Hydrophilic Coatings Market - Forecast(2023 - 2028)

Report Code: CMR 86079 Report Format: PDF + Excel

Hydrophilic Coatings Market Overview

The hydrophilic coatings market is forecast to reach US$18.2 billion by 2026, after growing at a CAGR of 7.3% during 2021-2026 due to the growing demand for hydrophilic coatings from various end-use industries such as automotive, medical & healthcare, aerospace, military, and others. Hydrophilic coatings eliminate the risk of product loss during transit, improve the lubricity, and reduce the surface friction of medical devices, which is one of the major factors that create an opportunity for hydrophilic coatings from the medical sector. Hydrophilic coatings have included polymers and nanoparticles substrate. Polymers are used to increase the energy and wetting characteristics of the surface. Additionally, nanoparticles substrate offers various properties such as low toxicity, chemical inertness, optical transparency, and biocompatibility, making them ideal for medical and chemical industries. Hence, such factors are estimated to grow the hydrophilic coatings market size during the forecast period.

Impact of COVID-19

In the tragedy of COVID-19, most of the countries have gone under lockdown, due to which the projects and operations of various industries such as automotive are disruptively stopped, which is hampering the hydrochloric coatings market growth. In March 2021 according to the International Organization of Motor Vehicle Manufacturers (OICA), vehicle production in Europe, North America, and South America fell by 21%, 20%, and 30%, respectively, which has decreased the demand of hydrophilic coatings for vehicles, thereby limiting the growth in 2021.

Report Coverage

The report “Hydrophilic Coatings Market– Forecast (2021-2026)” by IndustryARC covers an in-depth analysis of the following segments of the hydrochloric coatings industry.

By Formulation: Water-Based, UV-Curved, and Others
By Resins Type: Polyurethane, High-density Polyethylene, Silicone, Nylon, Polyvinyl Chloride, and Others
By Substrate: Polymers, Metal, Glass, Nanoparticles, and Others
By End-Use Industry: Agriculture, Medical & Healthcare, Automotive, Aerospace & Military, Sports Industry, Electrical & Electronics (Refrigerator, Freezer Doors, Others), and Others
By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, Italy, France, Spain, Netherlands, Russia, Belgium, and Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia & New Zealand, Indonesia, Taiwan, Malaysia, and Rest of Asia Pacific), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), and RoW (Middle East and Africa)

Key Takeaways

  • The Asia Pacific dominates the hydrophilic coatings market due to growing demand from the automotive industry and rising consumption in the medical sector from developing countries such as China and India.
  • According to the International Trade Administration (ITA), the Chinese Government expected to grow the production of automobiles at 35 million units till 2025. Thus, the increased automotive market is estimated to boost the consumption of hydrophilic coatings.
  • Additionally, the ease of application and performance effectiveness along with improving stability is estimated to create an opportunity for the hydrophilic coatings market during the forecast period.

Figure: APAC Hydrophilic Coatings Market, 2021-2026 (US$ Billion)

 Hydrophilic Coatings Market

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Hydrophilic Coatings Market Segment Analysis – By Formulation

The UV-cured segment held the largest share in the global hydrophilic coatings market in 2020. The UV-curable coating is developed for use with polycarbonate substrate in military eyeglasses. Also, UV-curable coatings technology has various properties such as excellent abrasion resistance, chemical resistance, and scratch resistance, making them ideal for the aerospace & military industry. According to the India Brand Equity Foundation (IBEF), in 2021, India’s aviation industry is expected to witness Rs. 35,000 crore (US$ 4.99 billion) investment in the next four years. This is majorly driving the demand from aerospace industry for UV-cured coatings technology segment in the hydrophilic coatings market.

Hydrophilic Coatings Market Segment Analysis – By Resins Type

The polyurethane segment held the largest share in the global hydrophilic coatings market in 2020. Polyurethane has no volatile organic compound and does not produce harmful toxins. Additionally, polyurethane provides pH stability, ionic stability, good moisture vapor transmission properties to hydrophilic coatings. Apart from this, polyurethane is a nonionic resin potentially compatible with both anionic and cationic coating resins. Thus, in September 2019, Huntsman Corporation announced the opening of its new polyurethane’s systems house in Dubai to increase polyurethane productivity. This is one of the significant factors which is estimated to drive the polyurethane resin segment in the hydrophilic coatings market.

Hydrophilic Coatings Market Segment Analysis – By Substrate

The polymer segment held the largest share in the hydrophilic coatings market in 2020 followed by nanoparticles. Polymers offer resistance to protein absorption, covalently bonded and cross-linked, which promote absorption of water particles. Thus, polymer substrates with hydrophobic coatings are used in medical industry for drug delivery. In addition, nanoparticles are also used for medical devices. Increasing use of polymers and nanoparticles in end-use industries is expected to drive the hydrophobic coatings market.

