Why is Demand for Antimicrobial Additives Skyrocketing in Asia-Pacific (APAC)?
The growing incidence of
chronic diseases and increasing geriatric population are tremendously pushing
up the requirement for pharmaceutical products, which is, in turn, driving the
sales of antimicrobial additives around the world. Furthermore, many private
and public organizations are making huge investments in the development of
antimicrobial additives so that these products can be available for mass
consumption throughout the world. Due to these factors, the valuation of the global
antimicrobial additives market is predicted to rise from $2,010.2 million
to $3,786.8 million from 2019 to 2030, with the market advancing at a CAGR of 7.5%
between 2020 and 2030.
There are two types of antimicrobial additives available in the market namely inorganic and organic. Between the two, the usage of the inorganic antimicrobial additives was higher in the past years. This is credited to the various favorable chemical and non-toxic traits of the silver-, copper-, and zinc-based antimicrobial formulations. In addition to this, the high utilization of these materials in food and non-food consumer items, packaging materials, and several other products contributed toward the high sales of these materials during the last few years.
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Globally, the antimicrobial additives market is predicted to demonstrate lucrative growth in the Asia-Pacific (APAC) region in the upcoming years. This is attributed to the rapid macroeconomic growth, rising spending power of people and swift advancement of the healthcare industry in the region. In addition to this, the expansion of the medical devices, consumer goods, automotive, and packaging industries in the APAC nations will further boost the requirement for antimicrobial additives in the region in the years to come.
The
moderately fragmented antimicrobial additives market is characterized
by the presence of large chemical companies and new startups aiming to
gain acclaim in niche application areas and certain geographies. Some of
the large players operating in the antimicrobial additives industry are
AkzoNobel N.V., Milliken Chemical Company, DuPont de Nemours Inc., and
BASF SE. Other players in the antimicrobial additives market are
Momentive Performance Materials Inc., RTP Company, Microban
International Ltd., BioCote Limited, Sanitized AG, and Sciessent AG.
