Wide range of applications and advantages over conventional products and increase in demand from the personal care & hygiene sector drive the growth of the global hydrogel market
PORTLAND, Oregon, June 23, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Hydrogel Market by Raw Material Type (Synthetic, Natural, and Hybrid Hydrogels), Composition (Polyacrylate, Polyacrylamide, Silicone-Modified Hydrogels, Agar-Based, and Others), Form (Amorphous Hydrogels and Semi-Crystalline Hydrogels), Product (Semi-Crystalline Buttons, Amorphous Gels, Impregnated Gauze, Films & Matrices, and Hydrogel Sheets), and End-User (Lenses, Hygiene Products, Wound Care, Drug Delivery, Tissue Engineering, and Others): Global Opportunity Analysis and Industry Forecast 2020-2027."According to the report, the global hydrogel industry was estimated at $22.1 billion in 2019, and is anticipated to hit $31.4 billion by 2027, registering a CAGR of 6.7% from 2020 to 2027.
Drivers, restraints, and opportunities-
Wide range of applications and advantages over conventional products and increase in demand from the personal care & hygiene sector drive the growth of the global hydrogel market. On the other hand, potential environmental hazards impede the growth to some extent. However, rise in Research & Development activities and high opportunities in the developing regions are expected to create multiple opportunities in the industry.
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COVID-19 scenario-
- The outbreak of COVID-19 has impacted a number of industries badly. However, the pharmaceutical industry has, quite naturally, managed to stay out of this loop. Uninterrupted use of hydrogel to prolong drug shelf-life has not let the global market fall in terms of revenue.
- Still, disruptions in the manufacturing process have caused certain interferences in the trade. But, with several government bodies coming up with relaxations on the existing regulations, it's projected that the market is not going to lose its pace.
The synthetic segment to dominate by 2027-
Based on raw material type, the synthetic segment contributed to more than three-fourths of the global hydrogel market share in 2019, and is expected to lead the trail by the end of 2027. The same segment would also portray the fastest CAGR of 6.8% from 2020 to 2027. This is attributed to its high water absorption ability and high gel strength.
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The semi-crystalline segment to maintain the dominant share-
Based on form, the semi-crystalline segment accounted for nearly two-thirds of the global hydrogel market revenue in 2019, and is projected to rule the roost till 2027. The same segment would also manifest the fastest CAGR of 7.4% throughout the forecast period. The fact that semi-crystalline hydrogels are superabsorbent drives the segment growth.
Asia-Pacific, followed by North America, to dominate the market throughout 2027-
Based on geography, Asia-Pacific, followed by North America, held the major share in 2019, generating more than one-third of the global hydrogel market. The same region is also anticipated to grow at the fastest CAGR of 7.1% during the study period. This is due to increase in population and growth in the inhabitants' per capita income, in this region.
Key players in the industry-
- B. Braun Holding GmbH & Co. KG
- 3M Company
- Cardinal Health
- Essity
- Procyon Corporation, Ashland
- Smith & Nephew plc.
- The Cooper Companies
- Medline Industries
- Paul Hartmann
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