collaborated with Shanghai Junshi Biosciences Co., Ltd to develop a neutralizing antibody to combat the COVID-19 pandemic.
• December 2020- The launch of Nippon Paint's first antiviral kid's paint in China has been announced by Nippon Paint China and Corning Incorporated. Kid's Odour-less is a new product from the company. Anti-bacteria plus all-in-one interior emulsion paint developed for use in areas where children spend the most time.
• April 2020- In Brazil, Germany, Mexico, the United States, and others, Axalta Coating Systems began producing thousands of liters of hand sanitizers, PPE kits, face masks, respirators, and closed hoods and arm warmers, and seating covers for medical and healthcare professionals.

Segmentation

1. By Product
   1. Antimicrobial Powder Coatings
      1. Silver
      2. Copper
      3. Others
   2. Surface Modifications and Coatings
      1. E. Coli
      2. Listeria
      3. Pseudomonas
      4. Others
2. By Application
   1. Sanitary Facilities and Kitchen
   2. Air Conditioning and Ventilation Systems
   3. Food Processing and Packaging
   4. Antimicrobial Textiles
   5. Mold Remediation
   6. Medical Devices
   7. Construction