Hydrophilic Coating Market worth $22.5 billion by 2027 - Exclusive Report by MarketsandMarkets™

CHICAGO, Jan. 31, 2023 /PRNewswire/ -- The report "Hydrophilic Coating Market by Substrate (Polymers, Glass/Ceramics, Metals, Nanoparticles), End User (Medical Devices, Optics, Automotive, Aerospace, Marine), and Region (APAC, North America, Europe, MEA, South America) - Global Forecast to 2027", size is projected to grow from USD 16.8 billion in 2022 to USD 22.5 billion by 2027, at a CAGR of 6.0%. The hydrophilic coating market is divided into five key regions: North America, Europe, Asia Pacific, the Middle East & Africa, and South America. The market growth is supported by the acceleration of motor vehicle manufacturing globally as output rises dramatically compared to historical levels. The rising number of motor vehicles in use and increasing insurance coverage allow for more comprehensive repairs to be made to damaged vehicles, which increases the demand for refinishing coatings. Owing to the enormous motor vehicle parts and some of the world's top automakers in these countries, North America and Western Europe are expected to continue to make up a sizable portion of the demand for hydrophilic coating. 

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196 – Tables
52 – Figures
227 – Pages

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The automotive segment shows tremendous growth during the forecast period.

Nine months into 2022, the global car market remained vulnerable to ongoing supply chain pressures and rising geopolitical tensions. According to S&P Global and the International Organization of Motor Vehicle Manufacturers, this caused a decline in global new car sales by 2.9% so far this year – nearly 1.5 million units below the 2021 level, and more than 7.5 million units less than in 2019. European passenger car registrations declined by 15.4% in the first nine months of 2022, owing mostly to a lack of automobiles due to semiconductor shortages. Simultaneously, the conflict in Ukraine and the looming energy crisis have had a substantial negative impact on automobile demand, particularly in Eastern European nations, with the worst losses reported in countries directly involved in the conflict, specifically Ukraine (-65.3%) and Russia (-61.8%).

Passenger car sales in North America continued to be affected by supply chain issues, which limited the availability of new vehicles. Over the first three quarters of 2022, regional car sales declined by 13.3%, down approximately 1.5 million units from the same period the year before. The same trend was observed in the US, where sales volumes contracted by 14.3% during this nine months. Demand for new cars in South America remained stable at 2 million units during the first three quarters of 2022, despite a 3.8% drop in Brazilian sales, which account for more than half of total regional car sales alone. From January to September, Japanese and South Korean passenger vehicle sales fell 8.7% and 7.5%, respectively, as shortages of semiconductors and other components continued to hamper production.

Metals segment in substrate shows tremendous growth in hydrophilic coating market during the forecast period.

The most used coating material for protecting metal surfaces from salty or acidic environments is epoxy. The resistance of epoxy-coated aluminum to corrosion delivers satisfying results in many industrial applications commonly encountered in practical applications. The epoxy coating method is used as the most economical and effective method particularly in protecting metal surfaces exposed to the corrosive influence of the humid and salty air in regions with marine climates.

In cases where the corrosive effect of liquid water is a more important factor than that of acid and salt, the need arises for a coating on which the water can be removed without staying on the fin for long. These coatings are classified under the general term of hydrophilic. This term is used to represent materials that are not easily wetted, and they enable the fluid to flow easily off the surface. Hydrophilic coatings are particularly effective in environments of excessive condensation, to protect the exchanger from the corrosive effect of water. Water collects on the uncoated surface of the metal in large droplets. This leads to the corrosion of the metals by the droplets, with the aid of the air flowing over the fins. The accumulated water droplets pose a resistance to the airflow and have a detrimental effect on the capacity of the exchanger. To prevent the accumulation of water droplets on the surface, the friction coefficient between the droplets and the surface should be decreased. Hydrophilic coating, by virtue of low surface tension, enables water droplets to flow off the surface without facing a lot of resistance. On coated surfaces, due to the low angle by which the droplets wet the fin surface, water does not conglomerate in large droplets and disperses easily. Thus, undesired accumulation is prevented and long operation of the exchanger at high performance is ensured. The controlled removal of the condensed water from the system is highly beneficial in protecting the other peace's within the system from the harmful effects of water as well.

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Asia Pacific hydrophilic coating market is estimated to register the highest CAGR during the forecast period.

The Asia Pacific is a fast-expanding market with several potential for industry participants. The majority of the major companies in North America and Europe intend to relocate their manufacturing bases to this area because to the availability of low-cost raw materials, cheap production costs, and the desire to better service local customers. The region's desire for luxury items is expanding as the middle-class population grows. Government efforts are also assisting the car industry's expansion. These factors are expected to have a significant impact on the hydrophilic coating market.

Asia's impressive economic comeback from earlier this year is losing speed as a result of a weaker-than-expected second quarter. The IMF has trimmed its forecast for Asia Pacific growth to 4% this year and 4.3 percent next year, much lower than the 5.5 percent average over the preceding two decades. Despite this, Asia is a comparatively bright spot in an otherwise bleak global economy. A rapid tightening of financial conditions is raising government borrowing costs, which are expected to become much more restrictive as major advanced economies' central banks continue to raise interest rates in order to contain the fastest-growing inflation in decades. Rapid currency depreciation may aggravate policy concerns.

Market Players

Major players operating in the hydrophilic coating include Hydromer, Inc (US), Harland Medical Systems, Inc (US), Surmodics, Inc (US), Koninklijke DSM NV (Netherlands), Biocoat, Inc (US), Aculon, Inc (US), AST Products, Inc (US), AdvanSource Biomaterials Corporation (US), Surface Solutions Group, LLC (US), Teleflex, Inc (US), and others.

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