The market for hydrophobic coatings is expected to grow at a CAGR of more than 5.5% during the forecast period. Major factors driving the market studied is robust growth of construction sector
- Shifting trends toward hydrophobic coatings in the medical industry is likely to act as an opportunity.
- Asia-Pacific dominated the market across the globe with the largest consumption in a country such as India, China, etc.
Key Market Trends
Constriction Segment to Dominate the Market
- The demand for hydrophobic coatings had witnessed a rapid surge in the past few years, with the growing construction activities, worldwide. These coatings are widely used in construction, in order to protect various substrates or surfaces from damage due to contact with water or rain.
- Hydrophobic coatings protect building walls from rainwater and water from other sources, which helps in increasing the overall life of the buildings. These coatings also protect the surfaces that are frequently cleaned with water, such as window frames, stone surfaces, metal frames, etc.
- Hydrophobic coatings also protect the beauty of buildings from water, along with repelling moisture, thereby, protecting the color applied and preventing color fading to a large extent.
- The hydrophobic coating also helps to improve thermal performance and increase the insulation properties of the buildings. It reduces the chances of mold appearing on internal walls offering insulation benefits, which helps to keep home hot during winter, and cool in summer. Thus, the robust performance of the construction sector across various regions, like Asia-Pacific, Middle East & Africa, and North America, the demand for hydrophobic coatings market is likely to witness strong demand during the forecast period.
- Asia-Pacific and North America regions have been witnessing strong growth in residential construction.
- Asia-Pacific has been witnessing strong growth in residential construction in countries, such as India, China, the Philippines, Vietnam, and Indonesia.
- Moreover, in North America, high housing demand due to the growing population demand for homes and increased immigrants, and the trend of nuclear families are some of the factors driving the residential construction in the region.
- Thus, such a robust performance of the construction industry across the various regions has been driving the demand for hydrophobic coatings market.
China to Dominate the Asia-Pacific Region
- China is the world’s largest automotive producer. However, in 2018, the country witnessed about 4.16% decline in the production of vehicles. Automotive sales also declined by about 6% to 22.7 million units in 2018. The performance of the automotive industry was affected by the economic shifts and China's trade war with the United States.
- This trend is likely to remain similar in 2019, due to the declining demand for diesel and petrol cars in the country. However, rising sales of electric cars are likely to help the automotive market to avoid another slump.
- China is majorly focusing on increasing the production and sale of electric vehicles in the country. For this purpose, the country has planned to increase the production of electric vehicles (EVs) to 2 million per year by 2020, and 7 million per year by 2025. The target, if achieved, is likely to increase the share of electric vehicles to 20% of the total new car production for China by 2025.
- In the recent past, the Chinese construction industry developed rapidly, due to the central government’s focus on infrastructure investment, as a means to sustain economic growth. The Chinese government rolled out massive construction plans, including making provision for the movement of 250 million people to its new megacities over the next ten years, despite efforts to rebalance its economy to a more service-oriented form.
- Besides, China has one of the fastest-growing aviation industries in the world with a consistent increase in passenger traffic at about 6.6% per year. In this regard, over the next 20 years, China is expected to require 7,690 new commercial aircraft worth USD 1.2 trillion. Besides, the country has planned construction of numerous airports in the next 5 years, which is further projected to increase demand for commercial jets.
- Therefore, such market trends are expected to drive the demand and growth of hydrophobic coatings during the forecast period.
The hydrophobic coatings market is partially consolidated. Some of the major players include BASF SE, PPG Industries Inc., The Sherwin Williams Company, Aculon, AccuCoat Inc., amongst others.
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