Hydrophilic Coatings Market– Statistics And Analysis & Forecast To 2025Posted by Mrudula Anil Karmarkar on April 5th, 2021 The global hydrophilic coatings market size is expected to reach USD 14.74 billion by 2025, according to a new report by Grand View Research, Inc. Growing demand for hydrophilic coatings in medical and automotive application is expected to complement market growth over the forecast period. The prevailing pandemic situation has led to weakened demand for paints and coatings in automotive, construction, electronics, and white goods. The path to recovery of growth for the industry is highly dependent on the duration of restrictions imposed and their influence on economic activity across the globe. Contrary to the trend prevalent in the industry in general, certain segments of the market such as antimicrobial coatings are witnessing a surge in demand in healthcare and food industries. The report will account for Covid19 as a key market contributor. The demand for hydrophilic coatings is high in the medical devices and equipment industry as the industry consumes a significant amount of the overall coatings manufactured. The product creates a lubricious surface resulting in the reduction of medical device stiction, thereby aiding the device positioning by reducing the risk of infection. As a result, the demand for the product is expected to grow significantly over the forecast period. The surface wettability of materials plays a key role in ensuring the safety and comfort of the drivers, irrespective of the weather conditions. As a result, the hydrophilic coatings are applied on the windshields and mirrors of the vehicles. In addition, the coating generates a good water run-off which enables its use in the evaporators of automotive systems, driving its demand in the automotive industry. The hydrophilic coating market is highly competitive on account of low product differentiation. The major players in the market including Biocoat Inc., Aculon Inc., Harland Medical Systems Inc., and Surmodics Incorporated are constantly undergoing strategic alliances and diverse product innovations to gain market share. Further key findings from the report suggest:
The medical devices & equipment segment is expected to grow at a CAGR of over 6.2% over the forecast period. The penetration of the segment is high on account of the utilization of the coating in the manufacturing of catheters, guidewires, syringes, and much more to ensure the efficient flow of blood and other liquids. The growth of the hydrophilic coating industry in the U.S. is expected to be in line with the growth of the medical device industry as the majority of the product in the country is used in the manufacturing of medical equipment. In addition, the demand in the U.S. is expected to witness growth owing to the development of new aerospace and defense projects. The fluctuation in the prices of the raw materials directly affects the cost of manufacturing of the coatings. As different types of chemicals are crucial in determining the properties of the substrate on which the coating is to be applied, the stability in the prices of these chemicals aid in stabilizing the overall processing cost of the coatings. The waviness in the appearance of the glass during the presence of water and lack of impact or scratch resistance of the coatings is expected to restrain the market growth. In addition, the low shelf life of the product owing to low adhesion to surface characteristic is also likely to restrain market growth over the next nine years. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/3379/ibb The companies operating in the industry market their products with customization services. As the chemical composition of the hydrophilic coatings changes on the basis of its application, the companies provide numerous technical services to the customers. In addition, the small-scale players cater to their local market with highly customized services and products. Majority of the companies in the market are vertically integrated. This provides the companies with an improved product portfolio that accounts for higher sales. The companies also invest in the research and development activities to enhance the manufacturing efficiency by improving the preparation processes and lower the levels of VOC emissions. Grand View Research has segmented the hydrophilic coatings market on the basis of substrate, application, and region: Hydrophilic Coatings Substrate Outlook (Volume, Kilotons; Revenue, USD Million; 2014 - 2025)
Hydrophilic Coatings Application Outlook (Volume, Kilotons; Revenue, USD Million; 2014 - 2025)
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For More Information:www.grandviewresearch.com Like it? Share it! More by this author |