Antiviral Coating Market: Current Analysis and Forecast (2021-2027)

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The global antiviral coating market is expected to surpass USD 1.3 billion by 2027.  For the last couple of years, the antiviral coating is gaining momentum as consumers are getting more cautious about cleanliness, health, and workplace safety in the light of COVID-19. The growth is further supported by the increasing demand for antiviral coating across the industries like consumer appliances, construction, textile, and healthcare in order to reduce the transmission from products to people. Therefore, to increase the market presence, many companies are developing antiviral coatings for the aforementioned industries like Honeywell International Inc., which is developing a coating for air filters that kills as much as 97% of the coronavirus. In addition, it is expected that a rising end-use industry owing to increasing population, rapid urbanization, and improving per-capita income will increase the demand for antiviral coating, as it is expected that consumers will permanently transition from conventional coating to antiviral coating in order to mitigate the risk of infection.

Insights Presented in the Report

“Amongst technology, the silver-ion segment held a prominent share in the market in 2020.”

Based on technology, the market is categorized into silver-ion, copper-ion, and others. Among these, silver-ion technology held a significant share in the market and is likely to showcase robust growth during the forecast period. Silver-ion has low toxicity and high efficiency & durability owing to which it is used in the coating industries for a long time. Further, both the Environmental Protection Agency and the World Health Organization regard silver as safe, as a result, companies are preferring silver-ion over others in the case of antiviral coatings as well. For instance, in 2021, AkzoNobel N.V. launched a new Dulux Wash & Wear Anti-Viral paint. The new range comes with the proprietary KidProof+ Technology and an added layer of antiviral protection from the Silver Ion Technology.

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“Amongst end-user, the construction industry accounted for considerable share in the global antiviral coating market

Based on end-user, the market is categorized into construction, consumer appliance, healthcare, textile, and others. Among these, construction industries held a significant share in the market. Large and growing construction activities coupled with the growing demand for antiviral paints among consumers as they have become more mindful of cleanliness and hygiene, especially so for parents with young children created the large market potential for antiviral coating in the construction industry. As a result, several paints & coatings manufacturer has launched products with antiviral characteristics. For instance, in 2021, PPG Industries Inc. launched Comex VINIMEX TOTAL Antiviral and Antibacterial paint. As per the company, the new product 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.

“Asia Pacific captured significant position in the antiviral coating market”

For a better understanding of the market adoption of Waterborne Coatings, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, UK, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia-Pacific accounted for a significant share in the market and is expected to showcase substantial growth during the forecast period owing to the large and growing base of the end-use industry due to improving consumer spending power, rapid urbanization, and growing demand for better quality products. Further, increasing strict environmental legislation is increasing the adoption of antiviral coating in the region.

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• 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 portfolio, 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 country-level analysis of the industry

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Antiviral Coating, three major steps are undertaken to create and analyze its adoption across the globe. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Antiviral Coating industry. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast 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 the industry pertains to. Detailed methodology is explained below:

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Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Antiviral Coating 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 the Antiviral Coating market, we conducted a detailed secondary analysis to gather current market insights and share for different segments & sub-segments for major regions. The major segment included in the report by technology and end-user. Further regional and country-level analyses were conducted to evaluate the overall adoption of Antiviral Coating globally.

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 Antiviral Coating. Further, we conducted factor analysis using dependent and independent variables such as the growing end-use industry and increasing demand for high finish products. A thorough analysis was conducted for demand and supply-side scenarios considering an increasing investment, top partnerships, merger and acquisition, business expansion, and product launches in the Antiviral Coating industry.

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Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Antiviral Coating market, and market shares of each segment. 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., bottom-up approach was applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of Antiviral Coating across the major markets
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Antiviral Coating market. 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, and 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 by Stakeholders and Regions

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Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global Antiviral Coating market. Data was split into several segments & sub-segments post studying various parameters and trends in the area of technology and end-user.

The main objective of the Antiviral Coating market study

The current & future market trends of global Antiviral Coating were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of Antiviral Coating in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segment in the study include area of technology and end-user
• Defined analysis of the regulatory framework for the Antiviral Coating industry
• 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 Coating for the major countries
• Major regions/countries analyzed in the report includes North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), and Rest of World
• Company profiles of the Antiviral Coating market players and the growth strategies adopted by them to sustain in the growing market

Deep dive country level analysis of the industry