The global cold plasma market is projected to reach USD 2.91 billion by 2021 from an estimated USD 1.38 billion in 2016, at a CAGR of 16.2%. Factors such as environment-friendliness; innovations in textile production; growing food safety concerns; innovations in cold plasma technology; and the increasing use of cold plasma in meat and poultry packaging decontamination are driving the growth of the global cold plasma market.
The medical industry segment is the fastest growing industry segment of the global cold plasma market. . The benefits of cold plasma technology in wound healing applications—faster healing and better results, sterilization efficiency, & cost-effectiveness as compared to conventional methods are driving the growth of this industry segment. Moreover, significant use of cold plasma in blood coagulation, dentistry, and cancer treatment are further propelling the growth of cold plasma medical industry.
Within the textile industry market, finishing application segment is the fastest-growing segment during the forecast period, followed by the sterilization application segment. Factors such as less chemical consumption, improved wettability and less water consumption are the growth of cold plasma finishing market. On the other hand, plasma technique has proved to be more cost-effective and environmentally friendly as compared to conventional treatments for textile finishing.
Among regime, the atmospheric cold plasma is gaining wide acceptance and growing at a higher rate in comparison with low-pressure cold plasma owing to its cost-effective and environment friendly nature. However, in some cases, the low-pressure cold plasma method is still being used owing to its well-controlled and reproducible nature.
Europe is expected to account for the largest share of this market in 2015 and will continue to dominate the market during the forecast period. However, APAC is the fastest-growing regional segment in the global cold plasma market. This growth is mainly attributed to the rising economical, commercial, and infrastructural activities in emerging countries such as China, India, Thailand, Indonesia, and Vietnam. Moreover, manufacturing and sales for cold plasma products have increased in Japan, China, and Southeast Asia owing to the rapidly growing electronics & semiconductor industry.