29 November 2019
Visiongain’s new report Hydrophilic Coatings Market Report 2020-2030: Forecasts by Substrate (Glass, Metal, Nanoparticles, Polymers, Others), Applications (Aerospace, Automotive, Marine, Medical devices & equipment, Optical, Others), by region and analysis of leading companies operating in this industry.
The global hydrophilic coatings market was valued at over USD 10 billion in 2018 and is anticipated to grow at a CAGR of over 5% during the forecast period from 2020 to 2030. Increasing demand for hydrophilic coatings is expected to drive demand in applications industries including medical devices equipment, automotive, optical, and marine due to its diverse features.
Hydrophilic coatings are applied to medical devices such as guide wires, catheters, and cannulas as wettable and low friction coating. When used on a person, it decreases the incidence of inflammation and damage caused by medical devices. These coatings display water that attracts features. Hydrophilic coatings react to water and create hydrogel material that is lubricating and wettable for biological interactions. These are also used in optical devices such as doors for film, outdoor surveillance, indoor screens, etc. In automotive parts such as the body, hydrophilic coatings are used as an anti-fog agent for glazing and rear-view mirrors. Surmodics, Inc. launched a new hydrophilic coating series called Serene coatings in October 2016. They can be used on various medical device substrates used in clinical areas such as coronary, peripheral among others.
The growth of the U.S. hydrophilic coating industry is projected to be consistent with the growth of the medical device industry as most of the country's output is used in medical equipment manufacturing. However, US demand is expected to grow as a result of new aerospace and defense projects being built.
The fluctuation in raw material prices directly affects the cost of the coatings ' manufacturing. Since different types of chemicals are critical in determining the properties of the substrate on which the coating is to be applied, the price stability of these chemicals helps to stabilize the overall processing cost of the coatings.
Demand for hydrophilic nanoparticle coatings is expected to increase over the forecast period at a CAGR of 5.2 percent. Due to its physical, mechanical, electrical, chemical and biomedical characteristics, the rapid development and use of nanotechnology and nanomaterials in the application industries are expected to drive the application of the consumer on nanoparticles.
It is anticipated that the growing use of aluminum substrates in the manufacture of automotive parts and medical equipment will improve the use of the material on metals. Growth is likely to complement the application of hydrophilic coated stainless-steel foil to increase fuel consumption in the automotive industry.
Asia Pacific is anticipated to be the fastest-growing revenue market, rising from 2020 to 2030 at a CAGR of over 6%. Increasing medical device production in the area, combined with growing investments in expanding medical infrastructure, is expected to fuel demand. However, increasing automotive production is likely to balance demand in the region's developing economies.
Europe was the second-largest total consumption sector, accounting for more than 25% of total demand in 2016. After BREXIT, Europe's economy was very competitive. As the UK is one of the major markets for hydrophilic coatings, this is expected to harm the coatings industry. As a result, producers are reluctant to invest in Europe and focus on the Middle East and Asia-Pacific.
Some of the key Hydrophilic Coatings market players include Hydromer, Abbott Laboratories Inc., Aculon, Inc., Advansource Biomaterials Corporation, Applied Medical Coatings, LLC, Ast Products, Inc., Biocoat, Inc., Biointeractions Ltd., Coatings2go, Corning Inc., Formacoat, LLC, Harland Medical Systems Inc., Hemotec AG, Precision Coating Company Incorporated, Royal DSM, Sono-Tek Corporation, Surface Solutions Group, LLC, Surmodics Incorporated, Surmodics, Inc., TST Engineered Coating Solutions among other prominent players.
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A higher demand for medical electronics such as pacemakers, defibrillators, drug-releasing pumps, hearing aids, diagnostic equipment etc. is providing the coating industry with some significant market opportunities. The manufacture of lower priced devices which are produced in higher volumes (for example personal health monitors) is continuing to be moved offshore to take advantage of the lower cost of production.
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