Antimicrobial plastic market estimated to be worth US$3.6 bln by 2020

15-Apr-15

The global Antimicrobial plastic market is projected to reach around US$3.6 bln by 2020 and register a CAGR of 10% between 2015 and 2020 in terms of value, as per marketsandmarkets.com. Asia-Pacific region is projected to 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. Packaging and Healthcare segment are the two major applications of antimicrobial plastic market having major market share in 2014 and is projected to dominate the global market by 2020 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. Growing consumer awareness about health-related infections and increasing regulations in North America and Europe to use products & 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. Substantial improvements in the standard of living of the consumers have resulted in increased demand for more hygienic and sophisticated plastic products. Consumers today are well aware about health-related issues and pathogenic diseases and hence demand for products having antimicrobial properties to prevent spread of any harmful effect of microorganisms such as bacteria, fungi, and algae. This results in increased consumption of antimicrobial plastic products for applications in construction, packaging, and healthcare segments, thus propelling the growth of global antimicrobial plastics market.