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The market for superhydrophobic coatingsis expected to reach USD 51.18 million, registering a CAGR of 25.48% during the forecast period.
Increasing demand for electric vehicles and the growing demand from the textile industry are the major factors driving the growth of the market studied. On the flipside, the impact of the COVID-19 pandemic and high prices are expected to hinder the growth of the market.
– The textile and footwear industry dominated the market, and is expected to grow during the forecast period, owing to the increasing demand for advanced textile and high-end footwear.
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– Recent advancements in underwater electronics, and flexible and wearable electronics are likely to act as opportunities for the market, in the future. A few applications for superhydrophobic coatings are also found in food packaging, which are also likely to act as opportunities for the market in the future.
– United States dominated the global market and is also likely to drive the demand for superhydrophobic coatings over the forecast period.
Key Market Trends
Textile and Footwear Segment to Dominate the Market
During the past decade, various organizations have directed their research efforts to create textiles, which are stain resistant and water repellent. Though these coatings have been in usage for several years in raincoats, currently there has been a huge demand for self cleaning textiles. The usage of these coatings in the textile sector has greatly increased the potential to save water and energy needed in cleaning and the use of chemicals that are used in the manufacturing of cleaning agents. With reduced washing requirement, these textiles are expected to be long lasting and more durable.
Self-cleaning textiles are much better repellers of dirt than conventional fabrics and are capable of degrading several types of stain based on some catalytic mechanism. Superhydrophobic textiles are most appreciated in the hospital industry, since the self-cleaning technique of these garments will lead to avoiding of pathogens, odors, microorganism, etc. Hence, these textiles help in reducing the chances of infection and the spread of diseases. These textiles also offer several benefits in the defense sector. Soldiers posted in difficult and inhospitable areas often do not get the chance to wash their cloths. Self-cleaning garments offer cleaner and more hygienic solutions for them.
United States to Dominate the Global Market
The United States is the world's largest and most powerful economy in the world. However, the economic growth of the country has been slowed in the recent past, with the GDP growth rate dropping from 3% in 2018 to 2.2% in 2019. Additionally, the GDP of the country contracted by 4.8% in the first quarter and 31.4% in the second quarter of 2020, indicating the severe impact of the COVID-19 pandemic. Overall, the country's annual GDP growth dipped to -4.3% in 2020. Therefore, a drastic outbreak of COVID-19 in the country has led to a downfall in economic growth, owing to a fall in consumer spending and business shutdowns. With the coronavirus disease spread across the country, production in various industries and nearly all aspects of the supply chain were negatively affected.
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The United States has one of the world's largest construction industry, and it recorded annual revenue of USD 1,306 billion in 2019. The United States is a major industrialized nation that houses multiple industries in heavy-scale, medium-scale, and small-scale categories. The country is known for its booming commercial activities. The commercial construction sector was expected to increase by 0.9% in 2020 and 1.5% in 2021, according to a survey conducted by the American Institute of Architects. Construction activities in the healthcare sector were projected to register a growth rate of 3.5% in 2020 and 3.4% in 2021. The report also indicated the growth of office spaces by 0.5% in 2020 and further by 3% in 2021. According to the Federal National Mortgage Association (Fannie Mae), residential house construction was expected to jump 10% across 2020, with 1 million new homes expected to hit the market by the end of 2021. Although the residential construction is expected to drastically reduce due to COVID-19 till 2021, which will likely hit the superhydrophobic coatings usage in construction, the growth is expected to pick up after 2021 and continue during the forecast period, thus having a positive impact on the market.
The global superhydrophobic coatings market is highly fragmented, with no single player occupying a major share in the market. Few players in the market are expanding their market presence through opening new offices, and are also introducing new products into the market. Furthermore, huge R&D investments by major players in the market studied are likely to have a significant effect on the market positions worldwide. The major players in the market include Rust-Oleum, NEI Corporation, UltraTech International Inc., P2i Ltd, and CYTONIX, among others.
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Growing Demand from the Textile Industry
4.1.2 Increasing Demand for
4.2.1 Impact of the COVID-19 Pandemic
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
4.5 Patent Analysis
5 MARKET SEGMENTATION
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