Antimicrobial coatings are used to protect surfaces from micro-organisms including parasites, bacteria, germs and fungi. Initially introduced to inhibit the effect of micro-organisms in the surfaces to which they were applied to; increasing health concerns regarding the effect of such micro-organisms on human heath, have seen antimicrobial applications cover both human and surfaces. Growing demand for coatings in healthcare and medical device applications is expected to drive the antimicrobial coatings market. Increasing demand for indoor air quality and HVAC systems is also expected to augent anitmicrobial coatings market demand. However, health concerns regarding the use of silver in antimicrobial coatings coupled with high degree of regulatory intervention, particularly in the U.S. and in Europe is expected to a key challenge for market growth. Huge untapped potential, mainly in Asia Pacific and Latin America is expected to be a major opportunity for industry participants in the near future.
Key product segments analyzed and reported in the study include antimicrobial powder coatings and surface modification and coatings. Surface modification and coatings dominated the global antimicrobial coatings market, accounting for over 50% of the total demand in 2013. These products have been further segmented as E.Coli, listeria and pseudomonas among others. However, antimicrobial powder coatings are expected to be the fastest growing product segment at an estimated CAGR of 10% from 2014 to 2020. The global market for silver powder based antimicrobial coatings was valued at USD 556.9 million in 2013 and is expected to grow at a CAGR of 13.1% from 2014 to 2020.
Major applications covered in the study include indoor air quality, mold remediation, medical/healthcare, antimicrobial textiles, construction and others. Indoor air quality was the largest application for the antimicrobial coatings market, accounting for over 25% of overall volume in 2013. In addition of being the largest market, indoor air quality is also expected to be the fastest growing application market for antimicrobial coatings at an estimated CAGR of 10.3% from 2014 to 2020. The global demand for antimicrobial coatings in construction industry is expected to reach a market worth USD 312.9 million by 2020, growing at a CAGR of 11.3% from 2014 to 2020.
Global Antimicrobial Coatings Market Volume, by Product, 2013
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North America emerged as the largest regional antimicrobial coatings market in 2013, accounting for over 35% of total demand. In addition of the being the largest market, North America is also expected to be the fastest growing market for antimicrobial coatings at an estimated CAGR of 10.6% from 2014 to 2020. High standards of living and increasing healthcare expenditure mainly in the U.S. is expected to remain a key driving factor for the market over the forecast period. However, growth of major end use industries such as medical, construction and food mainly in China and India will serve as major opportunities for companies to invest in Asia Pacific. Asia Pacific antimicrobial coatings market revenue was estimated at USD 532 million in 2013 and is expected to grow at a CAGR of 12.4% from 2014 to 2020.
The global antimicrobial coatings market has medium concentration levels with top four companies accounting for under 50% of total revenue in 2013. The market also displays somewhat oligopolistic characteristics, with a few multinational corporations accounting for a large chunk of the total revenue generated by the industry. Key industry participants include AkzoNobel NV, Dow Microbial Control, Sherwin-Williams, and Diamond Vogel.