Key Trends and Analysis of Hydrophilic Coatings Market:
Based on end-use, the healthcare segment dominated the global hydrophilic coatings market in 2016 and is expected to lead the market throughout the forecast period. Furthermore, the growing demand for hydrophilic coatings in automotive sector is expected to boost the growth of this market during the forecast period, due to its anti-icing and anti-fogging properties on flat glass.
Based on substrate, polymers segment accounted for the major share in the hydrophilic coatings market in 2016, due to the rising demand for polymer substrates including silicone, polyurethane, nylons, poly methyl methacrylate (PMMA), and polycarbonate. Furthermore, increasing applications of glass substrate in the automotive, marine, healthcare, and aerospace industries are expected to propel the growth of the hydrophilic coatings market during the forecast period.
Global hydrophilic coatings market was valued at US$ 9.58 Billion in 2016, according to Global Hydrophilic Coatings Market Report by End-Use Industry (Healthcare, Automotive, Aerospace, Marine, Optics, and Others), by Substrate (Polymers, Glass, Metal, Nanoparticles, and Others), published by Coherent Market Insights. The hydrophilic coatings market is expected to register a CAGR of 7.07% over the forecast period (2017 – 2025) to reach US$ 17.66 Billion by 2025.
The major factors propelling the growth of this market include its diversified characteristics, such as low friction coefficient, low particulate count, and high lubricity. Furthermore, its wide application in end-use industries, such as healthcare, aerospace, marine, and automotive are another factors supporting the growth of this market currently. In addition to this, the superiority of these coatings over conventional lubricated coatings including silicone oil and glycerin is boosting the growth of global hydrophilic coatings market, owing to the conventional coatings, which have higher possibility of getting separated from the medical devices when being used and may cause high injury risk. Low shelf life and high production costs are some of the major factors hindering the growth of this market.
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Key Takeaways of the Market:
North America dominated the global hydrophilic coatings market by US$ 3.59 billion in 2016. The region is projected to witness a CAGR of 5.37% in terms of revenue during the forecast period (2017 – 2025). The dominance is majorly attributed to the wide application of hydrophilic coatings across industries including healthcare, automotive, and aerospace. The steadily growing automotive sector in the region is largely supporting the growth of this market. According to the International Organization of Motor Vehicle Manufacturers (OICA), in 2016, a total of 2,370,271 vehicles were manufactured alone in Canada including cars and commercial vehicles, which resulted in a significant growth of the hydrophilic coatings market due to its wide application in car windshields and rear-view mirrors.
Asia Pacific is projected to be the fastest growing market, witnessing the highest CAGR of 8.83% during the forecast period, owing to the rising demand for hydrophilic coatings from the healthcare sector. In addition to this, the rapidly growing geriatric population in East Asia is further aiding to the growth of this market. According to the World Bank, the population in East Asia is aging faster than any region and by 2060, around 20% of the world’s geriatric population is expected to be in East Asia. Furthermore, the geriatric population holds a fair share of the total population in some of the wealthiest economies such as Singapore, South Korea, and Japan. Increasing healthcare spending in these economies would pose a positive impact on the growth of the hydrophilic coatings market in these economies.
Major players operating in the global hydrophilic coatings market include SurModics Inc., Aculon Inc., Surface Solutions Group LLC, Hydromer Inc., Teleflex Incorporated, AdvanSource Biomaterials Corp., Koninklijke DSM N.V., Covalon Technologies Ltd., and Harland Medical Devices.
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