Packaging, healthcare will drive growth of antimicrobial plastics market to $3.6 billionPackaging, healthcare will drive growth of antimicrobial plastics market to $3.6 billion
Packaging and healthcare applications are the two major drivers of the antimicrobial plastics market, which is projected to record a 10% compound annual growth rate (CAGR) between 2015 and 2020, reaching a value of approximately $3.6 billion in five years. While the United States is currently the largest consumer of antimicrobial plastics, it will be overshadowed by emerging economies in the near future, according to a report from MarketsandMarkets (Dallas, TX).
April 15, 2015
Changing consumer lifestyles and increased urbanization are generating demand for products with antimicrobial properties, notes Antimicrobial Plastic Market by Type (Commodity, Engineering, and High Performance Plastics) and by Application (Packaging, Healthcare, Construction, Consumer Goods, Automotive, and Others) - Global Trends & Forecasts to 2020. Rising consumption of antimicrobial plastic products for applications in packaging and healthcare, as well as automotive and construction, are propelling growth.
Packaging and healthcare are the two major applications of the antimicrobial plastics market, and they are projected to dominate the global market by 2020, says the report. This expansion will be supported by innovations coming through the pipeline that inhibit microbial growth on the surfaces of plastic products and medical equipment. Automotive applications also are trending upward, as plastics replace metal and glass to achieve lightweighting goals.
The report predicts that Asia-Pacific ultimately will dominate the antimicrobial plastics market, accounting for the highest growth rate between 2015 and 2020. China is estimated to be the top consumer of antimicrobial plastics in the region in 2014, and is projected to register a high CAGR between 2015 and 2020. The United States will cede its position as the largest antimicrobial plastics consumer globally, as many leading producers shift production and distribution to Asia-Pacific and South America to tap growing market demand for antimicrobial plastics in these regions, according to the report authors.
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