According to a report published by Grand View Research, Inc.; the hydrophilic coatings market is expected to reach a valuation of around USD 17.74 billion by 2025.
Increasing demand in automotive and medical application can propel the market during the forecast period (2014 to 2025).
Demand for product is high in medical devices and equipment industry. These coatings form a lubricious surface, which reduces stiction in medical devices and minimizes the chances of infection. This is expected to boost the product demand in the coming years. These coatings are extensively used in making of mirrors and windshield of the vehicles. The surface wettability of materials helps to ensure the safety and comfort of the drivers in hostile weather conditions. Additionally, these coating creates a decent water run-off, therefore used in evaporators of automotive systems. This is expected to increase its demand in automobiles.
Worldwide hydrophilic coatings market can be segmented on the basis of substrate and application. As per substrate, the market can be classified into polymers, glass, metal, nanoparticles, and others.
Full Research Report On Hydrophilic Coatings Market Analysis: https://www.grandviewresearch.com/industry-analysis/hydrophilic-coatings-market
The nanoparticles segment is expected to grow at a CAGR of 5.2% during the forecast period. Increasing developments and use of nanotechnology and nanomaterials in application industries dur to their greater physical, chemical, electronic, biomedical, and optical characteristics is likely to drive the segment growth. The polymer substrate estimated for 34.7% of the revenue share in 2016 due to their low cost and characteristics such as versatility, lightweight, high durability, and flexibility. The aluminum segment is expected to grow on account of growing use in manufacturing of automobile components and medical equipment. In 2016, the demand for the coatings for glass substrate segment was valued at USD 1,665.5 million due to use of hydrophilic glass in the manufacturing of optical lenses, mirrors, eyeglasses, and instruments applicable in humid environments.
Based on application, the market can be categorized into automotive, aerospace, optical, medical devices and equipment, marine, and others.
The medical devices and equipment segment is anticipated to expand a CAGR of over 6.2% during the projected period. These coatings are highly useful in manufacturing of guidewires, catheters, and syringes. In 2016, automotive segment estimated for 21% share of total revenue. This segment is likely to grow at a CAGR of 5.6% during the forecast period. Use of these coatings on metal, glass, and polymer substrate in this industry. These coatings are applied to mirrors, glass of windshield, and vehicle body. The optical segment is expected to show slow growth due to its less utilization. Increasing application of hydrophobic coatings is expected to hinder the growth of the segment and market. The aerospace segment is anticipated to grow at a CAGR of 4.6%. These coatings are applied on aircrafts for creating a smooth outer surface and providing additional protection.
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Geographically, the market can be divided into North America, Asia Pacific, Europe, Central and South America, and Middle East & Africa.
Asia Pacific is anticipated to exhibit rapid growth in terms of revenue with a CAGR of over 6.2% during 2016 to 2025. Factors such as increasing investment in the development of medical infrastructure, rise in manufacture of medical devices can have positive impact on the market. In addition, growing production of automotive in emerging countries such as India and China are expected to boost the product demand in this region.
In 2016, Europe reported as the second largest market and is estimated for over 25% of overall market. The market becomes dynamic after BREXIT and expected to have negative impact on the market. Since the U.K. is one of the attractive markets for these products. The manufacturers are also shifting their focus on other regions such as Asia Pacific and Middle East.
Some of the leading companies operating in the market include Abbott Laboratories Inc.; Corning Inc.; Biocoat, Inc.; Harland Medical Systems Inc.; and Aculon, Inc.
The major participants in the market provides customized services. Since the chemical composition of these coatings changes according to its application.
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