The Antimicrobial Plastics Market is estimated to be USD 29.6 billion in 2018 and is expected to reach USD 43.1 billion by 2023, at a CAGR of 7.8% during the forecast period. Factors such as rising consumer awareness pertaining to the importance of antimicrobial plastics, rapid urbanization, growing population in APAC and South America, and increasing demand from the healthcare sector are driving the market.
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The growth of the antimicrobial plastics market has been largely influenced by new product launch/development. The adoption of the strategy of new product launch/development has helped companies to strengthen their product portfolio and meet the specific demands of customers. Companies such as DowDuPont (US) and Microban International Ltd. (US) are adopting these strategies to maintain their premium position in the market.
DowDuPont is one of the leading players in the antimicrobial plastics market. The company is focusing on enhancing its product portfolio by the launch of new products for various applications to expand its business. For instance, in May 2015, the company developed a range of specially formulated sanitizers. The new product helps in reducing contamination on a variety of surfaces such as plastic, stainless steel, and aluminum. Similarly, Microban International Ltd. introduced a new product line for antimicrobial applications in refrigerators, laundry, and dishwasher gaskets.
Companies also adopted contract & agreement as a strategy to expand their market presence. For instance, in June 2015, King Plastic Corporation (US) entered into a license agreement with Gelest Inc. (US) for the use of Biosafe antimicrobial additive. The antimicrobial additive is bonded at the molecular level and does not lose its efficacy even during heavy abrasion occurring during its application. Similarly, Parx Plastics N.V. (Netherlands) entered into an agreement with Nexeo Solutions (US) for the distribution of its products containing antiseptic and antibacterial properties. This agreement helped the company in expanding its presence in Europe.
BASF SE (Germany) is also amongst the leading suppliers of antimicrobial plastics. It caters to the demand for specialized antimicrobial plastics in North America, South America, the Middle East & Africa, Europe, and APAC. The company has a strong foothold in the market in APAC, North America, and Europe, generating a majority of its revenue. It has expanded its R&D centers and floor capacity by continuously investing in the expansion of laboratories, which enables the company to cater to the demand of customers effectively.
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