SAN FRANCISCO, July 1, 2020 /PRNewswire/ -- The global antimicrobial plastic market size is expected to reach USD 44.1 billion by 2027, expanding at a CAGR of 8.2%, according to a report by Grand View Research, Inc. Increasing product demand from the packaging, healthcare, consumer goods, and a few other application industries is expected to propel market growth. Moreover, the rising complex epidemiological situation such as COVID -19, microbial contamination, nosocomial infections, Healthcare Associated Infections (HAIs) are expected to be a key driver for the market.
The healthcare segment witnessed high penetration and accounts for a majority of the revenue share in the market. This can be attributed to extensive demand for antimicrobial plastic for manufacturing sterilized and infection preventing products like surgical cables, tubing, and orthopedic sutures. In addition, growing health awareness among consumers, increasing old age population in countries such as Japan, China, and U.S., and rising demand for high-quality medical equipment is expected to drive the market.
Key suggestions from the report:
- The market is expected to witness significant growth over the forecast period owing to rising product demand from packaging and healthcare end use industries
- The market in U.S. is anticipated to exceed USD 8.4 billion by 2027 owing to the growing demand for antimicrobial plastic from various end use industries
- Asia Pacific is projected to witness the fastest growth over the estimated period owing to rising healthcare investment and growing product demand from the packaging sector in countries such as India, China, and Japan
- Rapidly growing e-commerce, online food deliveries, and innovation and development in the packaging industry in APAC is also fueling product demand in the regional market.
Read 120 page research report with ToC on "Antimicrobial Plastics Market Size, Share & Trends Analysis Report By Product (Commodity, Engineering, High Performance), By End Use (Building & Construction, Automotive & Transportation), By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/antimicrobial-plastic-market
In the food and beverage industry, antimicrobial plastics are widely used for food packaging. They are mainly used for killing pathogens that can contaminate food and beverage products. Pathogens adversely affect the color, texture, and nutritive value of food and beverage products; eventually making them non-edible. Antimicrobial plastic packaging prevents the penetration of undesirable substances such as water vapor and pressurized liquids, which, in turn, helps in enhancing food quality. Increasing consumption of baked goods and confectionery majorly in the developing countries owing to the gradual rise in household income and expansion of retail trade in packed products both from transnational and local companies is expected to propel the product demand in packaging segment over the forecast period.
On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Central and South America, and Middle East and Africa. Asia Pacific held the largest market share in 2019 owing to the high demand from growing end-use industries. The increasing healthcare investments in countries, such as China India, Japan, Indonesia, and Vietnam, and rising focus on developing healthcare infrastructure, due to the growing aging population and increasing medical spending in the region is expected to propel market growth in the coming years.
Grand View Research has segmented the global antimicrobial plastic market on the basis of product, end use, and region:
- Antimicrobial Plastics Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
- Commodity Plastics
- Polyethylene (PE)
- Polypropylene (PP)
- Polyvinyl Chloride (PVC)
- Polystyrene (PS)
- Acrylonitrile Butadiene Systems (ABS)
- Polyethylene Terephthalate (PET)
- Engineering Plastics
- Polyamide (PA)
- Polycarbonate (PC)
- Thermoplastic polyurethane (TPU)
- High Performance Plastics
- Antimicrobial Plastics End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
- Building & Construction
- Automotive & transportation
- Food & Beverage
- Consumer Goods
- Antimicrobial Plastics Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
- North America
- Asia Pacific
- Central and South America
- Middle East and Africa
- GCC Countries
- South Africa
- List of Key Players of Antimicrobial Plastics Market
- BASF SE
- Parx Materials N.V
- Ray Products Company Inc.
- Covestro AG
- RTP Company
- Compounding Solutions LLC
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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