Superhydrophobic Coatings Market: Snapshot
The global superhydrophobic coatings market is set to chart a high growth trajectory in the forthcoming years. Key reason supporting this projection is increased demand for superhydrophobic coatings from a wide range of industries. Building and construction, electronics and telecommunication, automotive, textile and leather, and medical and health care are some of the key end-user industries pushing the demand in the global superhydrophobic coatings market.
Superhydrophobic coating is thin surface layer. It is gaining traction from a wide range of industries owing to its ability to repeal water. Superhydrophobic materials are used in the manufacturing of these coatings. In recent years, some key industries such as construction, automotive, and consumer electronics are on rise. Thus, increased demand from these industries is expected to stimulate the growth of the global superhydrophobic coatings market in future.
Other reasons driving the demand for superhydrophobic coatings is their environmental-friendly nature. At the same time, they show superior compatibility with concrete, ceramics, masonry, and composite substrates. Increased use of these coating in waterproofing applications on cement walls, ceramic floor, wall tiles, and roofs in interior and exterior constructions is pushing the growth of the global superhydrophobic coatings market.
Vendors working in the global superhydrophobic coatings market are chasing diverse strategies to strengthen their market position. Some of the key strategies used in recent times are partnership agreements, alliances, mergers, acquisitions, and regional expansion. Many enterprises are focused on incorporation of advanced technologies in their manufacturing units. At the same time, they are also aiming at innovating their products. All these moves are helping vendors to gain leading position in the global superhydrophobic coatings market.
On regional front, the global superhydrophobic coatings market is spread across five key regions such as Latin America, North America, Europe, Asia Pacific, and the Middle East and Africa. Of them, Asia Pacific is projected to be one of the key regions showing prominent avenues for the market growth. One of the key reasons for this scenario is presence of sturdy construction industry in this region.
Superhydrophobic Coatings Market: Snapshot
The global superhydrophobic coatings market is fragmented and immensely competitive, making it well-poised to register a double-digit growth rate during the forecast period by revenue as well as volume. Although the need for high capital investment might appear as a major challenge for new entrants, innovation in product solutions and technologies present several opportunities for them in the superhydrophobic coatings market.
The thriving automotive, construction, and consumer electronics industries have fueled the demand for superhydrophobic coatings over the years. The market is projected to rise from a value of US$2.90 mn in 2015 to reach US$37.1 mn by 2024 at an astounding CAGR of 34.3% during the forecast period. By volume, the superhydrophobic coatings market will expand at a 37.3% CAGR from 2016 to 2024.
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Favorable Properties of Superhydrophobic Coatings Fueling Newer Applications
Superhydrophobic coatings find application in sectors such as electronics and telecommunication, textile and leather, building and construction, automotive, healthcare and medical, optical, and power generation.
In terms of demand, the electronics and telecommunication sector accounted for approximately 32.0% of the superhydrophobic coatings market in 2015. The segment is expected to witness significant growth during the forecast period owing to the increasing applications of superhydrophobic coatings in consumer electronics, semiconductors, and other electronic components.
The building and construction and automotive sectors are also a prominent end users of superhydrophobic coatings. Superhydrophobic coatings are environment-friendly and highly compatible with concrete, masonry, ceramics, and composite substrates. These coatings can also be used for waterproofing applications on ceramic floor and wall tiles, cement walls, and roofs in exterior and interior constructions.
Textile and leather is anticipated to be the fastest-growing end user during the forecast period, presenting lucrative options for players. The growing need for protective, dirt-resistant clothing in the military sector and self-cleaning apparels for daily use is likely to drive the demand for superhydrophobic coatings in the textile and leather industry.
Rapid Industrialization Drives Demand for Superhydrophobic Coatings in APAC
The global market for superhydrophobic coatings comprises North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. In terms of volume, North America led the superhydrophobic coatings market in 2015, followed by Europe. Robust development of the electronics and telecommunication industry and the recovery of the building and construction sector in North America, especially in the U.S., are the key drivers fueling the superhydrophobic coatings market in the region.
The scenario is likely to be similar in Europe in the near future. Countries in Western Europe such as Germany and the U.K. are projected to be the key consumers of superhydrophobic coatings in during the forecast period.
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Asia Pacific is forecast to exhibit the fastest growth from 2016 to 2024 owing to the rapid industrialization of the consumer electronics sector and rising residential construction and infrastructure activities in the region. This scenario is estimated to be reflected in China, India, and several ASEAN countries during the forecast period. Latin America and the Middle East and Africa are both anticipated to present major opportunities for players in the superhydrophobic coatings market.
P2i Limited, Cytonix, LLC, The Sherwin-Williams Company, DryWired, LLC, UltraTech International, Inc., Sto Group, Surfactis Technologies, Nanex Company, NTT Advanced Technology Corporation, NEI Corporation, Lotus Leaf Coatings, Inc., Rust-Oleum Corporation, Aculon, Inc., and Artekya Ltd. are some of the leading players in the global superhydrophobic coatings market.
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