Hydrophilic Coatings Market Estimated to Expand at a Robust CAGR by 2025
The hydrophilic coatings market will continue to flourish in the near future, according to a recent business and commerce study by Transparency Market Research (TMR), feeding off the prosperity of its various end use industries such as aerospace, automotive, and building and construction. The analysts of the report have notified that stockholders such as the manufacturers of hydrophilic coatings stand to gain an incrementing demand at an impressive CAGR of 8.8% during the forecast period of 2017 to 2025. In terms of revenue, the market for hydrophilic coatings is projected to provide opportunities worth US$1,026.6 mn by the end of 2025, substantially up from its evaluated valuation of US$481.6 mn in 2016.
Highly Fragmented Competitive Landscape
Having highlighted the profitability of the hydrophilic coatings market, the analysts have also emphasized on the competitive landscape, which is already fragmented with overall shares distributed among a large number of players. Royal DSM, Aculon Inc., Biocoat, Inc., Advasource Biomaterials Corporation, Corning, Inc., Hydromer, Inc., Surmodics Incorporated, Abbott Laboratories Inc., and AST Products, Inc. are some of the key companies who are ahead of the curve. As per the calculations provided in the report, the top five companies of the hydrophilic coatings market managed to reserve merely 20% of the total shares in 2016.
Collaborations Key Strategy to Gain Greater Shares
Going forward, the focus of the companies aspiring greater shares would be on research and development of desirable technology that ideally meets the changing demands of its diverse consumers. In addition to that, strategic acquisitions are expected to pave a way for the companies to expand their geographical presence as well as gain from existent distribution network. For instance, AdvanSource Biomaterials Corporation, a well-known name in the development of advanced polymer materials for a range of medical devices, entered into a strategic alliance with Medibrane, Ltd in January 2017. This enabled the company to add to its technology repository and aspire quicker development of medical coatings.
Based on substrate type, the TMR report segments the hydrophilic coatings market into metals and metal alloys, polymers, glass, and other ceramics. Currently, the polymers segment provides for the lion share of demand, gaining popularity as they offer greater resistance to protein absorption while preventing swelling when exposed to tissues, bodily fluids, and water. Application-wise, the market has been bifurcated into aerospace, automotive, optical, buildings, and medical devices, which has been further sub-segmented into urology, cardiovascular, neurology, and general surgery. Among these, building and medical devices are the two most profitable market segments. Geographically, North America has been identified as the most lucrative region, gaining maximum demand from the developed country of the U.S., accounting for 35% of the total demand in the global hydrophilic coatings market in 2016.
Prosperity of End-use Industries Driving Demand
Hydrophilic anti-fog coating goes a long way towards eliminating small droplets that are formulated as a result of condensation of water, offering UV resistance, transparency, durability, abrasion resistance, and chemical resistance, and finds application in a number of end-use industries such as medical devices, building construction, and automotive. Radical growth of the medial device market is the primary driver of the global hydrophilic coatings market. Anti-fog coatings are also used for the manufacturing of protective sunglasses, windows, commercial freezers, consumer electronics, and watches. In fact, the analysts of this report on the global hydrophilic coatings market highlight that growing usage of hydrophilic coatings in the consumer electronics is a trend that can provide for vast new opportunities, gaining application for the production of LED, smartphones, projectors, and displays. On the other hand, low shelf life and high cost are two restraints hindering the prosperity of the global hydrophilic coatings market.