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Antimicrobial Additives Market is estimated to be valued at USD 3.22 Bn in 2024

Antimicrobial Additives Market is estimated to be valued at USD 3.22 Bn in 2024 - Coherent Market Insights

Publish In: Mar 13, 2024

The antimicrobial additives market is estimated to be valued at USD 3.22 Billion in 2024, growing at a CAGR of 6.7% over the forecast period (2024-2031). Furthermore, rising healthcare expenditure along with growing consumer awareness regarding hygiene products are fueling the growth of the market.

Market Dynamics

The growth of the antimicrobial additives market is driven by the increasing demand for antimicrobial products from various end-use industries such as healthcare, packaging, and food and beverages. Strict regulations regarding hygiene and use of antimicrobial additives in these industries are also propelling the market growth. The packaging industry is increasingly using antimicrobial additives to prevent the microbial degradation of packaged products and increase their shelf life. On the other hand, the food and beverages industry adopts antimicrobial packaging solutions to prevent the spoilage of food and beverages during transportation and storage. Moreover, growing awareness among consumers regarding hygiene and health is further augmenting the demand for antimicrobial packaging from the food industry.

Increasing demand from end-use industries is driving growth in the antimicrobial additives market

The major end-use industries of antimicrobial additives include packaging, consumer goods, medical, construction, and others. There has been a rising demand for antimicrobial additives from these industries mainly due to growing awareness about the hygiene and prevention of microbial contamination. The packaging industry extensively uses antimicrobial additives to prevent bacterial and fungal growth on food packaging surfaces and extend the shelf life of packaged foods. Similarly, in the consumer goods industry antimicrobial additives are added to various products like fabrics, household goods, personal care items, etc. to prevent microbial deterioration. The medical industry also uses antimicrobial additives in medical devices and equipment as well as for various therapeutics and wound care applications. Overall the growing demand from end-use industries is a key driver boosting the antimicrobial additives market growth.

Concerns about toxicity are restraining the growth of certain antimicrobial additives

While antimicrobial additives provide important benefits, some commonly used antimicrobial chemicals raise concerns about potential toxicity if excessive amounts are used or if exposed to these chemicals for long periods. For example, triclosan and triclocarban which are commonly added to personal care products have been found to disrupt hormone functions. Prolonged occupational exposure to biocides used as disinfectants can also pose health risks. Regulatory agencies are introducing more stringent restrictions on certain antimicrobial agents due to their potential toxic effects. This is hampering the growth for some types of traditional antimicrobial additives and spurring the development of safer alternatives. Product safety-related concerns and regulatory issues pose a challenge for the antimicrobial additives market to some extent.

Development of newer formulations is opening new opportunities

To overcome restraints related to toxicity of certain agents, additive manufacturers are developing newer antimicrobial formulations using safer ingredients. For example, natural active ingredients with antimicrobial properties derived from plants are gaining popularity. Nanotechnology is also being applied to develop novel formulations with enhanced efficacy at lower inclusion rates. New opportunities are arising from use of silver-based additives, organic acid-based additives, and other innovative materials in various end-use applications. Rising focus on the development of multifunctional and eco-friendly antimicrobial solutions presents significant growth prospects for market players.

Raw material price volatility poses a challenge

The key raw materials used for manufacturing antimicrobial additives include metals, minerals, and organic compounds. Prices of these raw materials tend to fluctuate due to variation in supply and demand forces affecting commodities markets globally. For example, silver and copper which are popular antimicrobial actives witnessed price fluctuations in recent years. Frequent changes in raw material prices add an element of unpredictability to antimicrobial additive production costs. This poses a challenge for manufacturers to maintain stable product prices. Volatility in raw material prices can negatively impact the business prospects of antimicrobial additive suppliers to some extent.

Growth of the medical textiles industry offers new opportunities

Medical textiles incorporating antimicrobial additives are gaining importance due to their hygienic properties. These textiles find applications in surgical wear, bandages, wound dressings, beddings, etc. With rising healthcare spending and growing focus on hygiene in medical facilities, the demand for medical textiles has been surging globally. This has created new opportunities for use of antimicrobial technologies in this niche market. Manufacturers are innovating functional textile materials embedded with various additives including silver based, organic acid based, and other antimicrobial agents. The medical textiles segment within the technical textiles industry offers lucrative prospects for additive suppliers to tap into.

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Key Development

  • In January 2022, Polygiene AB, a prominent provider of antimicrobial solutions, announced a significant agreement to acquire SteriTouch, a leading company in the antimicrobial additives market. This strategic transaction was in line with Polygiene AB's new growth strategy and aimed to leverage SteriTouch's Biomaster antimicrobial business. By acquiring SteriTouch, Polygiene AB sought to enhance its position in the antimicrobial market and expand its portfolio of innovative solutions, thereby strengthening its presence in the industry.
  • In July 2023, BioCote Limited, a U.K.-based company specializing in antimicrobial technology, entered into a strategic partnership with Eco Finish, a leading provider of pool surface coatings. The partnership aims to leverage BioCote Limited's antimicrobial technology to enhance the safety and protection for swimmers by incorporating antimicrobial additives into the pool surface coating. This innovation can help inhibit the growth of bacteria, algae, viruses, and other microbes, providing an added layer of protection for swimmers.
  • In April 2023, Microban International, a well-known leader in antimicrobial technology solutions, announced a strategic partnership with Berry Global, a prominent manufacturer of packaging and engineered products. This collaboration was formed to introduce Color Scents scented trash bags integrated with Microban's antimicrobial technology. By combining Berry Global's manufacturing expertise with Microban's market leadership in antimicrobial solutions, the partnership aimed to provide consumers with innovative scented trash bags that not only offer odor control but also inhibit the growth of bacteria and microbes, enhancing overall hygiene and freshness.
  • In April 2022, Momentive Performance Materials Inc., a renowned global leader in specialty chemicals and materials, unveiled its strategy to relocate its Tarrytown, New York facility and establish a Global Innovation Center (GIC). This new center was meticulously planned to function as a focal point for research and development (R&D) endeavors, alongside providing office space to facilitate enhanced exchange and collaboration of ideas. Additionally, the GIC was envisioned to accommodate a development facility dedicated to creating innovative, trend-centric solutions that would bolster the expanding performance additives business segment.

Key Players

  • NanoBioMatters Industries S.L, BASF SE, RTP Company, Milliken Chemical, BioCote Limited, Microban International, Clariant AG, PolyOne Corporation, Momentive Performance Materials Inc., Life Materials Technologies Limited, SteriTouch Limited, Sanitized AG, Dow Inc., LyondellBasell Industries Holdings B.V., Plastics Color Corporation, Lonza, AkzoNobel N.V., HeiQ Materials AG, Sarex, and Blend colors

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