PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1401777
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1401777
Hydrophilic Coatings Market size was valued at USD 17,110 Million in 2022, expanding at a CAGR of 5.8% from 2023 to 2030.
Medical device production heavily depends on hydrophilic coatings. This is significant because hydrophilic coatings produce a uniformly lubricated and wet surface on medical equipment. Numerous hydrophilic functional groups, such as hydroxyl, carboxyl, or amine functionalities, are present in these coatings.
Hydrophilic Coatings Market- Market Dynamics
Increasing demand from medical devices application and growing trend of nanotechnology to propel market demand
Hydrophilic coatings are likely to see an increase in demand because of its many uses from a variety of industries, including medical equipment and devices, automotive, maritime, and optical. The anticipated expansion in the market is driven by the swift advancement and implementation of nanotechnology and nanomaterials in many sectors due to its unique physical, optical, electrical, chemical, and biological properties. Catheters and guidewires are becoming more and more in demand due to the continuous innovation and technological advancement in medical equipment. As a result, the medical industry is now requesting more hydrophilic coatings. Furthermore, the expansion of new aerospace and defense projects is anticipated to drive demand in the United States. Thus, rise in the demand from medical devices and equipment is expected to bolster the hydrophilic coatings market growth.
Hydrophilic Coatings Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 5.8% over the forecast period (2023-2030)
Based on Substrate segmentation, polymers was predicted to show maximum market share in the year 2022, owing to high demand from medical application.
Based on Application segmentation, medical devices segment was the leading segment in 2022, mainly due to increasing demand from medical devices and equipment for coating purpose.
Based on End-User segmentation, automotive was the leading end-user in 2022, mainly due to growing use of coating in vehicle windshield, mirror applications.
On the basis of region, Asia Pacific was the leading revenue generator in 2022, owing to rise in the number of investments in enhancing healthcare infrastructure.
The Global Hydrophilic Coatings Market is segmented on the basis of Substrate, Application, End-User, and Region.
The market is divided into five categories based on Substrate: polymer, glass, metal, nanoparticles, and others. The nanoparticles segment dominates the market. The growing application of aluminum substrate in the manufacturing process is boosting metal demand.
The market is divided into four categories based on Application: medical, marine, optical, and others. The medical segment dominates the market and is likely to maintain its dominance during the forecast period. The optical applications are boosting the demand hydrophilic coatings.
The market is divided into four categories based on End-User: medical devices, automotive, aerospace & defense, and others. The medical devices dominate the market and is likely to maintain its dominance during the forecast period. The growing demand for coatings in medical process for preservation and storage purpose is boosting the market growth.
Hydrophilic Coatings Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. The Asia Pacific is expected to lead the market over the forecast period. Demand is anticipated to rise as a result of the region's expanding medical infrastructure expenditures and growing medical device output. Furthermore, increasing car manufacturing in the region's growing nations is probably going to support demand.
Most companies operating in the sector are vertically integrated. As a result, the companies' product portfolios are enhanced, which boosts sales. Additionally, the corporations spend money on R&D to reduce VOC emissions and improve preparation procedures, which will increase manufacturing efficiency. Companies in this sector use customized services to market their goods. Because the hydrophilic coatings' chemical composition varies depending on the application, the firms provide their clients a wide range of technical services.
In April 2022, Harland Medical Systems, Inc., a leader in medical device coatings industry, announced the launch of the CTS1100 Coating Thickness Testing System. The CTS1100 is a groundbreaking testing technology which enables medical device makers to measure coating thickness precisely and conveniently.
In April 2022, Biocoat, Inc. announced its business expansion in the development, design, and delivery of hydrophilic dip coating equipment.
The scope of this report covers the market by its major segments, which include as follows: