Albany - NY, Sept. 27, 2016 (GLOBE NEWSWIRE) -- The global superhydrophobic coatings market is fragmented and immensely competitive, making it well-poised to register a double-digit growth rate during the forecast period by revenue as well as volume. Although the need for high capital investment might appear as a major challenge for new entrants, innovation in product solutions and technologies present several opportunities for them in the superhydrophobic coatings market.
The thriving automotive, construction, and consumer electronics industries have fueled the demand for superhydrophobic coatings over the years. The market is projected to rise from a value of US$2.90 mn in 2015 to reach US$37.1 mn by 2024 at an astounding CAGR of 34.3% during the forecast period. By volume, the superhydrophobic coatings market will expand at a 37.3% CAGR from 2016 to 2024.
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Favorable Properties of Superhydrophobic Coatings Fueling Newer Applications
Superhydrophobic coatings find application in sectors such as electronics and telecommunication, textile and leather, building and construction, automotive, healthcare and medical, optical, and power generation.
In terms of demand, the electronics and telecommunication sector accounted for approximately 32.0% of the superhydrophobic coatings market in 2015. The segment is expected to witness significant growth during the forecast period owing to the increasing applications of superhydrophobic coatings in consumer electronics, semiconductors, and other electronic components.
The building and construction and automotive sectors are also a prominent end users of superhydrophobic coatings. Superhydrophobic coatings are environment-friendly and highly compatible with concrete, masonry, ceramics, and composite substrates. These coatings can also be used for waterproofing applications on ceramic floor and wall tiles, cement walls, and roofs in exterior and interior constructions.
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Textile and leather is anticipated to be the fastest-growing end user during the forecast period, presenting lucrative options for players. The growing need for protective, dirt-resistant clothing in the military sector and self-cleaning apparels for daily use is likely to drive the demand for superhydrophobic coatings in the textile and leather industry.
Rapid Industrialization Drives Demand for Superhydrophobic Coatings in APAC
The global market for superhydrophobic coatings comprises North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. In terms of volume, North America led the superhydrophobic coatings market in 2015, followed by Europe. Robust development of the electronics and telecommunication industry and the recovery of the building and construction sector in North America, especially in the U.S., are the key drivers fueling the superhydrophobic coatings market in the region.
The scenario is likely to be similar in Europe in the near future. Countries in Western Europe such as Germany and the U.K. are projected to be the key consumers of superhydrophobic coatings in during the forecast period.
Asia Pacific is forecast to exhibit the fastest growth from 2016 to 2024 owing to the rapid industrialization of the consumer electronics sector and rising residential construction and infrastructure activities in the region. This scenario is estimated to be reflected in China, India, and several ASEAN countries during the forecast period. Latin America and the Middle East and Africa are both anticipated to present major opportunities for players in the superhydrophobic coatings market.
P2i Limited, Cytonix, LLC, The Sherwin-Williams Company, DryWired, LLC, UltraTech International, Inc., Sto Group, Surfactis Technologies, Nanex Company, NTT Advanced Technology Corporation, NEI Corporation, Lotus Leaf Coatings, Inc., Rust-Oleum Corporation, Aculon, Inc., and Artekya Ltd. are some of the leading players in the global superhydrophobic coatings market.
This review is based on the findings of a TMR report titled “Superhydrophobic Coatings Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
Superhydrophobic Coatings Market, by End Use
- Electronics & Telecommunication
- Building & Construction
- Textile & Leather
- Medical & Health Care
- Others (Power Generation, Optical, etc.)
Superhydrophobic Coatings Market, by Region
- Rest of North America
- Rest of Europe
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa (MEA)
- South Africa
- Rest of Middle East & Africa (MEA)
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Source:Transparency Market Research