[159 Pages Report] The Antimicrobial Plastics Market size is estimated to grow from USD 29.6 billion in 2018 to USD 43.1 billion by 2023, at a CAGR of 7.8%. The market is mainly driven by the rising demand for antimicrobial plastics from applications such as packaging, automotive, consumer goods, medical and healthcare, building & construction, and others. Growing demand for antimicrobial plastics in upcoming applications has created various opportunities for the manufacturers.
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The commodity plastics type segment accounts for the largest share of the overall market.
Commodity plastics is estimated to be the largest type segment of the global market during the forecast period. The major driver of the commodity plastics market in the region is their growing applications in packaging, construction, automobile, medical and healthcare, electronics. The growth of these end-use segments is largely driven by growing population, increasing per capita income, and changing lifestyle of consumers in the region. Flourishing construction activities owing to increasing population is also driving the demand for commodity plastics type. Additionally, the demand for textile and packaged food products is increasing with growing disposable income of the middle-class population, which has a positive impact on the growth of the commodity plastics market.
The medical and healthcare segment is expected to be the largest application during the forecast period.
The medical and healthcare application dominated the antimicrobial plastics market. This is mainly due to the growing awareness about the use of antimicrobial plastics in medical devices, due to the fear of infection. Increasing income levels of consumers, along with increased spending on health and improving lifestyles in the region are also driving the demand from the medical and healthcare application.
APAC is expected to account for the largest share of the antimicrobial plastics market during the forecast period.
APAC is estimated to be the largest antimicrobial plastics market due to its growing economy and increasing population. With industrialization and increasing employment, disposable income is expected to increase. This dominance of APAC is mainly due to the increasing population and improving lifestyles at each financial stratum. The demand for antimicrobial plastics is dependent on their usage in industries such as medical and healthcare, packaging, and consumer goods, which contributes more than 80% of its global demand. Companies are investing more in R&D to find applications of antimicrobial plastics in the unconventional industry segments to increase their scope and demand.
The key players in the global antimicrobial plastics market are DowDuPont (US), BASF SE (Germany), Bayer Material Science (Germany), Clariant AG (Switzerland), Lonza Group (Switzerland), PolyOne Corporation (US), Microban International Ltd. (US), Parx Plastics N.V. (Netherlands), King Plastic Corporation (US), BioCote (UK), and Sanitized AG (Switzerland).
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