The report “Hydrophilic Coating Market by Substrate (Polymers, Glass/Ceramics, Metals, Nanoparticles), End User (Medical Devices, Optics, Automotive, Aerospace, Marine), and Region (APAC, North America, Europe, MEA, South America) – Global Forecast to 2027”, size is projected to grow from USD 16.8 billion in 2022 to USD 22.5 billion by 2027, at a CAGR of 6.0%. The hydrophilic coating market is divided into five key regions: North America, Europe, Asia Pacific, the Middle East & Africa, and South America. The market growth is supported by the acceleration of motor vehicle manufacturing globally as output rises dramatically compared to historical levels. The rising number of motor vehicles in use and increasing insurance coverage allow for more comprehensive repairs to be made to damaged vehicles, which increases the demand for refinishing coatings. Owing to the enormous motor vehicle parts and some of the world’s top automakers in these countries, North America and Western Europe are expected to continue to make up a sizable portion of the demand for hydrophilic coating
The automotive segment shows tremendous growth during the forecast period.
Nine months into 2022, the global car market remained vulnerable to ongoing supply chain pressures and rising geopolitical tensions. According to S&P Global and the International Organization of Motor Vehicle Manufacturers, this caused a decline in global new car sales by 2.9% so far this year – nearly 1.5 million units below the 2021 level, and more than 7.5 million units less than in 2019. European passenger car registrations declined by 15.4% in the first nine months of 2022, owing mostly to a lack of automobiles due to semiconductor shortages. Simultaneously, the conflict in Ukraine and the looming energy crisis have had a substantial negative impact on automobile demand, particularly in Eastern European nations, with the worst losses reported in countries directly involved in the conflict, specifically Ukraine (-65.3%) and Russia (-61.8%).
Passenger car sales in North America continued to be affected by supply chain issues, which limited the availability of new vehicles. Over the first three quarters of 2022, regional car sales declined by 13.3%, down approximately 1.5 million units from the same period the year before. The same trend was observed in the US, where sales volumes contracted by 14.3% during this nine months. Demand for new cars in South America remained stable at 2 million units during the first three quarters of 2022, despite a 3.8% drop in Brazilian sales, which account for more than half of total regional car sales alone. From January to September, Japanese and South Korean passenger vehicle sales fell 8.7% and 7.5%, respectively, as shortages of semiconductors and other components continued to hamper production