Numerousmanufacturers operating in the global superhydrophobic coatings market makesit fragmented and extremely competitive. This is expected to help the marketattain a double digit growth vis-à-vis both revenue and volume over the courseof the forecast period from 2016 to 2024. A recent report by TransparencyMarket Research on the market observes that despite steep initial upfrontinvestment new entrants are prospering in the market on the back of productinnovations leveraging latest technologies.
Some of theprominent participants in the global market for superhydrophobic coatings areThe Sherwin-Williams Company, P2i Limited, DryWired, LLC, Cytonix, LLC,Surfactis Technologies, UltraTech International, Inc., NEI Corporation, StoGroup, Nanex Company, NTT Advanced Technology Corporation, Artekya Ltd., LotusLeaf Coatings, Inc., Rust-Oleum Corporation, and Aculon, Inc.
Our findsthat the worldwide market for superhydrophobic coatings will progress at amind-boggling 34.3% CAGR from 2016 to 2024. Rising at this rate, by 2024-endthe market is expected to clock a value of US$37.1 mn from US$2.90 mn in 2015.Volume-wise, our report estimates the market to expand at a phenomenal CAGR of37.3% from 2016 to 2024.
Some of thekey end use application of superhydrophobic coatings are textile and leather,electronics and telecommunication, building and construction, medical andhealthcare, automotive, and others such as power generation, optical, etc. Ofthem, the segment of electronics and telecommunications accounted for asubstantial demand share of 32.0% in 2015. In the years ahead to the segment isexpected to surge ahead because of the growing application of superhydrophobiccoatings in semiconductors, consumer electronics, and other electroniccomponents.
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Geographically,the key regions in the global market for superhydrophobic coatings are NorthAmerica, Asia Pacific, Europe, Latin America, and the Middle East and Africa.North America, of them, powered by the U.S., currently leads the market interms of volume. A well developed electronics and telecommunication industryand the swiftly recovering construction sector in the region is fueling itsmarket majorly.
FlourishingElectronics and Telecommunication Industry Propels Market
Theexploding electronics and telecommunication industry worldwide is at theforefront of driving growth in the global market for superhydrophobic coatings.Superhydrophobic coatings find widespread usage in the electronics andtelecommunications since they are heat resistant and are easily applied on thesurface. They are useful in shielding sensitive electronic parts which can beeasily damaged by water. Adds the lead analyst of our report, “The growingdemand for water-resistant electronic products is expected to expand further inthe next couple of years on the back of rising disposable incomes of people andthe resultant want of superior and durable products, thereby supporting surgingsales in the superhydrophobic coatings market.”
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Construction Industry Emergesanother Major Growth Driver
Anotherfactor stoking stellar growth in the global market for superhydrophobiccoatings is the booming construction industry which has exponentially driven updemand for composite materials. Besides, superhydrophobic coatings also provideexcellent resistance to high temperature, alongside robust barriers againstmicrobes and water.
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However,strict government rules with regard to coating ingredients and formulations inNorth America, Europe, and Asia Pacific is likely to impact thesuperhydrophobic coatings market negatively in the near future.
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