As per a newly published report on antimicrobial plastic by Fact.MR, a market research and competitive intelligence provider, the global market is projected to be valued at US$ 36.54 billion in 2022, and expand at a high CAGR of 7.2% over the period of 2022-2032. Demand for antimicrobial plastic is surging from the automobile and packaging sectors. There is increasing demand from the automotive industry where the use of plastic is necessary to improve fuel efficiency by making vehicles lighter and reducing corrosion due to salt and water on the metal surface.
The global plastic market was estimated at US$ 600 billion in 2021, having increased by US$ 100 billion since 2000. China is the biggest exporter of plastic globally. Plastics are widely used in packaging because they are very efficient. Being both, strong and lightweight, they facilitate easy transportation. Using less materials results in reduction in use of energy and lower greenhouse emissions.
Key Takeaways from Market Study
- By type, commodity plastics are projected to provide an absolute $ opportunity worth US$ 66 billion over the forecast period.
- Engineering plastic, on the other hand, is anticipated to account for 35.9% market share by 2032.
- By packaging application, use of antimicrobial plastics across geographies is anticipated to expand around 4X in market value by 2032.
- North America is projected to capture around 32% of the global antimicrobial plastic market share by 2032.
- Europe to provide an absolute dollar opportunity worth US$ 52 billion by 2032-end.
“As sustainability becomes vital for plastic manufactures, innovation in antimicrobial plastics is driving overall market growth” says a Fact.MR analyst
Setting up manufacturing facilities across high-potential regions and investing in research & development remains the top strategies for market players in the antimicrobial plastic market.
Plastic manufacturing companies are finding ways in which they can provide the convenience of plastic, protection of plastic, affordability of plastic, and safety of plastic, all together. Companies are aiming to reduce plastic waste by enabling 1 million tons of plastic to be collected, reused, and recycled through their direct actions.
More Valuable Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the antimicrobial plastic market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of type (commodity plastic, engineering plastic, high performance plastic) and application (packaging, automotive, medical & healthcare, consumer goods, building & construction, other applications), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
About the Chemicals and Materials Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned chemicals and materials team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the chemical & material industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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