(MENAFN- GlobeNewsWire - Nasdaq) New York, Oct. 18, 2023 (GLOBE NEWSWIRE) -- The global hydrophilic coating market size is projected to grow at a CAGR of over ~10% from 2023 to 2035. The market is expected to garner a revenue of USD 30 billion by the end of 2035, up from a revenue of ~USD 11 billion in the year 2022 major element dominating the market revenue is the growing adoption of automotive. For instance, in 2022 close to 66 million vehicles were sold as compared to about 65 million vehicles in 2021. Consequently, the market demand for hydrophilic coating is also growing.
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These coatings reduce fogging or misting on windscreens and mirrors, which enhances visibility in the automotive sector. Optics benefit from hydrophilic coatings' anti-fogging and anti-reflective qualities, which give users the clearest possible vision. Hence, this has great benefits in foggy weather. In 2021, road accidents in India brought on by foggy and misty weather conditions resulted in about 13,371 fatalities and approximately 25,359 injuries, among which more than half were grave.
Surge in Geriatric Population to Boost the Growth of Global Hydrophilic Coating
About 770 million people worldwide, or about 9% of the world's population, were expected to be over 65 in 2022. It is anticipated that this number, which has been expanding at a rising rate, will reach close to 15% in 2050 and over 23% by 2100. As a result, the market revenue is set to grow since with the surge un aging population the demand for minimal invasion surgeries is also projected to rise. Moreover, geriatric population are more prone of creating poor biological interactions with medical devices which are made from silicon. Hence, the adoption of hydrophilic coating is surging.
Hydrophilic Coating Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Population to Drive the Market Growth in Asia Pacific
The hydrophilic coating market in Asia Pacific to capture the highest share by the end of 2035. The major factor for its growth is rising population in this region. Approximately 3 billion people reside in the Asia and Pacific region, which also contains the globe's two most populated nations, China and India. This region is home to closet to 59% of the world's population. Hence, the market expansion in this region is set to quicken over the coming years.
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Surge in Healthcare Expenditure to Influence the Market Expansion in North America
The North America market for hydrophilic coating is set to have significant growth in the market over coming years. This growth in this region's market is owing to surge in healthcare expenditure in this region. When it comes to healthcare, the United States invests more than any other nation on earth. Over 3 trillion was spent on health care in the United States in 2021. Hence, the spending on making advancement in medical devices is also growing in this region additionally encouraging market expansion.
Hydrophilic Coating, Segmentation by Application
Medical Devices Optics Automotive
The medical devices segment in hydrophilic coating market is projected to capture the highest market share over the forecast period. This growth of the segment is set to be influenced by rising prevalence of chronic diseases. According to the World Health Organization, noncommunicable diseases (NCDs) account for 74% of the total mortality worldwide, killing 41 million people every year. Hence, in order to operate this chronic disease, the need for surgeries is rising which is further demanding medical devices and instruments. As a result, the market revenue is set to increase.
Hydrophilic Coating, Segmentation by Coating Type
Polymeric Coatings Inorganic Coatings Hybrid Coatings
The inorganic coatings segment is projected to have notable growth over the coming years. This growth in the segment is poised to be encouraged by rising production of aerospace owing to growth in tourist travelling through plane. About 92,000 flights depart from roughly 8,000 airports every single day. Between 7,000 and 13,000 airplanes fly through the sky at any given moment. Planes travel through harsh environment and are exposed to UV radiations. Hence, for the proper functioning of plane and safety of passengers the demand for inorganic coatings is set to rise.
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A few of the well-known industry leaders in hydrophilic coating market that are profiled by Research Nester are Surmodics, Inc., Hydromer Inc., Aculon Inc., Biocoat Incorporated, Harland Medical Systems, Sono-Tek Corporation, Koninklijke DSM N.V., Henkel AG & Co. KGaA, Precision Coating Company, Inc., AST Products, Inc., and other.
Recent Development in the Hydrophilic Coating Market
Surmodics, Inc.: Recently, Surmodics and Abbott established a partnership to create a new drug-coated balloon (DCB) technology for the treatment of peripheral arterial disease (PAD). In order to improve the functionality and efficiency of the DCB platform, the cooperation will make use of Surmodics' experience in coating technologies. Recently, Henkel unveiled LOCTITE AA HF 8100, a new hydrophilic coating created specifically for the medical device sector. In order to improve the performance and usefulness of medical equipment while maintaining patient safety, the coating is specially designed to offer exceptional lubricity and hydrophilicity.
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Tags Hydrophilic Coating Market Medical Device Optics Automotive Polymeric Coatings Inorganic Coatings Hybrid Coatings Related Links
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