Global silver-based antimicrobial agent market was valued at 967 Million US$ in 2018 and is projected to reach 1334 Million US$ by 2024
Silver-based antimicrobial agent is a kind of antibacterial material. Antimicrobials agents are chemical compounds that kill microorganisms or inhibits their development. Silver, among its several useful properties, is recognized as a strong antimicrobial agent. Silver-based antimicrobial agent products are extensively used in medical and clinical outcomes. Silver first received regulatory approval for use as an antimicrobial agent in the early 20th century. However, its usage diminished in the 1940s with the introduction of antibiotics. Nonetheless, silver-based antimicrobial agents gained immense popularity again, particularly for the management of open wounds, pharmaceuticals and other applications.
Global silver-based antimicrobial agent market
was valued at 967 Million US$ in 2018 and is projected to reach 1334 Million US$ by 2024, at a CAGR of 5.51% during the forecast period
Silver-based antimicrobial agent products are extensively used in medical and clinical outcomes, which is a major factor driving the growth of the target market. Rising plastic and polymer industry is also positively impacting the growth of the silver-based antimicrobial agent market, as polymers are extremely versatile and when impregnated with silver nanoparticles to eliminate microorganisms, thereby further fueling the market growth. Various personal care products are silver based, which utilizes silver for its sanitizing effects. The diverse use of silver-based antimicrobial agents in personal care products such as shavers, toothbrushes and others are driving the growth of the market.
Volatile prices of raw material results in the high price of silver-based products as compared to other traditional antimicrobial agents might obstruct the growth of the silver-based antimicrobial agent market to a certain extent. However, textiles, consumer goods and packaging are growing industries in the Asia Pacific. Countries, for instance, China and India are investing the massive amount in developing these industries which are providing lucrative growth opportunities for key players in these regions.
Key players in global silver-based antimicrobial agent market include: BASF, Microban, Toagosei, Nafur, Koa Glass, Dow, Pure Bioscience, Ishizuka Glass Group, Sanitized, Sinanen Zeomic etc.