Albany, New York, October 04, 2016: According to a new study published on Market Research Reports Search Engine (MRRSE), the degree of competition in the global super superhydrophobic coatings market is progressively intensifying with several companies conducting intensive research and development to bring innovative products to the market. The report, titled, “Superhydrophobic Coatings Market (End-user – Electronics & Telecommunication, Building & Construction, Textile & Leather, Automotive, Medical & Health Care) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024,” has been published by Transparency Market Research.
According to the report, although there is a growing interest among players to innovative and up their competitive quotient, the need for a considerable amount of capital to undertake such initiatives is hampering some of these efforts. Despite these push and pull factors, the global superhydrophobic coatings market is expected to generate US$37.1 mn worth of revenue by 2024. In 2015, this figure stood at just US$2.90 mn. These figures translate to a very strong 34.3% CAGR for the market during the forecast, the report states. In terms of volume growth, the market is projected to expand at a CAGR of 37.3% between 2016 and 2024.
Companies that currently lead the global market for superhydrophobic coatings are: P2i Limited, The Sherwin-Williams Company, Cytonix, LLC, UltraTech International, Inc., DryWired, LLC, Nanex Company, NEI Corporation, NTT Advanced Technology Corporation, Rust-Oleum Corporation, Lotus Leaf Coatings, Inc., and Artekya Ltd.
In 2015, North America led the world in terms of consumption of superhydrophobic coatings. Europe was the second largest market (in volume) globally in the same year. The market superhydrophobic coatings is staring a massive opportunity in the face in emerging countries in Asia Pacific. According to the report, the volume growth of the market for superhydrophobic coatings will be the fastest in Asia Pacific between 2016 and 2024.
The region’s growth will largely be enabled by the demand for coatings that are superhydrophobic in countries such as India and China that are on the fast track to industrialization. Besides these two dynamic economies, other ASEAN countries will also be consumers of superhydrophobic coatings. That having been said, companies are also recommended to focus on emergent trends and opportunities in countries in the Middle East and Asia and Latin America.
The global superhydrophobic coatings market is currently benefiting from valuable opportunities in the electronics and telecommunications industry. This application segment was the largest and in 2015 accounted for over 30% of the global superhydrophobic coatings market. The demand for superhydrophobic coatings is poised to remain strong in this sector through the forecast period of the report. This can be credited chiefly to the increasingly strong demand for such coatings to repel moisture from electronic and semiconductor components.
Demand for superhydrophobic coatings is also on the rise in the automotive industry as well as the construction sector. A number of apparel manufacturers are launching innovative products that make use of hydrophobic coatings. On account of these factors, it is expected that leather and textile industries will show swift growth in the demand for such coatings.
Browse Full Global Superhydrophobic Coatings Market Report with TOC:http://www.mrrse.com/superhydrophobic-coatings-market
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