Our in-depth analysis of the hydrophobic spray market includes the following segments:
By Product Type
By End User
On the basis of geographical analysis, the hydrophobic spray market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The market in North America region witnessed noteworthy growth in 2020 and is expected to continue this trend over the forecast period on the back of rising demand for hydrophobic sprays from end user industries in the United States. Being a major developed nation, the country is a hub for commercial activities in multiple industries, ranging from small-scale to heavy-scale categories, which is evaluated to be one of the leading causes of the intensifying use of waterproof coatings in this region. Apart from these, the U.S. also has a well-established presence in the automotive and textile markets, which is foreseen to make North American region a significant shareholder in the global market over the forecast period. According to the International Trade Administration, the U.S. textile and apparel industry holds a $70 billion share in the global market in terms of industry shipments. Additionally, China is also predicted to grab a notable market share owing to the large industrial throughput of the region.
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The hydrophobic spray market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Smruti Ranjan, Rajrani Baghel
Ans: Growing use of hydrophobic sprays in automotive, aerospace and construction industries is the major growth driver for the market.
Ans: The market is anticipated to attain a noteworthy CAGR over the forecast period, i.e., 2021 – 2029.
Ans: North America region is expected to provide more business growth opportunities on the back on strong industrial development in the United States.
Ans: The major players in the market are UltraTech International, Inc., RPM International Inc, BASF SE, P2i Limited, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by product type, substrate, end user, and by region.
Ans: The textile segment is anticipated to hold the largest market size and is estimated grow at a significant CAGR over the forecast period and display significant growth opportunities.
Ans: Rising environmental concerns associated with the aquatic toxicity of hydrophobic sprays is estimated to hamper the market growth.