HYDROPHILIC COATINGS MARKET ANALYSIS

Hydrophilic coatings refer to low friction and wet table 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.

Global hydrophilic coatings market was valued at US$ 13.16 Bn in 2021 in terms of revenue, exhibiting a CAGR of 6.69 % during the forecast period (2022 to 2030).

Drivers

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.

In terms of revenue, North America dominated the hydrophilic coatings market 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. 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 6.69 % during the forecast period (2022 - 2030). 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.

Figure 1. Global Hydrophilic Coatings Market Share, By End-use Industry, 2021

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Market Restraints

The presence of too many competitors, issues related to smuggling, stringent law enforcement, and legal suits by the licensees are the major restraint.

Market Trends

• The medical device market is rapidly increasing in the Asia Pacific region, which is expected to drive the consumption of hydrophilic coating in the manufacturing of the medical equipment which led to market growth.
• The North American region is the largest market of medical device across the globe, being the major application of hydrophilic coating in the medical devices, the hydrophilic coating market is also expected to witness a rise.
• The top market players in the hydrophilic coatings are expanding and increasing their distribution channels looking at the more demand across the new regions.
• Cutting-edge technologies are advanced innovative technologies used in the anti-fog coatings that improve the product performance and durability. Tensistat is a moldable hydrophilic polymer material, which is specifically used for medical devices without any additional processes, providing an opportunity for the market growth.

Figure 2. Global Hydrophilic Coatings Market value Share (%), By Substrate, 2021

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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.

Recent Developments

• In April 1, 2020, Royal DSM, leading global solutions supplier confirmed the completion of its acquisition of Glycom, which is a leading supplier of Human Milk Oligosaccharides for an enterprise value of US$ 833.31 million. This acquisition was done to gain a competitive market share by the company.
• On Oct 13, 2022 Global Hydrophilic Coatings Market research report 2022 provides a detailed pipeline analysis of the frameworks of SWOT and Porter’s Five Forces Analysis, market attractiveness charts.

Competitive Section

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.