Global Hydrophilic Coatings Market: Snapshot
Hydrophilic coatings are coatings that exhibit water attracting properties by participating in hydrogen bonding with water. Hydrophilic coatings are wettable and lubricious and can be applied to a variety of surfaces and materials. These coatings are generally ionic and negatively charged which aides in the formation of hydrogen bonds with water. In medical devices, hydrophilic coatings are used to create lubricious surfaces which reduce the trauma and irritation caused by the insertion of a medical device into the body. Hydrophilic coatings also help prevent bacterial colonization of the medical device and thus help to reduce the possibility of infections.
Apart from the extensive usage in the medical industry, applications of hydrophilic coatings are also vast in fields such as automotive, aerospace, and construction. Thriving growth of these industries across key regional markets is expected to have a significant positive impact on the global demand for hydrophilic coatings in the next few years.
Transparency Market Research estimates that the market will exhibit a promising 8.8% CAGR over the period between 2017 and 2025, rising from a valuation of at US$481.6 mn in 2016 to US$1,026.6 mn in 2025.
Rising Scope of Use in Construction Sector to Provide Promising Growth Avenues
On the basis of application, the market for hydrophilic coatings has been classified in the report into automotive, aerospace, medical devices, optical, and building construction. Of these, the segments of medical devices and building construction are presently the key contributors of revenue to the global market, with the medical devices segment leading with a large margin in 2016. The medical devices segment is expected to continue its strong run over the report’s forecast period as well, chiefly owing to the vast rise in expenditure on high-end medical devices, rising disposable incomes in emerging economies and the consecutive rise in demand for better medical and healthcare facilities.
The application segments of automotive and aerospace, which presently hold nominal shares in the overall revenue collected by the global hydrophilic coatings market in 2016, are expanding at promising pace. These segments are expected to present promising growth opportunities before the global hydrophilic coatings market over the forecast period owing to the impending commercialization of several hydrophilic coating products used for windshields and windows.
Thanks to Well-established Healthcare Sector, North America to Retain Dominance
In terms of geography, the market for hydrophilic coatings in North America held the dominant share of over 35% in the global market in 2016. Demand for medical device coatings in North America is estimated to remain stable by the end of 2025 owing to technological developments in the recent past, providing vast scope for the development of the hydrophilic coatings market. Europe was the second-largest market for hydrophilic coatings in 2016. Europe is the leading consumer of flat glass products accounting for over a third of the global market. Use of self-cleaning coatings using hydrophilic constituents has been commercialized in this region since 2001. However, stringent governmental regulations and high material & labor costs are likely to impede growth of this market.
Asia Pacific is anticipated to witness the expansion of the hydrophilic coatings market at an excellent pace in the near future. China, Japan, and South Korea are expected to dominate the demand for hydrophilic coatings in Asia Pacific. Increasing urbanization and industrialization in several emerging countries in Asia pacific are expected to boost demand for hydrophilic coatings in this region.
Some of the leading vendors operating in the global hydrophilic coatings market are Surmodics, Inc., Royal DSM N.V., Hydromer, Inc., AdvanSource Biomaterials Corp., Covalon Technologies Ltd., BioCoat, Inc., and Harland Medical Devices.