The hydrophobic coatings market has witnessed significant growth in the recent years owing to increasings demand from the electronics industry. Hydrophobic coatings have the ability to repel water and are ideal for use in devices sensitive to moisture damage like smartphones, tablets, laptops etc. These coatings form a barrier against water and other liquids when applied to surfaces. They find widespread applications in protecting electronic device screens and components from water damage which could occur from accidental liquid splashes or spills.
The global hydrophobic coatings market is estimated to be valued at US$ 1.39 billion in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2031.
Key players operating in the hydrophobic coatings market are Sharp Corporation, Apple Inc., Sony Corporation, ASUSTEK Computer Inc., LG Electronics, AU Optronics, Samsung Group, and Fujitsu Limited.
Key Takeaways
Key players: Sharp Corporation, Apple Inc., Sony Corporation, ASUSTEK Computer Inc., LG Electronics, AU Optronics, Samsung Group, and Fujitsu Limited are some of the prominent players in the hydrophobic coatings market. These companies are focusing on developing innovative hydrophobic coating solutions to strengthen their market position.
Growing demand: There has been a surge in the demand for various electronic devices like smartphones, laptops, tablets, etc. in the recent years. hydrophobic coatings find wide application in protecting sensitive components and surfaces in these devices from liquid damage, driving the demand.
Global expansion: Leading electronics manufacturers are expanding their business globally to cater to the Hydrophobic Coatings Market Demand. The players in hydrophobic coatings market are accordingly increasing their production capacities and geographical reach to leverage the widespread market opportunities.
Market Key Trends
One of the key trends gaining traction in the hydrophobic coatings market is the development of non-fluorinated or fluorine-free coatings. Strict environmental regulations regarding use of fluorinated chemicals is propelling research towards eco-friendly coating alternatives. Players are investing in R&D to develop bio-based or silicon-based hydrophobic coatings without fluorine content.
Porter’s Analysis
Threat of new entrants: The hydrophobic coatings market requires high R&D investments creating high entry barriers for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes. However, differentiated properties of hydrophobic coatings reduce impact.
Bargaining power of suppliers: Presence of many suppliers reduces their bargaining power. Suppliers depend on OEMs for business.
Threat of new substitutes: Limited substitutes are available. Hydrophobic coatings have unique properties that are difficult to replicate.
Competitive rivalry: Market fragmentation leads to high competition between numerous global and regional players.
Geographical Regions
Asia Pacific accounts for the largest share of the global hydrophobic coatings market in terms of value. This is due to the vast electronics industry and growing aerospace sector in countries such as China, South Korea, Japan and India. North America is another major region for hydrophobic coatings led by the aerospace industry and technological advancements.
Fastest Growing Region
Europe is projected to be the fastest growing regional market for hydrophobic coatings during the forecast period. This is attributed to increasing research into nano- and bio-coatings along with the expanding automotive production base in Germany, UK, France and Italy. The demand is further supported by stringent environmental regulations regarding emission control.
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Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups.
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