NEW YORK, Nov. 11, 2021 /PRNewswire/ -- As per latest industry analysis by Persistence Market Research, the global hydrophobic coatings market is expected to progress at a healthy CAGR of 4.2% and top a valuation of US$ 2.5 Bn 2031.
Increasing construction activities across the globe, especially in developing nations, are anticipated to drive market growth over the coming years. Countries in Asia Pacific such as India, China, and ASEAN countries, are expected to focus on enhancing their infrastructure owing to increasing FDI across these counties. Consistent growth in end-use industries, especially building & construction, is elevating demand for hydrophobic coatings.
Globally, key manufacturers are focusing on stringent government regulations and are indulged in reducing their carbon footprints to increase sustainability in their products. Moreover, market players are investing around 3%-5% of their revenue in research & development activities to enhance coatings so as to emit low volatile organic compounds.
Key Takeaways from Market Study
Globally, East Asia is estimated to hold around one-third market value share and is expected to continue its dominance over the coming years.
Increasing automotive production and vehicle parts is considered to be one of the key factors driving demand growth of hydrophobic.
Polysiloxanes coatings are estimated to fuel market growth and expected continue their dominance owing to increasing adoption across end-use industries.
Automotive & transportation and building & construction are expected to provide lucrative growth opportunities to hydrophobic coating suppliers.
"Globally, key players are focusing on backward integration by commissioning new capacity for raw materials to strengthen the value chain and reduce logistics & transportation costs," says a Persistence Market Research analyst.
The global hydrophobic coatings market has been identified as a fairly fragmented space with the presence of local and regional players in the market. Globally, the top ten key players estimated to dominate the market with more than 30%-40% market share.
Some of the key players are PPG Industries, The 3M Company, PPG Industries, Aculon Inc., Master Builders Solutions Admixtures US LLC, NTT Advanced Technology Corporation, NeverWet LLC, NEI Corporation, Abrisa Technologies, AccuCoat Inc., NANOKOTE Pty Ltd, Precision Coatings Co. Inc., Lotus Leaf Coatings Inc., Advanced Nano Tech Lab, Nano-Care Deutschland AG, and COTEC GmbH.
The building & construction industry along with the automotive industry remains the cornerstone of demand for hydrophobic coatings. The Asia Pacific region is estimated to account for the largest chunk of demand.
Key manufacturers of hydrophobic coatings are focusing on increasing their production capacity of specialty coatings at existing plants to avoid capital investments and simultaneously increase overall market share from the same product lines.
Persistence Market Research, a research and consulting firm, has published a market research report on the paints and coatings market that contains global industry analysis of 2016–2020 and opportunity assessment for 2021–2031. The report provides in-depth analysis of the market through different segments, namely, coating type, substrate type, end use, and region. The report also provides supply and demand trends, along with an overview of the parent market.
Persistence Market Research (PMR), as a 3rd-party research organization, does operate through an exclusive amalgamation of market research and data analytics for helping businesses ride high, irrespective of the turbulence faced on the account of financial/natural crunches.
Persistence Market Research is always way ahead of its time. In other words, it tables market solutions by stepping into the companies'/clients' shoes much before they themselves have a sneak pick into the market. The pro-active approach followed by experts at Persistence Market Research helps companies/clients lay their hands on techno-commercial insights beforehand, so that the subsequent course of action could be simplified on their part.