by Antimicrobial plastics are commonly used in the healthcare industry due to their ability to inhibit microbial growth. These plastics find wide applications in medical devices such as catheters, surgical instruments, bandages, and others. The growing prevalence of hospital-acquired infections and the focus on patient safety has increased the demand for antimicrobial plastics globally. According to the WHO, each year approximately 1.4 million people contract healthcare-associated infections such as surgical site infections, urinary tract infections, and pneumonia during their treatment in hospitals. Plastics incorporated with antimicrobial additives help contain the spread of such infections, thus improving patient outcomes.
The global Antimicrobial Plastics Market is estimated to be valued at US$ 32.42 Bn in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the antimicrobial plastics market is the growing demand from the food packaging industry. Plastics incorporated with antimicrobial additives help extend the shelf life of packaged food by preventing microbial spoilage. They inhibit the growth of microbes like bacteria, yeast, and mold. This provides fresher and safer food to consumers. In addition, antimicrobial packaging reduces food wastage by curbing microbial decay during transportation and storage. With rising health consciousness, consumers are increasingly preferring food packaged using antimicrobial plastics. This factor is expected to fuel the demand over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the antimicrobial plastics market is moderate as large capital investments are required for R&D and production facilities.
Bargaining power of buyers: The bargaining power of buyers is moderate as the market has many established players however buyers can negotiate on price and drive cost savings.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many raw material suppliers and established supply chains.
Threat of new substitutes: The threat of new substitutes is low as antimicrobial plastics provide unique benefits in terms of safety and durability.
Competitive rivalry: The competitive rivalry in the market is high as players are investing heavily in innovation and expanding their regional presence.
Key Takeaways
The Global Antimicrobial Plastics Market Size is expected to witness high growth over the forecast period. Regionally, North America is expected to dominate the market owing to rising healthcare expenditure and increasing awareness. The Asia Pacific region is expected to grow at the fastest pace due to growing healthcare and food packaging industries.
Key players operating in the antimicrobial plastics market are Pfizer Inc., Abbott Laboratories, AstraZeneca Plc., Novartis AG, Merck & Co. Inc., Teva Pharmaceutical Industries Ltd., Amgen Inc., Bristol-Myers Squibb Company, Eli Lilly and Company, GlaxoSmithKline plc, Johnson & Johnson Services, Inc., Sanofi S.A., Stryker Corporation, Zimmer Biomet Holdings, Inc., Medtronic plc. Major players are focusing on new product development and capacity expansion strategies to strengthen their market position.
