Superhydrophobic Coatings Market to reach a valuation of US$37.1 mn 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. Although the need for high capital investment might appear as a major challenge for new entrants, innovation in product solutions and technologies present several opportunities for them in the superhydrophobic coatings market.
The thriving automotive, construction, and consumer electronics industries have fueled the demand for superhydrophobic coatings over the years. The market is projected to rise from a value of US$2.90 mn in 2015 to reach US$37.1 mn by 2024 at an astounding CAGR of 34.3% during the forecast period. By volume, the superhydrophobic coatings market will expand at a 37.3% CAGR from 2016 to 2024.
- Favorable Properties of Superhydrophobic Coatings Fueling Newer Applications
Superhydrophobic coatings find application in sectors such as electronics and telecommunication, textile and leather, building and construction, automotive, healthcare and medical, optical, and power generation. In terms of demand, the electronics and telecommunication sector accounted for approximately 32.0% of the superhydrophobic coatings market in 2015. The segment is expected to witness significant growth during the forecast period owing to the increasing applications of superhydrophobic coatings in consumer electronics, semiconductors, and other electronic components.
The information Presented in this Review is Based on Press-Release by TMR
The building and construction and automotive sectors are also a prominent end users of superhydrophobic coatings. Superhydrophobic coatings are environment-friendly and highly compatible with concrete, masonry, ceramics, and composite substrates. These coatings can also be used for waterproofing applications on ceramic floor and wall tiles, cement walls, and roofs in exterior and interior constructions. Textile and leather is anticipated to be the fastest-growing end user during the forecast period, presenting lucrative options for players. The growing need for protective, dirt-resistant clothing in the military sector and self-cleaning apparels for daily use is likely to drive the demand for superhydrophobic coatings in the textile and leather industry.