Hydrophobic coatings are surface treatments that impart non-wetting or water-repellent properties to materials and products. They effectively prevent water from wetting and sticking to the coated surface. Hydrophobic coatings are majorly applied in marine vessels to protect them from corrosion and growth of microorganisms. They facilitate easy cleaning and self-cleaning ability of vessels by enabling water to roll off the coated surface easily. Increasing shipbuilding activities worldwide coupled with rising offshore oil & gas exploration projects are fueling the demand for marine vessels, thus driving the need for protective hydrophobic coatings.

The global Hydrophobic Coatings Market is estimated to be valued at US$ 1.2 Mn  in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity: The growing application of hydrophobic coatings in marine vessels offers immense opportunities for market growth. Marine vessels require protective coatings that can prevent fouling and corrosion caused by seawater. Hydrophobic coatings effectively serve this purpose and enable self-cleaning of vessel surfaces. Their increased usage in shipbuilding and marine applications will significantly contribute to the market expansion. With rising offshore exploration and expansion of global trade, construction and maintenance of marine vessels are growing exponentially worldwide. This rising demand for new ships and maintenance of existing fleet is projected to boost the sales of hydrophobic coatings during the forecast period.

Porter's Analysis

Threat of new entrants: Low-medium, significant capital required for R&D and clinical trials pose barriers. However, opportunities exist for new firms focused on niche applications.

Bargaining power of buyers: Medium. Some key players have market dominance but growing competition and substitutes increase buyer power.

Bargaining power of suppliers: Medium-high. Suppliers of key raw materials and technologies can influence prices.

Threat of new substitutes: Medium-high. New coating types and biomaterials pose substitution threats.

Competitive rivalry: High. Intense competition exists among major firms to develop newer applications.

SWOT Analysis

Strengths: Growing end-use industries drive demand. Several large global players fund extensive R&D.

Weaknesses: Coating quality depends on substrate uniformity. High performance coatings involve complex production.

Opportunities: Potential in aerospace, automotive and medical segments. Development of multifunctional and nano-engineered coatings.

Threats: Stringent regulations delay approvals. Supply chain disruptions impact production. Price pressures from low-cost alternatives.

Key Takeaways

The global Hydrophobic Coatings Market Demand is expected to witness high growth over the forecast period led by increasing applications in construction and automotive industries. The global Hydrophobic Coatings Market is estimated to be valued at US$ 1.2 Mn  in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030.
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The Asia Pacific region dominates the market currently owing to presence of major coating manufacturers and a large production base for end-use industries in China and India. North America and Europe will also experience considerable growth in demand for hydrophobic coatings for use in medical implants, devices, and equipment. Growth in the aerospace industry along with stringent fuel efficiency norms will drive coatings consumption.

Key players operating in the hydrophobic coatings market are 4d Molecular Therapeutics, LLCAbeona Therapeutics Inc.AdvaxisAdverum BiotechAevi GenomicApplied Genetic Technologies Corporation (AGTC)Alcyone LifesciencesAllife Medical Science and TechnologyAmarna TherapeuticsAmerican Gene TechnologiesAmgenAmicus TherapeuticsAnchiano TherapeuticsAnGes MGApic BioArmata.

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