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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.
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.
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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$10 billion in local and foreign investments by 2023. In addition, according to the International Organization of Motor Vehicles Manufacturers (OICA), global vehicle production increased by 21.08 million in January-March 2021 as compared to 18.03 million in January-March 2020 which will further expand the automotive industry and eventually drive the demand for hydrophilic coatings.
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Hydrophilic Coatings Market Challenges
Volatility in Prices
Most polymers such as nylon are obtained from crude oil. However, the fluctuations in prices of crude oil are also fluctuating the price of polymers which is one of the major challenges posing the hydrophilic coatings market. According to the U.S. Energy Information Administration (EIA), crude oil prices decreased by US$ 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:
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