According to the Graphical Research new growth forecast report titled “Asia Pacific Antimicrobial Coatings Market Value By Product (Antimicrobial Powder Coatings [Silver, Copper], Surface Modifications and Coatings [E. Coli, Pseudomonas, Listeria), By Application (Indoor Air Quality, Antimicrobial Textiles, Mold Remediation, Construction, Food, Medical & Healthcare)”, Estimated to Exceed USD 1.65 Billion by 2026.
Rising awareness regarding infections from micro-organisms, growing geriatric population, increasing consumer spending on healthcare, and mounting prevalence of COVID pandemic are some of the major factors expected to boost the Asia Pacific antimicrobials coatings market. Antimicrobial coatings prevent the growth of disease-causing micro-organisms on surfaces and enhance the appearance, durability, and corrosion resistance. In 2019, Asia Pacific antimicrobial coatings market from medical & healthcare application accounted for a revenue of USD 240.5 million, which is almost 30% of the total revenue generated in the region.
Asia Pacific region comprises of the fastest growing economies across the globe which includes countries like China and India. India and China have significant contributions in the antimicrobial coatings market in APAC. Growing healthcare expenditure, demand for antimicrobial coatings from end-use applications like construction and food and rising R&D activities coupled with investments from key foreign players are the major driving factors of the market during the forecast period.
Rising occurrence of COVID pandemic has resulted in a surge in the number of hospitals associated infections (HAI) in the region which is a major factor driving the industry. Increasing cases of coronavirus infections has led to a large number of people getting admitted in hospitals, thus creating opportunities for the occurrence of HAIs. The rapid utilization of antimicrobial coatings in surfaces of elevators, escalators, doors, HVAC vents of hospitals is enhancing the market growth in the region. For instance, there are currently around 10 million active cases of COVID in APAC region, out of which 7.5 million are in India.
Rising industrialization leading to increase in manufacturing facilities has resulted in the growth of construction sector in Asia Pacific region. Growing investments by major players in emerging economies coupled along with favorable government FDI policies has resulted in various construction activities across the region. Antimicrobial coatings are been widely used in buildings and commercial places for protection against harmful infections. The construction industry application sector accounted for a revenue of USD 48 million in 2019 with major contributions from China, Japan, and India and is expected to grow at a CAGR of 8.9% approximately during the forecast period.
Asia Pacific antimicrobial coatings market share is competitive with key players including DuPont, PPG Industries, Axalta Coating Systems, BASF, Akzo Nobel, Sherwin-Williams Company, Nippon Paint, Dow Chemical Company, Koninklijke DSM N.V. and Lonza Arch.