The hydrophobic coating market has seen tremendous growth in recent years, with a market valuation of USD 2,276.1 million in 2024 and expected to reach a peak of USD 3,849.6 million by 2034, at a CAGR of 5.4%. The market growth can be attributed to the fast-paced industrialization and widespread implementation of hydrophobic coatings in various sectors.
Construction industry requires high-quality hydrophobic coatings to protect buildings, bridges, and other structures from water damage and external elements. These coatings help in maintaining the structures and reducing the need for maintenance and repair, making them a cost-effective solution for builders and contractors.
Marine industry also extensively uses hydrophobic coatings to protect boats, ships, and other marine vessels from barnacles, and the increasing need for eco-friendly coatings has created a massive growth opportunity. The automotive and aerospace sectors have also envisioned significant share values in the hydrophobic coating market. The rapid production of luxury cars, bikes, public vehicles, and electric vehicles has generated huge sales of these coatings.
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The high cost of application, the possibility of damage during implementation, and counterfeit products in the domestic marketplace pose significant challenges in the development of these coatings.
“Increasing demand for durable and long-lasting coatings in the construction industry has further enhanced the growth trajectory of the hydrophobic coating market,” - opines an analyst at FMI.
Key Takeaways from the Market Study
· Anti-corrosion hydrophobic coating is gaining popularity, with a projected share of 31.8% for 2024, as it can be applied across various sectors.
· The automotive sector's share in the hydrophobic coating industry reflects an impressive 35.7% for 2024.
· The hydrophobic coating market in India is poised for exponential growth, with an 8% CAGR through 2034.
· The hydrophobic coating market in China is projected to grow at a 6% CAGR through 2034.
· The hydrophobic coating market in Spain is anticipated to develop at a 4% CAGR through 2034.
· The hydrophobic coating market in Canada is predicted to rise at a 3.3% CAGR through 2034.
· The hydrophobic coating market in the United States is estimated to increase at a 3% CAGR through 2034.
Competitive Landscape
Industry players like BASF SE, AkzoNobel N.V., Aculon Inc., Accucoat, Inc., 3M, Aurolab, and Excel Coatings. Companies are jumping into collaborations and mergers to grow in varied sectors. Electronic sectors have boosted the demand for manufacturers catering to growing needs with lump sum profits. Variations in material and production for easy transport and lasting quality have graded the market to score more heights.
Recent Developments:
· In September 2023, Nidec Instruments Corporation developed a hydrophilic coat for automotive lenses, which reduces water droplets on camera lenses, improving drivers' vision in rainy weather.
· In December 2023, McCormack Family Farms replaced wax-lined and PET produce trays with Smurfit Kappa's water-resistant coating on cardboard, providing moisture resistance without compromising recyclability and reducing transport costs and carbon footprint.