NEW YORK, Jan. 4, 2017 /PRNewswire/ -- The hydrophobic coatings market is projected to reach USD 2.33 billion by 2025, according to a new report by Grand View Research, Inc. The demand for hydrophobic coatings is expected to grow on account of the increasing utilization in various application industries including automotive and construction. The growing emphasis on infrastructure development coupled rising standard of living in developing economies is expected to have a positive impact on the automotive and construction industry growth. As a result, the demand for the compounds is expected to witness significant growth over the next nine years.
The increasing investment in research & development by key players in the market to enhance the product characteristics is expected to be a key strategy in increasing their market share. However, high cost of the technology attributed to the product is expected to restrain growth over the forecast period.
Further key findings from the report suggest:
Anti-corrosion hydrophobic coatings accounted for over 24% of the revenue share in 2015. The increasing utilization in automotive, construction, medical and aerospace industry is expected to drive the market over the forecast period. Growing use of the product in automotive industry in coating the exterior metal and the glass components is expected to have a positive impact on growth.
Antifouling coatings demand in the market was valued at USD 146 million in 2015. These coatings are expected to gain share on account of the extensive utilization in the marine industry. These compounds are used on the exterior hull of the ship to reduce the impact of aquatic vegetation which affects the longevity of the ship.
Hydrophobic coatings are replacing hydrophilic compounds in automotive industry. Rising penetration of the product in the industry on account of superior properties is likely to drive demand over the forecast period. Furthermore, growing automotive industry in developing economies is expected to aid the hydrophobic market growth particularly in Asia Pacific and Middle East & Africa.
Hydrophobic coatings demand in Asia Pacific is expected to grow at a CAGR of over 7% from 2016 to 2024. Growing application industries in the region is expected to drive demand over the forecast period. High production volume in China and India is expected to be the vital aspect for the growth in the two countries.
Key players include BASF SE, Aculon Inc., 3M, AkzoNobel N.V., and Accucoat Inc. BASF SE has recently started manufacturing hydrophobic coatings for construction industry under the brand name MasterProtect. Leading manufacturers are involved in collaboration in order to increase their industry presence.
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