Silver ion antimicrobial additives help enhance hygiene and suppress microbial growth in various applications like textiles, construction materials, and healthcare devices. They offer excellent antibacterial, antifungal properties and dissipate odors. With increasing health awareness and outbreak of infectious diseases, the need for products containing antimicrobial additives is rising. The global antimicrobial additives market features demand from end-use industries like indoor air quality control, healthcare, and food packaging.
The global Antimicrobial Additives Market is estimated to be valued at US$ 3.47 Bn in 2024 and is expected to exhibit a CAGR of 25.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity
Increasing prevalence of infectious diseases has augmented the need for advanced antimicrobial technologies. The ongoing COVID-19 pandemic has further highlighted the importance of clean surfaces and hygienic indoor environments in containing the spread of viruses and bacteria. This growing consumer emphasis on hygiene and wellness represents a key opportunity for silver ion antimicrobial additive manufacturers to develop innovative product formulations for various applications. Moreover, stringent regulations regarding anti-microbial properties of materials used in healthcare and food packaging sectors will continue driving demand.
Porter's Analysis
Threat of new entrants: The threat of new entrants in the antimicrobial additives market is moderate due to the presence of established key players and requirement of high initial investments.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of substitute products. Buyers can easily switch to alternatives if pricing is not competitive.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to availability of substitute raw materials. Switching costs are relatively low.
Threat of new substitutes: Threat of new substitutes is high due to easy availability of alternative antimicrobial technologies like UV treatment.
Competitive rivalry: The competitive rivalry in the market is high due to presence of numerous international and domestic players.
SWOT Analysis
Strength: Growing demand from end-use industries like healthcare, packaging, and construction. Antimicrobial additives help increase shelf life of products.
Weakness: Stricter regulations regarding use of certain chemicals. Potential health hazards of some antimicrobial agents.
Opportunity: Expanding application scope in water treatment, medical devices, furnishings. Rising consumer awareness about hygiene during COVID pandemic.
Threats: Growth of substitute technologies. Economic slowdowns affecting disposable incomes.
Key Takeaways
The global Antimicrobial Additives Market Demand is expected to witness high growth during the forecast period of 2024 to 2031. The market size for antimicrobial additives in 2024 is estimated to be US$ 3.47 Bn.
Regional analysis: Asia Pacific region currently dominates the market and is expected to remain the fastest growing region during the forecast period. Growth in countries like China, India is driven by increasing healthcare and packaging expenditure.
Key players: Key players operating in the antimicrobial additives market are NetApp Inc., Nutanix Inc., Dell EMC (Dell Technologies Inc.), Hewlett Packard Enterprise Co., Juniper Networks Inc., Western Digital Corp., Lenovo Group Limited, Liqid Inc., Fungible Inc. and TidalScale Inc. Players are focusing on new product development and capacity expansions to gain market share.
Explore more related article on this topic: https://www.pressreleasebulletin.com/antimicrobial-additives-market-demand/
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