Antiviral & Antimicrobial Coatings Market: Current Analysis and Forecast (2024-2032)
Emphasis on Material (Silver, Organic Material, Copper, Titanium Oxide, and Others); Form (Liquid, Powder, and Aerosol); Application (Healthcare, Building & Construction, Food & Beverage, Packaging, Automotive, and Others); Region/Country
Antiviral And Antimicrobial Coatings Market Size & Forecast
The Antiviral and Antimicrobial Coatings market was valued at approximately USD 3.4 Billion in 2023 and is expected to grow at a robust CAGR of around 7.5% during the forecast period (2024-2032). Collectively, the rising demand for infection control treatments in a post-pandemic market is the main factor fueling the development of the antiviral and antimicrobial coatings market.
Antiviral and Antimicrobial Coatings Market Analysis
Antiviral & antimicrobial coatings are applied to the various equipment and other appliances that restrict the growth of various viruses and other microorganisms. These coatings help in maintaining permanent hygiene by providing long-lasting protection against microorganisms.
With rapid technological advancement and rising investment in research & development of these coatings, many of the antiviral & antimicrobial coatings market players are launching new and innovative products which in turn is driving the market all over the globe. For example, in May 2021, the COMEX brand by PPG has recently launched Comex VINIMEX TOTAL Antiviral and Antibacterial paint that reduces up to 99.9% of bacteria and viruses responsible for the most common gastrointestinal and respiratory illnesses, including Influenza A H1N1 and the COVID-19 virus, SARS-CoV-2. Furthermore, the growing awareness regarding the use of these coatings to maintain hygiene is further boosting the growth of this market.
Furthermore, the rising prevalence of infectious diseases and hospital-associated infections coupled with the rapidly growing applications in various sectors including automotive, food & beverages, construction, and many more. Besides, the market is also growing significantly owing to the rising demand for antimicrobial coatings for making protective clothing to fight against COVID-19. Given this, many of the established market players and startups are developing a variety of protective clothing. For example, in 2020, IIT developed spray-based antimicrobial coatings for Personal Protective Equipment, including face masks, which can kill over 99.9% of bacteria and viruses.
Antiviral and Antimicrobial Coatings Market Trends
This section discusses the key market trends influencing the Antiviral and Antimicrobial Coatings segments as identified by our research experts.
Silver Segment Transforming Industry
The silver segment accounted for a significant share of antiviral and antimicrobial coatings market in 2023 and it is estimated that it will exhibit the highest CAGR during the forecast period. This is because silver has been used most widely as an anti-bacterial and anti-viral as it is toxic to microorganisms and has not shown any harmful effects on human beings. However, the copper segment is also expected to garner a significant market share as it has abundant natural occurrences.
North America to hold a significant share of the market
The high growth rate of antiviral and antimicrobial coatings particularly in North America is attributed to the increased regulatory requirements towards infection control and public hygiene in various facilities including medical and food services. Additional investments in healthcare building, expected due to better precaution against infections, continue to contribute to the demand for these coatings. Further, growing customer consciousness towards hygiene and cleanliness of surfaces especially after the COVID-19 instances is driving the demand for antimicrobial finishes in industries ranging from the consumer products, packaging and transportation industries. The increasing use of these coatings in various sectors evidences their relevance in minimizing contact with other deadly germs.
Antiviral and Antimicrobial Coatings Industry Overview
Antiviral and Antimicrobial Coatings is competitive, with several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market are DuPont., Akzo Nobel N.V., Nippon Paint Holdings Co., Ltd., PG Industries, Inc, Lonza, NanoGraphene Inc., Sika AG, BASF SE, RPM International Inc., Sciessent LLC. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Recent Development
- In February 2022: Nippon Paint added two new antiviral water-based paint products to its lineup, the PROTECTON brand. The new products are antiviral and antibacterial coating products for floors and interior walls.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
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Table of Contents
Research Methodology for the Antiviral and Antimicrobial Coatings Market Analysis (2022-2032)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global Antiviral and Antimicrobial Coatings market were the three major steps undertaken to create and analyze the adoption of Antiviral and Antimicrobial Coatings in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, numerous findings and assumptions were taken into consideration to validate these insights. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Antiviral and Antimicrobial Coatings market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
A detailed secondary study was conducted to obtain the historical market size of the Antiviral and Antimicrobial Coatings market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of Antiviral and Antimicrobial Coatings, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report, such as material, form, application, and region. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Antiviral and Antimicrobial Coatings market. Further, we conducted factor analysis using dependent and independent variables such as material, form, application, and Antiviral and Antimicrobial Coatings regions. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Antiviral and Antimicrobial Coatings market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above three steps, we arrived at the current market size, key players in the global Antiviral and Antimicrobial Coatings market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of Antiviral and Antimicrobial Coatings across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global Antiviral and Antimicrobial Coatings in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs), including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Antiviral and Antimicrobial Coatings. Data was split into several segments and sub-segments after studying various parameters and trends in the material, form, application, and regions of the global Antiviral and Antimicrobial Coatings market.
The main objective of the Global Antiviral and Antimicrobial Coatings Market Study
The current & future market trends of global Antiviral and Antimicrobial Coatings were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the Antiviral and Antimicrobial Coatings market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
- Segments in the study include areas of material, form, application, and regions.
- Define and analyze the regulatory framework for the Antiviral and Antimicrobial Coatings
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the Antiviral and Antimicrobial Coatings market for the major regions.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the Antiviral and Antimicrobial Coatings market and the growth strategies adopted by the market players to sustain in the fast-growing market.
- Deep dive regional level analysis of the industry
Frequently Asked Questions FAQs
Q1: What is the global Antiviral and Antimicrobial coating's current size and growth potential?
Q2: What are the driving factors for the growth of global Antiviral and Antimicrobial?
Q3: Which segment has the largest share of the global Antiviral and Antimicrobial Coatings by Material?
Q4: What are the emerging technologies and trends in global Antiviral and Antimicrobial Coatings?
Q5: Which region will dominate global Antiviral and Antimicrobial Coatings?
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