Global Hydrophilic Coatings Market to Surpass US$ 17.66 Billion by 2025

Hydrophilic coatings refer to low friction and wettable coatings majorly applied to various medical devices including cannulas, catheters, and guide wires. Hydrophilic coatings on medical devices produce a lubricious surface reducing irritation and trauma caused by the insertion of a medical device in the body. In addition to this, hydrophilic coatings help to prevent the medical devices from bacterial colonization, thereby reducing the possibility of infections.

The major factors propelling the growth of this market include the increasing adoption of hydrophilic coatings from end-use industries, such as healthcare, automotive, aerospace, and marine. Hydrophilic coatings exhibit water attracting properties and produces a hydrogen bond, which creates a lubricious and wettable coating that can be applied to a variety of surfaces and materials. Furthermore, the growing demand for lightweight materials in the automotive industry is expected to boost the growth of this market in near future. However, the high production cost of the hydrophilic coatings coupled with the lower shelf life of these products are the major factors hindering the growth of the market.

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In terms of revenue, North America dominated the hydrophilic coatings market in 2016 and accounted for a share of more than around 35%. This dominance is due to increasing awareness regarding the benefits associated with non-invasive surgery procedures including laparoscopic surgery, endoscopic surgery, and thoracoscopic surgery. Furthermore, the rising penetration of hydrophilic coatings in the optics, aerospace, and automotive industries is largely contributing to the growth of hydrophilic coatings market in the region. The application of hydrophilic coatings on optical surface enhances transparency and provides clear vision, thus increasing the penetration level of hydrophilic coatings in various optical devices including outdoor surveillance, camera windows, and outdoor displays. According to the International Organization of Motor Vehicle Manufacturers (OICA), the U.S had manufactured around 3,934,357 cars and around 8,263,780 commercial vehicles in 2016. Hydrophilic coatings are extensively used in car windshields and rear-view mirrors in order to ensure clarity while driving during rains. This factor is highly responsible for the growth of this market in the U.S, which in turn is complementing the growth of the hydrophilic coatings market in North America.

Asia Pacific is anticipated to be the fastest growing market for hydrophilic coatings, witnessing the highest CAGR of 8.83% during the forecast period (2017 - 2025). Major factors propelling the growth of this market include substantial growth in the income of middle-class population and the steadily growing geriatric population in the region, which is supporting the growth of medical sector, in turn increasing the demand for hydrophilic coatings in the medical devices. According to the United Nations Population Fund (UNFPA), the region is aging faster at an unprecedented rate and by 2050, one out of four people in the Asia Pacific is expected to be over 60 years. Furthermore, UNFPA anticipated that the geriatric population in the region is expected to triple between 2010 and 2050, amounting to around 1.3 billion people. The steadily growing healthcare sector in China is also propelling the growth of hydrophilic coatings market. According to Coherent Market Insights, the health care expenditure in China is expected to grow from US$ 355 billion in 2011 to approximately US$ 1 trillion by 2020.

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Based on end-use industry, healthcare segment emerged as the leading market in 2016 and is expected to retain market dominance throughout the forecast period. This is due to its lubricious coatings on the disposable medical devices including guide wires and catheters. These coatings lower down the insertion force, which reduces the possibilities of severe abrasion between the vessel walls and the surface of the device. Moreover, the qualities including biocompatibility, durability, sterility, and flexibility are some of the major factors propelling the growth of hydrophilic coatings market in the healthcare sector.
Based on substrates, the hydrophilic coatings market is segmented into polymers, glass, metal, nanoparticles, and others. The polymer segment is expected to record a rapid growth in near future witnessing highest CAGR during the forecast period.

Major players operating in the global hydrophilic coatings market include SurModics Inc., Aculon Inc., Surface Solutions Group LLC, Hydromer Inc., Teleflex Incorporated, AdvanSource Biomaterials Corp., Koninklijke DSM N.V., Covalon Technologies Ltd., and Harland Medical Devices.

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This release was published on openPR.