Rise in demand for protective clothing amidst pandemic and increase in application in the medical industry drive the growth of the global anti-viral coatings market
PORTLAND, Ore., Aug. 19, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Anti-Viral Coatings Market by Type of Coating (High-Performance Coatings, Nano Coatings, and Others), Type of Material (Graphene, Silver, Silicon Dioxide, Copper, and Others), Application (Protective Clothing, Medical, Air & Water Treatment, Packaging, Building & Construction, and Others), and Form (Spray, Powder, Liquid, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027. According to the report, the global anti-viral coatings industry was pegged at $0.5 billion in 2019, and is projected to reach $1.3 billion by 2027, growing at a CAGR of 13.3% from 2020 to 2027.
Drivers, restraints, and opportunities
Rise in demand for protective clothing amidst pandemic and increase in application in the medical industry drive the growth of the global anti-viral coatings market. However, lack of R&D activities hampers the market growth. On the contrary, surge in investment from market players and government is expected to create lucrative opportunities for the market players in the future.
Anti-viral coatings are said to be effective against microorganisms, bacteria, and viruses, which has boosted the demand for anti-viral coatings during the pandemic.
However, disrupted supply chain and lack of raw materials have created a supply-demand gap.
The high-performance coatings segment dominated the market
By type of coatings, the high-performance coatings segment held the largest share in 20219, accounting for nearly half of the global anti-viral coatings market, owing to its wide use. However, the nano-coating segment is expected to register the highest CAGR of 13.7% from 2020 to 2027, due to ease of incorporating nanoparticles into the coating material.
The medical segment to portray the highest CAGR through 2027
By application, the medical segment is expected to register the highest CAGR of 13.8% during the forecast period. Moreover, the segment held the largest share in 2019, contributing to more than one-third of the global anti-viral coatings market, owing to wide use in medical products, surfaces, door handles, and devices that require regular cleaning and disinfection purposes.
North America held the lion's share
By region, the market across North America held the lion's share in 2019, accounting for around two-fifths of the market, owing to rise in demand from across the world during the COVID-19 pandemic as these coatings are effective in preventing the spread of the virus. However, the global anti-viral coatings market across Asia-Pacific is projected to manifest the highest CAGR of 13.4% during the forecast period, as it was highly affected by the pandemic and as soon as the economies recover, the investments in the anti-viral products will increase as it is a preventative measure.
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About Us: Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
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