ALBANY, New York, June 8, 2017 /PRNewswire/ --
Transparency Market Research has published a new report titled "Hydrophilic Coatings (Polymers, Metals & Metal Alloys and Glass & Other Ceramics) Market for Automotive, Aerospace, Medical Devices (Cardiovascular, Urology, Neurology, General Surgery and Others) Optical and Other Applications - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017 - 2025." According to the report, the global market for hydrophilic coatings was valued at US$ 481.6 Mn in 2016 and is anticipated to reach US$ 1,026.6 Mn in 2025, expanding at a CAGR of 8.8% between 2017 and 2025.
The market for hydrophilic coatings for medical applications is driven by increasing expenditure on healthcare due to rising demand for better medical & healthcare facilities. Hydrophilic coatings provides a lubricious surface on medical devices which helps to assuage the natural resistance that vascular inner surfaces exhibit as a result of striction. These coatings also decrease the possibility of infection and also increases the ease by which a medical device is inserted into the body. Hydrophilic coatings are also used to impart self-cleaning, anti-fogging & anti-icing properties to flat glass used in automotive, aerospace, and building applications. Increasing demand for nanotechnology based coatings is projected to offer higher opportunities for market growth over the next few years. However, volatility in prices of raw materials coupled with stringent governmental regulations is estimated to hamper market growth in the near future.
Polymers was the largest substrate type on which hydrophilic coatings were applied, accounting for more than 45% share of the global demand for hydrophilic coatings in 2016. Some of the common polymer substrates used are polyurethane, silicone, nylons, polycarbonate and PMMA. Glass & Other ceramics constituted the second-largest market share of the global hydrophilic coatings market in 2016. Typical ceramic products used as substrates are borosilicate glass, mirrors, tile, porcelain, and granite. The metal & metal segment was growing at a fast pace with a CAGR of 8.1% in terms of revenue.
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In terms of demand, the medical devices segment has been dominating the hydrophilic coatings market over the past few years. Hydrophilic coatings are applied on catheters, needles, syringes, coronary stents, guide wires and other medical instruments. The other applications segment, which mainly comprises of building applications, accounted for the second-largest demand for hydrophilic coatings in 2016. Hydrophilic coatings are applied on architectural glass in buildings due to their self-cleaning property. Automotive & aerospace segments are estimated to be the fastest growing application segments for hydrophilic coatings in the next decade. Optical application segment is likely to exhibit stable demand for hydrophilic coatings during the forecast period.
In terms of demand, North America has been dominating the hydrophilic coatings market over the past few years. The region held over 35% share of the global demand for hydrophilic coatings in 2016. This trend is projected to continue during the forecast period. Strategic collaborations with developing countries such as China and India are estimated to help maintain the overall growth of the hydrophilic coatings market in North America in the next few years. Europe is also a key consumer of hydrophilic coatings with Germany, UK, France and the Netherlands being the countries in this region. Asia Pacific is anticipated to be a lucrative market for hydrophilic coatings during the forecast period. Japan & South Korea are the key producers of hydrophilic coatings for automotive, optical & building applications in Asia Pacific. Increase in healthcare awareness coupled with foreign investments is likely to drive demand for medical device coatings in the region.
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Furthermore, significant foreign investment in the medical device market in China coupled with lenient governmental regulations is driving production of medical devices and, in turn, hydrophilic coatings. In Latin America, demand for hydrophilic coatings is likely to grow in the medical devices, automotive & aerospace industries. Middle East & Africa constituted the least market share in the global hydrophilic coatings market in 2016. The region is expected to be the fastest emerging market for hydrophilic coatings during the forecast period, albeit from very low volumes
Key players operating in the hydrophilic coatings market are Surmodics, Inc., Royal DSM N.V., Hydromer, Inc., AdvanSource Biomaterials Corp., Covalon Technologies Ltd., BioCoat, Inc., and Harland Medical Devices. In addition, there are several small players operating in the unorganized sector.
The report segments the global hydrophilic coatings market as follows:
Hydrophilic Coatings Market - Substrate Analysis
-Metals & Metal Alloys
-Glass & Other Ceramics
Hydrophilic Coatings Market - Application Analysis
- General surgery
- Others (Ophthalmology, gynecology, etc.)
-Others (including Buildings, etc.)
Hydrophilic Coatings Market: Regional Analysis
- Rest of Europe
- Rest of APAC
- Rest of LATAM
-Middle East & Africa
- South Africa
Rest of MEA
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-Waterbased Coatings Market: http://www.transparencymarketresearch.com/waterbased-coatings-market.html
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