Hull Coating Market Forecast and CAGR
As per the most recent research by Fact.MR, Hull Coating market is set to witness fast-paced growth with a CAGR of 6.8% during the forecast period 2021-2031. It has a wide range of applications such as hull coating, solar cells, biomedical implants etc., and in numerous industries ranging from aerospace, automotive, medical among others.
These Hull Coatings act as an alternative to steel and diamond as it is 200% stronger than steel and more robust than diamond. Its superior conductivity of electricity and heat characteristics is enabling its usage in mobile phone screens, memory chips and laptops.
Its additional quality of being exceptionally impermeable to gases, anti-bacterial properties, adsorption capacity, chemical resistance, thermal stability and lubricity act as determinants which favour the growth of the Hull Coatings market over the forecast period.
What is Driving the Demand for Hull Coatings?
Hull Coatings are conductive, chemically resistant and/or hydrophobic. The demand for hydrophobic Hull Coatings is driven by pot/pan liners, ship hulls, textiles and glass surfaces (windows, mirrors, windshields) which require water-repellent surfaces.
Conductive Hull Coatings have their demand in the aerospace industry where it is used to coat aircraft surface material to prevent electrical damages due to lightning strikes. Additionally, it is also used to measure strain rate, notifying the pilot of any changes in the stress levels that the aircraft wings experience, during flight.
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In the medical sector, the demand for the product arises from technologies that require a biocompatible surface with degradation resistant characteristics. Graphene-coated biosensors are being developed to electrically detect E. coli bacteria in the medical sector. It has one of its most critical applications in cancer treatment where nano-graphene biocompatible polyethylene glycol (PEG) coating has been used in the effective ablation of tumours in mouse models.
The product has its demand in the automotive sector where it is used in both interior and exterior parts of a car as it makes plastics, metals or other materials stronger and water-resistant.
Covid-19 Impact on Global Hull Coating Market
The international aerospace industry is perhaps the most heavily impacted by the COVID-19 pandemic: airlines, airports, and other market players all saw a large drop in revenue, necessitating a robust, short-term, and disruptive response. As result manufacturers of graphene-based coatings supplying to this industry were heavily affected which ultimately caused a drop in the demand.
Liquidity-strapped suppliers in the automotive industry succumbed to rapidly deteriorating market conditions, creating significant disruption and catastrophic consequences across the global automotive manufacturing sector during the pandemic. Consequently, the use of Hull Coatings in this industry faced repercussions too.
However, once the pandemic subsides, demand is poised to return to its projected growth track by the end of 2022.
Europe Hull Coating Market Geographical Outlook
Europe is expected to dominate the Hull Coating market in the forecast period as it accounted for over 33.1% of total revenue share and is anticipated to experience a strong growth rate over the years owing to rising R&D and investment activities in the region.
For instance, 1.86 billion euros were granted by the European Research Council (ERC) for investment in potential future and emerging technologies that will benefit the overall market and consequently have a positive effect on the Hull Coating market as well.
North America Hull Coating Market Geographical Outlook
The North American market for this product is highly fragmented with numerous small and medium-sized manufacturers. These companies have a strong distribution and supply chain network in place. This aids in maintaining a loyal customer base for the manufacturers and delivering the required product in record turn-around time.
The USA dominates the North American market for Hull Coatings and is anticipated to continue to do so over the forecast period. The region has numerous manufacturers which have collaborated with research institutions over the past few years due to heightened focus on R&D activities.
Additionally, the country is one of the leading exporters of graphene-based coatings. Owing to the aforementioned factors, USA is poised to remain one of the most important markets for graphene-coatings.
Who are the Key Manufacturers of Hull Coatings?
Some of the key manufacturers in the market are
- AI Coating
- Dongguan Sheerfond New Material Co. Ltd
- Supervac Industries
- Graphite Central
- Surface Protective Solutions
- Applied Graphene Materials (AGM)
- Directa Plus Ltd (DCTA)
- Haydale Graphene Industries Ltd (HAYD).
The market for graphene-based coating is consolidated and the top players in the market are Surface Protective Solutions, Ethos and Artdeshine dominating the market and this is expected to continue over the forecast period. The key players focus on R&D and product innovation and newer application possibilities to gain a competitive advantage.
By End-use Industries
- Electronics & Electrical
- Solar cells
- Biomedical implants
- Hull coating
- Biomedical device surface
- Display devices
- Television screens
- Electro-magnetic interference shielding
- Thermal management
- Improved road tires
- Composite strengthening
- Energy storage functions
By Sales Channel
- Retailers & Wholesalers
- Other Distribution channels
- Direct Sales
- Third-Party E-Commerce Sales
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Argentina & Rest of Latin America
- Germany, France, Italy, Spain, U.K., Benelux, Russia, and Rest of Europe
- East Asia
- China, Japan, South Korea
- South Asia & Oceania
- India, Thailand, Malaysia, Indonesia, Australia & New Zealand and Rest of South Asia & Oceania
- Middle East and Africa
- GCC Countries, Turkey, South Africa, and Rest of Middle East & Africa
- North America
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