Based on composition, the polyacrylate segment plays a key role in the hydrogel market
The growth of the hydrogel market can be attributed to the increase in healthcare expenditure and rise in demand for personal hygiene products. Consumers are gradually opting for contact lenses and improved quality of healthcare services, which, in turn, has contributed to the rise in demand for hydrogel products. The hydrogel market is estimated to be USD 11.43 billion in 2017 and is projected to reach USD 15.33 billion by 2022, at a CAGR of 6.04% from 2017 to 2022.
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Based on composition, the polyacrylate segment of the hydrogel market is projected to grow at the highest CAGR from 2017 to 2022. The growth of this segment can be attributed to the rising popularity of polyacrylate hydrogels owing to their superior properties, such as water holding capacity, transparency, and elasticity. These hydrogels are increasingly utilized in various products, such as paper diapers, sanitary towels, inflatable flood sandbags, protection materials, waterproof tapes, expansion toys, and water retaining gel for plants.
Based on application, the agriculture segment of the hydrogel market is projected to grow at the highest CAGR from 2017 to 2022. This growth can be attributed to the increasing agricultural activities in various regions, such as Asia Pacific, North America, Europe, and the Middle East & Africa. Moreover, the growing usage of hydrogels as a key material for farming, owing to their characteristics such as water holding ability, has contributed to the growth of the hydrogel market in agriculture.
The hydrogel market in the Asia Pacific region is projected to grow at the highest CAGR from 2017 to 2022, owing to the increasing demand for hydrogels from end-use industries in this region. Furthermore, increase in agricultural activities, especially in China, Indonesia, and India, is another significant factor driving the growth of the hydrogel market in this region.
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Various government initiatives undertaken to educate women about personal care & hygiene have contributed to the rising demand for various feminine hygiene products, especially in emerging countries. Thus, the growth of the personal care & hygiene industry has propelled the increasing adoption of hydrogels. Furthermore, the increase in demand for contact lenses is also anticipated to drive the growth of the hydrogel market. Major players involved in the manufacture of hydrogel products are focused on the development of new products and technologies to capture the untapped market.
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