The market for hydrophilic coatings is expected to grow at a CAGR of more than 8% during the forecast period. Major factors driving the market studied is growth in the medical devices market.
- On the flip side, high costs of hydrophilic coatings are likely to hinder the market
- Asia-Pacific dominated the market across the globe with the largest consumption from countries such as China and India.
Key Market Trends
Medical Industry to Dominate the Market
- Hydrophilic coatings are heavily required for the manufacturing of medical devices. This is major because applying hydrophilic coatings on medical devices provides an evenly wet and lubricated surface.
- Additionally, the coating helps in the reduction of surface friction, as compared to an uncoated device surface.
- Various medical devices, such as catheters and guide wires, benefit from such surfaces since there is a reduction in the insertion force, which allows them to traverse the vasculature easily, and avoid abrasions between the vessel walls and device surfaces. It also reduces the occurrence of tissue damage.
- With the ongoing innovation and technological development in medical devices, the demand for catheters and guidewires has been continuously increasing. Due to this, the demand for hydrophilic coatings has increased from the medical sector, thus, providing a boost to the market.
- Moreover, owing to the increasing number of hospitals across the world, along with the increasing requirement of medical assistance, the demand and production of such medical devices have been growing at a strong pace.
- Currently, hospital projects have been increasing significantly in Asia-Pacific and Middle East & Africa, owing to the growing demand for medical assistance and limited healthcare infrastructure in these regions. Regions, like North America and Europe, are also witnessing new and expansion hospital projects, due to a growing aged population and the increasing need for medical assistance. For instance:
- In December 2018, Phase 2, Danat Al Emarat hospital expansion project of USD 81 million was planned in Abu Dhabi, the United Arab Emirates, which is expected to be completed by 2022
- Thus, with growth in medical device production, the demand for hydrophilic coatings from the medical device industry is likely to increase considerably during the forecast period.
China to Dominate the Asia-Pacific Region
- The medical sector is expected to have the highest demand for hydrophilic coatings in China, owing to heavy requirements for these coatings in medical devices.
- The rapid increase in expenditure on high-end medical devices, due to the continuous need for proper medical and healthcare facilities, increasing health awareness, and an aging population, is boosting the demand for hydrophilic coatings in the country.
- There has been a rapid increase in the expenditure of medical devices in China, along with various other investments in the medical industry of the country, in order to meet the medical demands of the aging population.
- Furthermore, automotive continues to remain the largest sector in the country, and it is reflecting positive signs for the near future. A large number of Tier one producers are either in the process of expanding their production or starting new production facilities in the country. According to the OICA, automotive production in China declined by 4.2% Y-o-Y in 2018, over 2017, reaching a total of 27,809,196 vehicles.
- By advocating the aforementioned trend, the country recorded over 29 million automobile production in 2017, which declined in 2018, due to the decreasing car sales as a result of the trade dispute with the United States.
- Additionally, China is on course to overtake the United States as the world's biggest air travel market within the next three years, and still, the country’s appetite for aviation continues to grow exponentially. At present, China needs 6,810 new aircraft in the next 20 years, with a total value of USD 1.025 trillion, owing to the rising passenger throughput.
- Hence, all such trends in the end-user industries are expected to drive the demand for hydrophilic coatings in the country during the forecast period.
The global market for hydrophilic coatings is fragmented. The key players in the market include Aculon, Applied Medical Coatings, Corning Incorporated, Hdydromer Inc, DSM, among others.
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