Albany, NY -- (SBWire) -- 11/01/2017 --An increasing number of players in the superhydrophobic coatings market are at various stages in their R&D efforts while several others are expected to launch innovative and advanced products in the near future. Transparency Market Research (TMR) observes that this has intensified the degree of competition among international as well as domestic players and is likely to push the global superhydrophobic coatings market to expand at a double-digit growth rate from 2016 to 2024.
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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 prominent players in the global superhydrophobic coatings market.
"In the past, most of the companies have focused on the electronics and telecommunication, building and construction, and textiles and leather industries to expand their product portfolio. However, an increasing number of vendors are also finding opportunity in the medical and healthcare, oil and gas, and automotive sectors," a TMR analyst has observed.
Rising Demand from Consumers for Waterproof Electronics Presents Key Opportunities
The global superhydrophobic coatings market attributes its exceptional growth to the large-scale development of the global electronics and telecommunication industry. Superhydrophobic coatings are widely used in the electronics and telecommunication industry as they are thermally stable and can be easily applied on the surface. They are also highly capable of protecting sensitive electronic parts that are easily susceptible to water damage. "The rising demand from consumers for electronic products with water-repelling surfaces is anticipated to present significant scope for players in the superhydrophobic coatings market in the next few years," the author of the report states.
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"The growth of the global construction industry, coupled with the increased demand for the usage of composite materials in the construction industry will also provide immense opportunities for vendors in the superhydrophobic coatings market," the TMR analyst predicts. Superhydrophobic coatings have extensive potential in the building and construction sector as they offer the required temperature resistance and provide effective barriers against water and microbes. Companies such as UltraTech International Inc. and The Sherwin- Williams Company are some of the leading players manufacturing superhydrophobic coatings for the construction industry.
In contrast, stringent government regulations pertaining to coating ingredients and formulations have been enforced in several developed countries in North America, Europe, and Asia Pacific and this is likely to adversely impact the superhydrophobic coatings market over the course of the forecast period.
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Unprecedented Growth in Store for Superhydrophobic Coatings Market
TMR states that the opportunity in the superhydrophobic coatings market is anticipated to rise from US$2.90 mn in 2015 to be worth US$37.1 mn by 2024 at an impressive 34.3% CAGR during the forecast period. By volume, the superhydrophobic coatings market is likely to expand at a CAGR of 37.3% from 2016 to 2024. In terms of demand, the electronics and telecommunication sector led the superhydrophobic coatings market in 2015, with a share of approximately 32.0%. The segment is anticipated to retain its lead throughout the forecast period. The textile and leather segment, on the other hand, will expand at the highest CAGR from 2016 to 2024.
By volume, North America is a key contributor to the growth of the global superhydrophobic coatings market and in 2015, led the overall market. Asia Pacific is predicted to exhibit the fastest growth from 2016 to 2024.
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Global Superhydrophobic Coatings Market to Witness Exponential Growth by 2024
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.