According to a market report, published by Sheer Analytics and Insights, The global hydrophobic coatings market was valued at $2.1 billion in 2021 and it is expected to reach $3.4 billion at a CAGR of 4.3% between 2022 and 2032. The rising standard of living in developing nations along with the increased emphasis on infrastructure development is anticipated to positively affect the expansion of the automobile and construction industries. The demand for the compounds is therefore anticipated to increase significantly over the ensuing nine years. A significant tactic for growing their market share is anticipated to be the key players in the market's rising expenditure in R&D to improve the product's qualities. Moreover, the strict regulatory standards of these coatings are driving the global market for hydrophobic coatings. The regulatory authorities have established different requirements relating to the usage of these coatings to maintain a sustainable environment. To keep water safe from harmful additions, for instance, the International Maritime Organization has various norms and regulations. While many manufacturers are creating innovative products to stay competitive, the lengthy regulatory approvals and mandates may be a barrier to the growth of the worldwide hydrophobic coatings market.
The automobile industry will continue to grow as a result of rising disposable income and shifting lifestyle preferences, which will further enhance hydrophobic coatings market projections. To strengthen their market positions, the companies in the industry are primarily doing ongoing research and development operations as well as engaging in strategic mergers, acquisitions, and alliances. The strategic environment of the sector will also improve as a result of private and governmental investment for product penetration in many applications. These major factors are driving the market over the last few years.
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Due to the growing use of anti-corrosive and anti-icing/wetting coatings, the aerospace industry is anticipated to boost demand in the upcoming years. Because more biocompatible stainless-steel operating and surgical equipment is being made, the demand for hydrophobic coatings is likewise anticipated to rise dramatically in the medical sector. Additionally, it is anticipated that the growing usage of coatings in the optical sector for the manufacture of eyeglasses and goggles would have a significant impact on market growth over the ensuing years.
The main driver boosting market expansion is the growing use of hydrophobic coatings in a variety of industries. For example, automakers are increasingly using hydrophobic coatings for metal parts, displays, and car windows. A positive market outlook is also being influenced by additional variables, such as increasing product utilization in the optical sector, increased investments in research and development (R&D) activities by major players, and technical breakthroughs. Therefore, these primary factors are expected to drive market growth during the forecast period from 2022 to 2032.
Some new developments in the global hydrophobic coating market:
According to the study, key players dominating the global hydrophobic coating market are 3M (U.S), Artekya (Turkey), Accucoat (U.S), BASF SE (Germany), Cytonix (U.S), DryWired (U.S), NANOGATE (Germany), NANOKOTE (Australia), Nippon Paint (Japan), NEI Corporation (U.S), PPG Industries (U.S), Ross Industrial (U.S), United Technologies Corporation (U.S), Unilever PLc (U.K), among others.
The Global Hydrophobic Coating Market Has Been Segmented Into:
The Global Hydrophobic Coating Market – by Property Type:
The Global Hydrophobic Coating Market – by Application Type:
The Global Hydrophobic Coating Market – by Regions:
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