The Southeast Asia Antimicrobial Coatings Market is projected to grow at a CAGR of around 12.35% during the forecast period, 2023-28, cites MarkNtel Advisors in their recent research report. The factors attributed to the growth in the demand for antimicrobial coatings are wide adoption by the manufacturing industries to prohibit the growth of microbes on the surfaces, increasing awareness among the mass population to depreciate the growing infection rate, etc. Companies are adopting antimicrobial coatings to provide protection for a longer duration of time & replace the usage of harsh disinfectants in the places such as hospitals, restaurants, hotels, and various others. The prevalence of high infection rates at hospitals & nursing homes has led to a rise in the demand for antimicrobial coatings on medical equipment, door knobs of hospitals, etc., from the healthcare industry.
Moreover, the primitive reason for the growth of antimicrobial coatings in Southeast Asia is the widespread adoption by the consumer goods industries. The requirement for antimicrobial coatings is enhancing in consumer goods industries, homecare products, and others since it provides germ-resistant surfaces on many household items such as refrigerators, dishwashers, stoves, and other appliances & fixtures. Additionally, the demand for antimicrobial coatings is also arising from manufacturers of consumer-related products, such as food containers, due to the growing customer awareness & surging apprehensions related to infections.
Furthermore, the stringent regulations regarding the use of active packaging solutions by the government of the countries such as Malaysia, Indonesia, etc., would further accelerate the adoption of antimicrobial coatings. These regulations would mandate the food & beverage industries to shift towards antimicrobial coatings to provide more durability to the packaging of the products & restrain the growth of microbes on the surfaces of packaging, thereby driving the market of antimicrobial coatings in the forecast years, further, states the research report, "Southeast Asia Antimicrobial Coatings Market Analysis, 2023."
Liquid Form of Antimicrobial Coatings Acquired Significant Share Owing to its Widespread Application
Based on the form, the market is segmented as Liquid, Powder, and Aerosol. Among them, Liquid Coatings are the most widely used since they are used by a wide range of industries, including automotive, food, and beverage. Antimicrobial coatings in liquid form are available in a variety of products, such as surface protectants, decorative paints, and lacquers. As a result of their highly soluble nature, industries prefer a liquid form of this coating as it provides a better finish & texture to the products.
Furthermore, due to their ease of use & solubility, liquid-based antimicrobial coatings are becoming increasingly popular among automotive manufacturers throughout the region. Furthermore, with the elevated manufacturing activities of automobile companies in Southeast Asia, including Toyota, Honda, Isuzu, and Nissan, the demand for liquid-based antimicrobial coatings is projected to expand in the coming years.
Indonesia Accounts for the Largest Share with the Presence of Several Production & Packaging Industries
Geographically, Indonesia acquired the largest share due to the presence of several Food & beverage industries, packaging units, etc. The major end-user of antimicrobial coatings in Indonesia is the aluminum can industry, with the greater adoption of cans in food & beverage, cosmetics, and home care products due to the rising demand for packaged food with longer shelf life.
As manufactured products are transported to many locations, the assurance that the product packaging is free from microbes drives the use of antimicrobial coatings by the food packaging industry. Moreover, the implementation of the trial plastic ban by the government of Indonesia would boost the demand for aluminum cans for product packaging, thereby expanding the usage of antimicrobial coatings in the forecast years.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including are PPG Industries, Inc., Everbrite, Inc., Akzo Nobel N.V., Axalta Coating Systems, Specialty Coating Systems, Inc. Koninklijke DSM N.V., The Sherwin-Williams Company, Toyo Ink Co. Ltd, TOA Paint (Thailand) Public Company Limited, Teknos Group, and Others, are looking forward to strengthening their market position.
Key Questions Answered in the Research Report