The cold plasma market was valued at USD 1,846 million in 2022, which is expected to reach USD 5,568 million by 2030, progressing with a CAGR of 14.80% during 2022–2030. This technology has various applications in the polymer & plastic, textile, semiconductor, food & beverage, and agriculture industries. Additionally, cancer treatment and wound healing could potentially witness an evolution with the usage of cold plasma.
In this regard, the increase in the R&D activities to treat cancer is expected to boost the market, as this technology has no known side-effect. For instance, in September 2022, US Medical Innovations LLC secured a USD 10.2-million private placement deal to support the development of its cold plasma generator for the selective treatment of cancer.
North America held the largest market share, of 44%, in 2022, attributed to the rising focus on research and the increasing investments to expand the application area of this technology. For instance, in November 2022, George Washington University (GW) and US Patent Innovations LLC signed a corporate research agreement worth USD 3.2 million to support the development of adaptive cold plasma devices for cancer therapy.
Europe also holds a significant share in the market, due to the advancement in the cold plasma technology in this region. For instance, in December 2022, it was announced that TDK Corporation will conduct more than 30 technology demonstrations in January 2023, in Las Vegas, Nevada. TDK plans to release multiple products and make numerous announcements related to partners. Among the products launched was the CeraPlas cold plasma generator for sterilization and disinfection, used in the development of devices that can inactivate viruses. TDK CeraPlas products include PiezoBrushes.
The CeraPlas technology is deployed via small handheld cold plasma systems that can operate with a battery. TDK CeraPlas products are ideal for printing, adhesion, cleaning, and varnishing.
Germany holds a significant share in the cold plasma market of Europe, attributed to the extensive research being carried out in the country on this technology. For instance, in September 2022, researchers at the Leibniz Institute for Plasma Science and Technology’s Centre of Excellence ZIK plasmatis demonstrated the inactivation of the coronavirus by cold physical plasma, which could become a promising way to control the current pandemic and the spread of other infectious diseases.
Asia-Pacific is expected to witness the highest revenue CAGR during the forecast period, because of the usage of this technology in the healthcare and textile industries, both of which continue to grow consistently, and the rising polymer output. For instance, in February 2022, KANEKA Corporation announced that its biodegradable polymer, Green Planet, will see a production increase in Japan, to up to 20,000 tons/year. This will lead to a rise in the demand for cold plasm and boost the revenue in this region.
Further, in December 2022, the Indian government decided to invest INR 36,000 crore in the textile sector. The government has offered incentives in power tariffs and steady rates for cotton, to provide a boost to the textile industry. Moreover, India’s free-trade agreement (FTA) with Australia, signed in December 2022, will be beneficial for Indian textile and garment exporters. Australia’s zero-import-duty access to India will provide a level playing field with the exports from Vietnam, Bangladesh, and China.
Some of the key players in the market are Apyx Medical Corporation, Nordson Corporation, Enercon Industries Corporation, Plasmatreat USA Inc., Thierry Corporation, Surfx Technologies LLC, Advanced Plasma Solutions, US Medical Innovations LLC, UNIQAIR Technologies Ltd., SOFTAL Corona & Plasma GmbH, Relyon Plasma GmbH, neoplas med GmbH, Terraplasma GmbH, Molecular Plasma Group, CINOGY System GmbH, Henniker Scientific Ltd., Coating Plasma Innovation, Ferrarini & Benelli Srl, COMET Plasma Control Technologies, Europlasma NV, Tantec A/S, Adtec Plasma Technology Co. Ltd., and PlasmaLeap Pty. Ltd..