Growing consumer expenditure in medical and healthcare industry will accelerate superhydrophobic coatings demand in coming years. For instance, in 2015, 10% of Europe’s GDP was spent on medical and healthcare, Europe medical and healthcare industry reported to be over USD 16 billion. Thus, growing medical and healthcare industry is likely to propel superhydrophobic coatings market over the forecast timeframe.
Construction activities have been substantially growing across the globe such as surging demand in UAE for residential buildings and hotel rooms are favouring the market. In addition, Dubai tourism sector have been growing phenomenally which had contributed around USD 64 billion toward UAE economy. Similarly, Africa economy has been witnessing continuous investment in economic sector for instance USD 66.5 billion was invested in 2015 which comprises over 700 projects. Moreover, Indian Foreign Direct Investment for building and infrastructure industry by March 2017 was over USD 24.3 billion. Such traits reflect brighter scope for infrastructure and construction industry to grow, which will further gain significant revenue in coming years, thus positively influencing the superhydrophobic coatings market.
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Global Superhydrophobic Coating Market has been driven by its application in infrastructure and building industry. For instance, concrete surface areas are hydrophilic porous and comprises of many fissures, capillaries, microcracks and defects. Water, other aggressive liquids and gases can easily penetrate through concrete surface defects thus necessitating the application of superhydrophobic coatings on concrete surfaces. In addition, unique properties of superhydrophobic coating such as ultraviolet resistance, low wettability and low ice-adhesion strength is likely to stimulate superhydrophobic coatings market growth over the forecast timeframe.
The market is hindered by stringent government regulation for instance China government had implement GB/T 26490-2011 regulation to reduce the risk of damage from the usage of superhydrophobic coatings application. Further superhydrophobic coatings products are unable to withstand rough weather & environmental pressure which has limited its application in several industrial premises. Thus, the market might be negatively influenced by strict government regulation and limited performance in end-user industry.
Market is segmented based on raw material such as fluoropolymer, silica, metal oxide and carbon nanomaterial based. Fluropolymer based superhydrophobic coatings is likely to gain significant market share over the forecast period owing to rising demand from electronic industry. Due to increasing application of superhydrophobic coatings in consumer electronic goods.
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Based on application, the market is segmented as electronics, transportation, medical and healthcare, infrastructure and building and textiles & leather, and others. Infrastructure and building application is growing at remarkable space owing several government initiatives to encourage construction activities for achieving economic growth. Other application segment includes automotive and optical which is likely to witness growth over the years owing to increase in sales of vehicles. For instance, China accounted for total vehicles sales worth of 5.7 million and India reported over 4 million automobile sales by the end of 2017.
Asia Pacific hold potential market share of global superhydrophobic coatings market, due to social economic factors such as GDP growth, increasing employment rate and rising purchasing power of consumers. China, India and Japan are leading countries of the region with high growth potential further high investment in infrastructure and construction industry will accelerate market growth over the projected timeframe.
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Prominent companies are Aculon, CYTONIX, LLC, NEI Corporation, NTT Advanced Technology Corporation, UltraTech International Inc., Rust-Oleum, etc. Several other companies in the market hold significant market share, further global superhydrophobic coatings market have been highly competitive with different large and small-scale players. Moreover, few companies are undertaking different strategies to strengthen their market position and expand global footprints by engaging in acquisition, partnership and capacity expansion arrangement.
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