LONDON, Jan. 24, 2017 /PRNewswire/ -- The global hydrophilic coatings market size is projected to reach USD 14.74 billion by 2025, according to a new report by Grand View Research, Inc. The demand for the product is expected to grow significantly over the forecast period, driven by the rising application scope in industries including automotive, medical, optical and aerospace.
Rising development of medical infrastructure in developing economies in Asia Pacific is expected to drive the demand for the compound over the forecast period. The rising consumer spending capacity, along with growing geriatric population in developed countries, is expected to augment the demand for improved medical facilities and practices. In addition, increasing demand for vehicles and rising penetration of the product in other end-use industries such as aerospace and marine are expected to have a positive impact on growth.
Growing consumer awareness regarding the diversified characteristics of hydrophilic coatings, including durability, low friction coefficient and low particulate count, is expected to aid market growth for the coatings in the medical industry. As a result, the demand for the product is expected to rise over the next nine years.
Further key findings from the report suggest:
Polymers accounted for the largest market in 2015, which was valued at over USD 3 billion in 2015.The increasing utilization of polymers in manufacturing automotive parts and medical equipment, including catheters and guidewires, is expected to drive the industry demand.
The utilization of hydrophilic coatings for metal and glass substrates is expected to grow owing to the increasing application of the metal in end-use industries, including aerospace and automotive. The increasing utilization of glass substrates in construction and automotive industries is expected to aid market growth over the forecast period.
The demand for hydrophilic coatings in medical devices & equipment is expected to witness significant growth owing to the increasing application in catheters, guidewires and other medical devices.
Asia Pacific is expected to be the fastest-growing market, growing at a CAGR of over 6% from 2016 to 2025.Increasing production of medical devices in the region, coupled with rising investments in medical infrastructure expansion, is expected to propel demand.
High production volume in China and Japan is expected to drive industry growth for the coatings over the next nine years. The rising number of infrastructure development projects and the growing manufacturing industry are expected to aid the growth for the product in India.
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