Asia Pacific Antimicrobial Coatings Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Raw Material (Silver, Copper, Titanium Dioxide, and Others), Application (Medical, HVAC, Mold Remediation, Building and Construction, Foods and Beverages, and Others)
The Asia Pacific antimicrobial coatings market is expected to grow from US$ 719.68 million in 2020 to US$ 1,743.38 million by 2028; it is estimated to grow at a CAGR of 11.7% from 2020 to 2028. Growing construction and renovation activities in accordance with the elevating living standards and easy loan availability are bolstering the demand for antimicrobial coatings in public building construction sites to coat walls, handles, and countertops. Furthermore, the emergence of diseases such as COVID-19 is likely to promote the use of antimicrobial coatings in the coming years. Ensuring extensive germ protection to customers by reducing the risk of contact contamination would be one of the major strategies for the construction industry players to expand their reach. In education institutes, antimicrobial coatings are used on classroom and hallway walls, and railings. These coatings are chemically safe and do not leave harmful residues. Thus, these factors are expected to boost the market growth in Asia Pacific during the forecast period.
In case of COVID-19, in Asia Pacific, especially India, witnessed an unprecedented rise in number of coronavirus cases, which led to the discontinuation of coatings manufacturing activities. Downfall of other chemical and materials manufacturing sectors has subsequently impacted the demand for antimicrobial coatings during the early months of 2020. Moreover, decline in the overall manufacturing activities has led to discontinuation of antimicrobial coatings manufacturing projects, thereby reducing the demand for antimicrobial coatings. Similar trend was witnessed in other Asia Pacific countries, i.e., Japan, China and Australia. However, the countries are likely to overcome thus drop in demand with the economic activities regaining their pace, especially in the beginning of the 2021.
Based on application, the Asia Pacific antimicrobial coatings market has been segmented into medical, HVAC, mold remediation, building & construction, food & beverages and others. The medical segment led the Asia Pacific antimicrobial coatings market in 2019. Antimicrobial coatings are used in medical devices to destroy or hinder the growth of microorganisms. Antimicrobial coatings help to defend surfaces from pathogens such as fungi, viruses, bacteria, germs, and others. Further, the growing number of hospitals, combined with the growing demand for healthcare services, generates a demand for advanced technologies and equipment, which will boost antimicrobial coatings market demand. Moreover, the growing demand for biocompatible, non-toxic, and biostable antimicrobial coatings in catheters, implantable, and surgical instruments will drive market growth. Furthermore, the outbreak of the COVID-19 pandemic is expected to increase demand for antimicrobial coated medical devices, which is expected to drive the market. Bacteria cause the majority of infections associated with medical device implantation. Bacterial infections are a major concern, causing increased human suffering and increasing healthcare costs around the world. Externally or internally, medical devices for human or animal use may be used to spread bacterial, viral, fungal, or other unwanted infections. Healthcare facilities perform various research and development activities in order to enhance patient safety and reduce the risk of infection in hospitals or clinics. Pathogens that cause diseases associated with health care pose a threat to clinics and hospitals. To prevent this, medical devices are treated with antimicrobial agents, propelling the market growth.
The Asia Pacific antimicrobial coatings market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the Asia Pacific antimicrobial coatings market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the Asia Pacific antimicrobial coatings market. A few of the key companies operating in the market are Cupron; Microban International Ltd.; PPG Industries Inc.; Akzo Nobel N.V.; DuPont de Nemours, Inc. and Axalta Coating Systems.
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