The hydrophobic spray market is estimated to garner a notable revenue by growing at a noteworthy CAGR over the forecast period, i.e., 2021 – 2029. The growth of the market can be attributed to the increasing scope of application of hydrophobic spray in aerospace, textile and construction industries. Growing automobile sales is also predicted to drive market growth in the future. It is calculated that a total of approximately 70 million units of automotive will be sold by the end of 2021. Along with this, rising technological advancements to develop effective underwater and wearable electronics is anticipated to boost the demand for these protective coatings, which in turn is expected to drive market growth in the coming years. Furthermore, growing innovations to formulate hydrophobic sprays with nano-particles is a crucial factor projected to offer lucrative opportunities for the expansion of market during the forecast period.
The market is segmented by product type into self-cleaning, anti-corrosion, anti-wetting, anti-microbial, and anti-icing, out of which, the anti-microbial segment is anticipated to witness significant growth in the hydrophobic spray market on account of rising consumption of hydrophobic coatings in the healthcare sector for manufacturing water-resistant surgical tools and medical devices. Based on application, the textile segment is assessed to occupy the largest market share during the forecast period owing to the increasing usage of hydrophobic sprays to create self-cleaning textiles. Moreover, the clothing industry is estimated to witness a surge in demand for water-resistant and stain-repellent clothing in the coming years as a result of their high durability, which in turn is expected to be a major growth driver for this market segment in the near future.
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. CLICK TO DOWNLOAD SAMPLE REPORT
The hydrophobic spray market is further classified on the basis of region as follows:
Our in-depth analysis of the hydrophobic spray market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Growing use of hydrophobic sprays in automotive, aerospace and construction industries is the major growth driver for the market.
The market is anticipated to attain a noteworthy CAGR over the forecast period, i.e., 2021 – 2029.
North America region is expected to provide more business growth opportunities on the back on strong industrial development in the United States.
The major players in the market are UltraTech International, Inc., RPM International Inc, BASF SE, P2i Limited, and others.
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.
The market is segmented by product type, substrate, end user, and by region.
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.
Rising environmental concerns associated with the aquatic toxicity of hydrophobic sprays is estimated to hamper the market growth.
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