Hydrophilic Coatings Market Segment Analysis – By End-Use Industry

The medical & healthcare end-use sector is dominated the global hydrophilic coatings market in 2020 and is growing at a CAGR of 7.9% during 2021-2026. According to the Centers for Medicare and Medicaid Services (CMS), in United States, National health spending is projected to grow at an average annual rate of 5.4 % during 2019-2028. The healthcare spending increased from US$3.8 trillion in 2019 to US$6.2 trillion by 2028. Additionally, hydrophilic coatings are designed for medical devices as they are used to reduce surface friction and enhance lubricity which is increasing the demand for hydrophilic coatings in medical devices. Thus, this is one of the major factors driving the growth of the hydrophilic coatings market.

Hydrophilic Coatings Market Segment Analysis – By Geography

Asia Pacific held the largest share of 35% in the hydrophilic coatings market in the year 2020 due to the increasing consumption of hydrophilic coatings from various end-use industries such as medical & healthcare, and automotive in Asian countries such as India and China. According to the International organization of Vehicle Motor Manufacturers (OICA), in China, commercial vehicle production increased by 31.4% to 5731161 units in 2020 as compared to 4360472 units in 2019. In addition, according to Automotive Aftermarket Suppliers Association (AASA) and the Auto Care Association, in China, sales of light-duty commercial vehicles will increase from US$281 billion in 2020 to US$314 billion in 2021. Apart from this, the increasing export of medical devices is also driving the demand for hydrophilic coatings. According to the India Brand Equity Foundation (IBEF), the export of the medical device was at Rs. 14,802 crore (US$2.1 billion) in 2019 which is forecast to reach Rs. 70,490 crore (US$10 billion) in 2025. Hence, with the growth in production and exportation, there has been an increase in demand for hydrophilic coatings Asia pacific region.

Hydrophilic Coatings Market Drivers

The Growing demand from the Medical Industry

The increase in the demand for hydrophilic coatings from the medical industry is driving the hydrophilic coatings market. Hydrophilic coatings are used in various medical devices such as catheters and guide wires to avoid abrasions between the vessel walls and device surfaces. According to the international trade administration, in Mexico, medical devices and supplies reached US$4.9 billion in 2019. Additionally, in 2018, according to the American Society for Aesthetic Plastic Surgery (ASAPS), in the United States, patients were spent US$ 761 million on breast lift surgery, US$ 358 million on eyelid surgery, and US$ 1.1 billion on silicone breast implant surgery. This is one of the factors that is increasing the demand for medical devices for surgeries. These factors are further expected to drive the hydrophilic coatings market in the coming years.

Growing Automotive Production

Growing automotive production is increasing the demand for hydrophilic coatings because they are offer water repellent, residue resistant, and anti-static properties for car’s glass. Thus, the increase in the demand from the automotive industry is driving the hydrophilic coatings market. For instance, according to the India Brand Equity Foundation (IBEF), the Indian Government expects the automotive sector to attract US$8 billion to US$10 billion in local and foreign investments by 2023. In addition, according to the International Organization of Motor Vehicles Manufacturers (OICA), global vehicle production increased by 21.08 million in January-March 2021 as compared to 18.03 million in January-March 2020 which will further expand the automotive industry and eventually drive the demand for hydrophilic coatings.

Hydrophilic Coatings Market Challenges

Volatility in Prices

Most polymers such as nylon are obtained from crude oil. However, the fluctuations in prices of crude oil are also fluctuating the price of polymers which is one of the major challenges posing the hydrophilic coatings market. According to the U.S. Energy Information Administration (EIA), crude oil prices decreased by US$ 41.69 per barrel in 2020 compared to US$ 64.34 per barrel in 2019. However, according to BP static, oil prices declined to US$64.21/barrel in 2019 as compared with US$71.31/barrel in 2018. Thus, fluctuations in the prices of crude oil are one of the major challenges faced by the hydrophilic coatings market.

Hydrophilic Coatings Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the hydrophilic coatings market. Major players in the Hydrophilic Coatings Market include:

1. Aculon, Inc,
2. Biocoat Incorporated
3. Hydromer
4. Advansource Biomaterials Corporation
5. Applied Medical Coatings LLC
6. Ast Products, Inc
7. Coatings2Go
8. Corning Inc.
9. Formacoat, LLC
10. Harland Medical System Inc. and more.

