by Antimicrobial plastics are polymers that incorporate antimicrobial additives to prevent microbial growth such as bacteria, viruses, molds, and algae on their surfaces. These plastics help curtail cross-contamination by microbes and inhibit biodegradation of materials. Antimicrobial plastics majorly find applications in healthcare, packaging, food & beverage, consumer goods, and construction industries. Healthcare sector utilizes antimicrobial plastics for production of various medical devices such as surgical and therapeutic instruments, medical equipment, and medical implants. Growing concerns regarding hospital-acquired infections have enhanced the demand for antimicrobial plastics in the healthcare industry.
The Global Antimicrobial Plastics Market is estimated to be valued at US$ 37.35 Bn in 2024 and is expected to exhibit a CAGR of 9.8% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Antimicrobial Plastics are F. Hoffmann-La Roche Ltd, Biocryst Pharmaceuticals Inc., Bristol-Myers Squibb Company, Kyowa Kirin Co., Ltd., Genmab A/S, Seagen Inc., GlaxoSmithKline plc., Johnson and Johnson Private Limited, Elorac, Acrotech Biopharma, Merck and Co. Inc., Novartis AG, SHIONOGI & Co., Ltd., Spectrum Pharmaceuticals Inc., and Bausch Health Companies Inc.
The growing demand from healthcare sector owing to increasing prevalence of hospital-acquired infections is expected to drive Antimicrobial Plastics Market Growth during the forecast period.
Major players are focusing on capacity expansion and new product launches to strengthen their presence in high growth regions including Asia Pacific and Latin America region.
Market Key Trends
Increasing stringent regulations regarding food safety and packaging is expected to drive the demand for antimicrobial plastics from food & beverage packaging industry. Various government organizations have established standards and regulations for materials coming in contact with food articles to ensure microbiological safety of packaged food products. This is encouraging packaging manufacturers to incorporate Antimicrobial Plastics Market additives in plastics and polymers used in food packaging.
Porter’s Analysis
Threat of new entrants: New players find it difficult to enter the market due to requirement of large investments and established distribution channels of existing players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and differentiated products from existing players.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitute raw materials and dependency of suppliers on few big players.
Threat of new substitutes: Threat of substitutes is low as antimicrobial plastics have distinct advantages over conventional plastics.
Competitive rivalry: Market has few large players and many medium and small players leading to high competition.
Geographical regions with high market share:
North America region accounts for the largest share of the global antimicrobial plastics market mainly due to stringent government regulations regarding food safety and healthcare associated infections.
Fastest growing region:
Asia Pacific region is expected to be the fastest growing market for antimicrobial plastics attributed to increasing healthcare expenditure, rising awareness about hygiene and surge in construction activities in the region.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
