Market Trends of Antimicrobial Plastics Industry
Healthcare Industry Driving the Market Demand
- The healthcare industry is the primary consumer of antimicrobial plastics. Antimicrobial plastics offer various advantages over conventional materials in the healthcare industry, such as cleanliness, sterility, convenience, ease of use, and low cost.
- Complex epidemiological situations, healthcare-associated infections (HAIs), microbial contamination, nosocomial infections, and infection risks in hospitals and dental equipment drive the need to use antimicrobial plastics to prevent microbial infections.
- The need for recycling disposable medical products provided innumerable opportunities for the development of antimicrobial solutions.
- Antimicrobial plastics are used in dental surgeries, hospitals, and care homes, primarily for products such as cubicle curtains, beds, nurse call systems, handrails, floors, door handles, pull cords, and case note holders.
- In addition, antimicrobial plastics are used for manufacturing medical devices, such as tubing, connectors, syringes, and connectors, as well as a wide variety of molded parts.
- Thus, with the increasing healthcare-associated infections in the healthcare industry, the usage of antimicrobial plastics is expected to increase significantly over the forecast period.
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Asia-Pacific to Dominate the Market
- The antimicrobial plastics market in Asia-Pacific is expected to grow fastest during the forecast period. The expansion of the packaging industry in the region is driving the growth of the market. China has the largest market share in the region, as plastics consumption has expanded significantly. This upward trend is expected to continue during the forecast period.
- In the Asia-Pacific region, with increasing production in industries such as consumer goods, food and beverages, and automotive, the demand for antimicrobial plastics is expected to increase significantly.
- In the 2023-24 Union Budget, the government of India earmarked a sum of INR 89.16 billion (equivalent to USD 10.76 billion) for the Ministry of Health and Family Welfare (MoHFW). This allows the healthcare centers and hospitals in India to develop and improve their usage of medical products that are made of antimicrobial plastics, ensuring the safety of the customers and patients.
- The Asia-Pacific healthcare industry has been witnessing huge investments in countries such as India, Indonesia, South Korea, and Vietnam. The region has been focused on developing its healthcare infrastructure due to the growing aging population and increasing medical spending.
- As per OICA, the global automotive industry is currently growing at a substantial rate of 6% in 2022 over 2021. In 2022, various developed and developing countries across the world, including China, South Korea, India, and others, experienced an increase in automotive production. In 2022, over 85 million units of motor vehicles were manufactured.
- As per Microban, cars are subjected to many contaminants on a daily basis. These include drivers, young children, animals, food deposits, and even temperature changes. This allows the usage of antimicrobial plastics creating cleaner car interiors with built-in antimicrobial technology so as to remove the bacteria and keep the vehicle safe.
- Moreover, the region is expected to witness the fastest growth in the global packaging industry, where countries such as China and India have been leading the market. Factors such as e-commerce, online food deliveries, and innovation and development in the packaging industry are expected to drive the packaging industry’s growth in the region.
- As per IBEF, India is gaining prominence as a significant global exporter of packaging materials. The export of packaging materials from India witnessed a CAGR of 9.9%, increasing from USD 844 million in 2018-19 to USD 1,119 million in 2021-22.
- Hence, all such market trends are expected to drive the demand for antimicrobial plastics in the global market during the forecast period.
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