The global antimicrobial coatings market is expected to reach USD 4,520.3 million by 2020, according to a new study by Grand View Research Inc. Growing demand for medical device coatings is expected to remain a key market driver over the next six years. In addition increasing market penetration of indoor air quality products, mainly in the U.S. is also expected to have a positive impact on the market over the forecast period.
Stringent regulatory scenario, primarily in Europe and U.S. on account of increasing health concerns and the issues and costs associated with product registration is expected to remain a key challenge for the industry participants over the next six years. Additionally, volatile prices of silver and other raw materials are also expected to have a dampening effect on market profitability.
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Further key findings from the study suggest:
- Global antimicrobial coating market volume was estimated at 310.3 kilo tons in 2013 and is expected to reach 589.8 kilo tons by 2020, growing at a CAGR of 9.8% from 2014 to 2020
- Surface modification coatings dominated the global market and as the leading product segment, accounted for 53.9% of total market volume in 2013. Global revenue for antimicrobial powder coatings is expected to reach USD 2,213.2 million by 2020, growing at a CAGR of 13.2% from 2014 to 2020.
- Indoor air quality emerged as the leading application market for antimicrobial coatings and accounted for 26.9% of total volume in 2013. Global antimicrobial coating demand for medical applications is expected to reach 151.6 kilo tons by 2020, growing at a CAGR of 10.2% from 2014 to 2020.
- North America dominated the global market and accounted for 39% of total market volume in 2013. North America along with being the largest market is also expected to be the fastest growing market for antimicrobial coatings, at an estimated CAGR of 10.6% from 2014 to 2020. European market revenue, on the other hand is expected to reach USD 1,043.9 million by 2020.
- The global antimicrobial coatings market is moderately concentrated with top four participants including AkzoNobel NV, Sherwin-Williams, Dow Microbial Control and Diamond Vogel accounting for over 40% of global demand in 2013.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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