Hydrophobic coatings market has increasingly captured the attention of scientists and researchers owing to their unique properties and a vast application potential across myriad industries. These coatings offer durable protection from liquids and abrasion and can be applied to a wide range of substrates, including metals, plastics, glass, textiles, painted surfaces, and 3D printed parts.
When applied, hydrophobic coatings, which are otherwise called waterproof coatings or water-repellent coatings, can impart multiple advantages such as self-cleanability, lower dirt retention, and improved resistance to moisture.
Universally considered to be one of the most profitable verticals within the polymers and advanced materials domain, global hydrophobic coatings market size is estimated to reach a valuation of more than US$2 billion by 2024. This growth can be attributed to consistent demand for water-repellent coatings across automotive, aerospace, construction, and healthcare applications.
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Strong demand for architectural coatings in construction
Hydrophobic coating solutions are anticipated to witness a substantial demand from the construction sector, considering upcoming residential and commercial expansion projects in the near future. Factors such as a booming world population and the subsequent rise in urbanization and industrialization has fueled the need for sustainable infrastructure solutions worldwide.
According to the Global Construction 2030 report by the Global Construction Perspectives and Oxford Economics, the worldwide construction industry is slated to grow at an astounding rate of 85% through 2030, reaching a valuation of US$15.5 trillion. The U.S., India, and China are anticipated to collectively account for more than 57% of the overall growth. These trends will certainly propel the demand for functional architectural paints and coatings, including hydrophobic coatings.
The applications of waterproof coatings can help enhance the aesthetic appeal of building exteriors while protecting them from rain and weather. Building exteriors are often exposed to environmental factors such as dirt, dust, smoke, and acid rain. In addition to protecting buildings from these elements, water-repellent and self-cleaning properties of hydrophobic coatings help buildings maintain an attractive appearance.
Mounting environmental concerns and growing focus towards the construction of green buildings has propelled the need for sustainable functional coatings. Hydrophobic coating market manufacturers are continuously experimenting with newer technologies and advanced materials to introduce innovative solutions that comply with international environmental sustainability standards.
Several companies have been investing in research and development to develop an ecofriendly alternative to perfluorinated compounds (PFCs) which are widely used in hydrophobic coatings. For instance, in 2018, NewerWet had launched a PFC-free durable water repellent coating formula.
Favorable government initiatives and policies to support infrastructure development in order to offer affordable housing to a rapidly growing urban population is likely to boost the demand for waterproof coatings. In addition, increased expenditure by respective governments in refurbishment of existing infrastructure will complement the industry outlook.
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Major growth restraining factors and COVID-19 impact
High costs associated with the manufacturing of hydrophobic coatings market may limit their adoption up to some extent. In addition, numerous health concerns and the risk of damage during application may encourage the adoption of alternative coating products. The recent coronavirus outbreak had forced chemicals manufacturing, auto production, construction activities, and industrial activities to come to a halt.
However, hydrophobic coatings find countless practical applications, where they protect the coated surface, equipment, or materials from liquids, hazardous chemicals, corrosion, and contamination. Being one of the most prominently used functional coatings across several industries, hydrophobic coating manufacturers are slated to witness substantial opportunities in the coming years.
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