Facility/Product Expansion

  • In February 2020, Biocoat, Inc., a specialty manufacturer of hydrophilic biomaterial coatings, launched UV curable hydrophilic coating HYDAK® for medical devices. The coating allowed for flexible integration with industry standard UV coating systems.
  • In September 2019, Biocoat, Inc. launched a hydrophilic biomaterial coatings facility for medical devices. This facility will offer to save time and money in the medical device industry.

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1.Hydrophilic Coatings Market- Market Overview
    1.1 Definitions and Scope 
2.Hydrophilic Coatings Market - Executive Summary
    2.1 Key Trends by Formulation
    2.2 Key Trends by Resins Type
    2.3 Key Trends by Substrate
    2.4 Key Trends by End-Use Industry
    2.5 Key Trends by Geography
3.Hydrophilic Coatings Market – Comparative analysis 
    3.1 Market Share Analysis - Major Companies
    3.2 Product Benchmarking - Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis - Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4.Hydrophilic Coatings Market - Startup companies Scenario Premium Premium 
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5.Hydrophilic Coatings Market – Industry Market Entry Scenario Premium Premium 
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6.Hydrophilic Coatings Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5Threat of Substitutes 
7.Hydrophilic Coatings Market – Strategic Analysis
    7.1 Value Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies 
8.Hydrophilic Coatings Market- By Formulation (Market Size -$Million/Billion)
    8.1 Water-Based
    8.2 UV-Cured
    8.3 Others
9.Hydrophilic Coatings Market- By Resins Type (Market Size -$Million/Billion)
    9.1 Polyurethane
    9.2 High-density Polyethylene
    9.3 Silicone
    9.4 Nylon
    9.5 Polyvinyl Chloride
    9.6 Others
10.Hydrophilic Coatings Market- By Substrate (Market Size -$Million/Billion)
    10.1 Polymer
    10.2 Metal
    10.3 Glass
    10.4 Nanoparticles
    10.5 Others
11.Hydrophilic Coatings Market – By End-Use Industry (Market Size -$Million/Billion)
    11.1 Agriculture
    11.2 Medical & Healthcare
    11.3 Automotive
    11.4 Aerospace & Military
    11.5 Sports Industry
    11.6 Electrical & Electronics
    11.6.1 Refrigerator
    11.6.2 Freezer Doors
    11.6.3 Others
    11.7 Others
12.Hydrophilic Coatings Market - By Geography (Market Size -$Million/Billion)
    12.1 North America
        12.1.1 USA
        12.1.2 Canada
        12.1.3 Mexico
    12.2 Europe
        12.2.1 UK
        12.2.2 Germany
        12.2.3 France
        12.2.4 Italy
        12.2.5 Netherlands
        12.2.6 Spain
        12.2.7 Russia
        12.2.8 Belgium
        12.2.9 Rest of Europe
    12.3 Asia-Pacific
        12.3.1 China
        12.3.2 Japan
        12.3.3 India
        12.3.4 South Korea
        12.3.5 Australia and New Zeeland
        12.3.6 Indonesia
        12.3.7 Taiwan
        12.3.8 Malaysia
        12.3.9 Rest of APAC
    12.4 South America
        12.4.1 Brazil
        12.4.2 Argentina
        12.4.3 Colombia
        12.4.4 Chile
        12.4.5 Rest of South America
    12.5 Rest of the World
        12.5.1 Middle East
            12.5.1.1 Saudi Arabia
            12.5.1.2 UAE
            12.5.1.3 Israel
            12.5.1.4 Rest of the Middle East
        12.5.2 Africa
            12.5.2.1 South Africa
            12.5.2.2 Nigeria
            12.5.2.3 Rest of Africa
13.Hydrophilic Coatings Market – Entropy
    13.1 New Product Launches
    13.2 M&As, Collaborations, JVs and Partnerships
14.Hydrophilic Coatings Market – Industry/Segment Competition Landscape Premium
    14.1 Company Benchmarking Matrix – Major Companies
    14.2 Market Share at Global Level - Major companies
    14.3 Market Share by Key Region - Major companies
    14.4 Market Share by Key Country - Major companies
    14.5 Market Share by Key Application - Major companies
    14.6 Market Share by Key Product Type/Product category - Major companies
15.Hydrophilic Coatings Market – Key Company List by Country Premium Premium
16.Hydrophilic Coatings Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
    16.1 Company 1
    16.2 Company 2
    16.3 Company 3
    16.4 Company 4
    16.5 Company 5
    16.6 Company 6
    16.7 Company 7
    16.8 Company 8
    16.9 Company 9
    16.10 Company 10 and more
"*Financials would be provided on a best efforts basis for private companies"