With the number of positive COVID-19 cases increasing day by day and the absence of relevant vaccines, there is a strong demand for coatings such as antimicrobial plastics in various applications.
The COVID-19 outbreak affected the global economy and different industries throughout 2020. Unlike other sectors, however, the pandemic had a positive impact on the market for antimicrobial plastics, which demonstrated its crucial importance in containment of the pathogen.
The global health crisis raised awareness about the use and value of antimicrobial plastics in different applications, especially in the medical and healthcare sector. In this context, the demand for these materials is expected to experience relatively high growth in the medical industry compared to other sectors.
The size of the antimicrobial plastics market is estimated to grow from $ 36.9 billion in 2020 to $ 59.8 billion in 2025, at a CAGR of 10.1%. The market is mainly driven by the growing demand for antimicrobial plastics from applications such as packaging, automotive, consumer goods, medicine and healthcare, building and construction, among others.
According to a Markets and Markets report, the growing demand for antimicrobial plastics in upcoming applications has created several opportunities for manufacturers. APAC is the key market for antimicrobial plastics, globally, followed by Europe and North America. One of the main market drivers is the growing awareness of antimicrobial plastics in these regions.
Opportunities: growth of the textile industry
According to data from the Federation of Chambers of Commerce and Industry of India (FICCI), the global textile industry was valued at $ 750 billion in 2017, which represents approximately 2% of global GDP. India and China are among the largest textile markets and are expected to have a high growth rate of around 11% in the next decade to reach a market size of USD 660 billion by 2025. The top eight consumer nations of Together, textiles represented 70% of the global textile market.
