Increasing demand for sonochemical coatings from the construction industry is driving market expansion, while rising demand from the healthcare industry will propel the global sonochemical coatings market.
PORTLAND, Ore., Feb. 21, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Sonochemical Coatings Market Type (Silver-Titanium Dioxide (Ag-TiO2), Prussian Blue Nanoparticles (PB-NPs), Copper Oxide (CuO), Zinc Oxide (ZnO), Silicon Dioxide (SiO2), Others), by Substrate (Cotton, Plastic, Metal, Others), by Technology (Water based, Solvent Based), by End-use industry (Medical, Textile, Consumer Electronics, Automotive, Others) And Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2031″ According to the report, the global Sonochemical Coatings industry generated $65.4 million in 2021, and is estimated to reach $148.7 million by 2031, witnessing a CAGR of 8.7% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
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Drivers, Restraints, and Opportunities-
Increasing demand for sonochemical coatings from the construction industry is driving market expansion. In addition, the increased demand from the healthcare industry will drive the market. However, stringent volatile organic compound rules will restrain the market for Sonochemical coatings. However, the increase in use of water-based coatings in emerging economies will create profitable opportunities for the market in the coming years.
Covid-19 scenario-
- Fluctuating prices of raw materials and a mismatch in demand and supply for the raw materials are impacting the growth of the sonochemical coatings industry negatively.
- However, the increasing demand for electronic devices and environmentally friendly chemical coatings will support the market recovery post-pandemic.
Copper Oxide (CuO) is projected as the fastest growing segment–
By Type, the Zinc Oxide (ZnO) segment accounted for the largest share, owing to ZnO’s great effectiveness, low toxicity, long-lasting effect, and durability. The industry is also driven by the increasing demand for ZnO coatings in medical & healthcare, electronics, and other industries. ZnO coatings promote workplace safety and cleanliness by inhibiting the growth of COVID-19 virus, bacteria, and other microorganisms on frequently handled surfaces. The Copper Oxide (CuO) segment is the fastest-growing segment with a CAGR of 9.5%, the electrical and electronic industry’s use of copper oxides in products like magnetic storage devices, semiconductors, cathodes, and solar cells has created a significant commercial opportunity for producers of nanoscale copper foxides.
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Cotton is projected as the fastest growing segment-
By substrate, the metal segment accounted for the largest share and its demand rising from the global electronics industry has led to the growth of the metal substrate. Additionally, the booming automotive and healthcare sectors are boosting the use of metal substrates. The cotton segment is the fastest-growing segment with CAGR 9.3%, because of the rise in demand for printed textiles and higher-quality goods, the usage of cotton substrate has increased significantly.
Solvent based is projected as the fastest growing segment-
By technology, the Solvent Based segment accounted for the largest share and is the fastest-growing segment with CAGR 9.0%, the increase in demand from end-use industries such as infrastructure, automotive, and general industrial is expected to boost the expansion of solvent-based coatings.
Textile is projected as the fastest growing segment-
By end-use industry, the medical segment accounted for the largest share, owing to the reduction in surgical operations is primarily responsible for the growth of the medical industry. Less invasive techniques are being regularly adopted by an increasing number of healthcare establishments. Both the patient and the provider have accepted this idea favorably; for the patient, advantages include early discharge and returns to normalcy, and for the provider, advantages include a quicker turnaround, resulting in more income. The textile segment is the fastest-growing segment with CAGR 9.6%, due to the rising demand for antibacterial textiles, the textile industry has advanced significantly. As a result, the market for sonochemical coatings will be driven by the rising textile industry.
Asia-Pacific has garnered a major share and is projected as the fastest growing region-
By region, Asia-Pacific garnered the highest share in 2021, The growth of important end-use industries including healthcare, construction, and electronics is what drives the market in Asia Pacific. The packaging market is expected to grow in the near future thanks to a strong manufacturing base in China, Japan, and India as well as rising e-commerce and electronic device sales.
Leading Market Players-
- SONO-TEK CORPORATION
- ULTRASONIC SYSTEMS, INC.
- SONAER INC.
- NOANIX
- NADETECH INNOVATIONS S.L.
- HIELSCHER ULTRASONICS GMBH
- CHEERSONIC ULLTRASONICS EQUIPMENTS CO., LIMITED
- MTI CORPORATION
- SIANSONIC TECHNOLOGY CO., LTD.
- RALSONICS
The report analyzes these key players in the global sonochemical coatings market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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