Antimicrobial plastics markets are currently in the development stage with healthcare segments such as utilities and medical devices continuing to be forerunners in the adoption of these products as per Frost & Sullivan. Antimicrobial plastics have proved hugely beneficial for the healthcare industry. With the alarming rise in hospital-acquired infections, antimicrobial plastics are being used in areas such as air vents to prevent the transfer of communicable diseases. The buildup of awareness on the advantages proffered by these products has been largely responsible for this growth spurt. The healthcare sector is an established market for antimicrobial plastics, with many emerging applications in this particular arena. The spawning of new applications in the industrial and consumer product sectors has enabled the market to continue on its current upward trajectory.
Opportunities abound in the industrial segment, which is in the initial stages of growth, and customers are realizing the benefits of using an antimicrobial-incorporated product. Compared to the medical and healthcare segment, this is a less regulated space except for packaging applications that cater to the food and beverage industry and other food contact vessels and equipment. Other high-growth areas include the sportswear and equipment segments, particularly in North America and Europe, where high awareness levels have translated into better product uptake. Moreover, high per capita income in these regions favors the use of antimicrobial plastics in sports equipment. Original equipment manufacturers (OEMs) within the consumer goods sector consider the antimicrobial property to be a perfect value addition to their product lines, and this has proved to be a good marketing tool.
Although the North American and European markets have witnessed robust growth, the Asian markets, particularly India and China, are the new hotspots, where untapped potential must be harnessed. Most Asian countries have high population density and low per capita income, resulting in poor hygienic conditions, greatly amplifying the need for antimicrobial plastics in these countries. However, issues surrounding affordability and low awareness hamper progress in the Asian markets. Further, the lack of stringent regulations in the antimicrobial consumer products segment has encouraged some manufacturers to make false claims regarding the antimicrobial property and performance of their product. As some products have fallen short of expectations, the rising level of angst among customers is reigning in market growth.
Strategies adopted by a few companies to reduce the cost of end products are likely to result in the removal of antimicrobial protection from these products. This aspect is also negatively impacting market dynamics. Due to the global economic slowdown, manufacturers of consumer products are forced to resort to measures to ensure that products remain cost-effective for consumers. Consequently, manufacturers of high-volume regions especially Asia, neglect the addition of antimicrobial protection as it would keep product costs at the minimum. Participants must identify application areas that are not cost sensitive, such as heating, ventilation, air conditioning (HVAC), to circumvent price challenges and navigate a path to profitable growth. In addition, resin manufacturers should identify application areas in regions such as Asia, Africa and Latin America that are not too cost sensitive.