Silicone Coating Market

Silicone Coating Market Size (2023-2028)

The silicone coating market is foreseen to develop up to USD 8.72 billion by 2028, at an expansion rate of 8.63% between 2023-2028

Silicones are synthetic polymeric compounds composed of repeating units of siloxanes. With the advancement of silicone-based technologies (SBT), these compounds can be employed in many forms, such as silicone-based resins, rubbers, oils, coatings, and others. The effectiveness of silicon-based technologies in coatings has expanded the field of high-performance applications to wide use in the coatings industry. Due to their high thermal stability and weather resistance, silicone coatings are widely employed in the electronic industry. These coatings provide corrosion resistance to various electrical assemblies that are employed in harsh environments and are widely employed to protect electronic components from dust and electrical short circuits. Therefore, the escalating call for silicone coatings in the electronics industry is predicted to stimulate call during the foreseen period.

In addition, silicone coatings also find applications in various end-use businesses, such as construction, healthcare, automotive, and transportation due to their reliability and high performance, which should be compatible with worldwide calls. In addition, the escalating use of silicone-based coatings in the maritime industry prevents fouling on warships. Therefore, the call for high-performance coatings in the shipbuilding industry is predicted to provide lucrative opportunities during the foreseen period. Furthermore, due to its excellent gloss retention characteristics and better leveling and smoothness, it is widely employed in the textile industry, which is predicted to add value to the worldwide industry.

Silicone Coating Market Drivers:

The expansion of manufacturing businesses and end uses and the increase in the construction sector, which increases the call for silicone coatings in the Asia Pacific, and continued product development, and joint ventures by companies, are crucial factors for the development of the global silicone coatings market.

Quick urbanization and escalating disposable income, with which the automotive and construction industry is seeing profits, are the significant factors behind the rising call for silicone coatings. Consumers are becoming more aware and willing to pay more for the better quality and appearance that silicone coatings bring to products. Their important attributes such as low chemical reactivity, thermal stability, low toxicity, and low thermal conductivity are very useful as they improve the durability, resistance, and stability of the final product.

Restraints in the Silicone Coating Market:

Although the silicone coatings industry is growing in importance, a few factors act as a bottleneck for the expansion of silicone coatings in the worldwide industry. The volatility of commodity prices and their manufacturing cost are the main obstacles to industry expansion.

Opportunities in the Silicone Coating Market:

Customer goods are rising as a very profitable application sector of the silicone coating industry, with an escalating call for electronic goods. From a technological point of view, silicone water repellents are the segment with the best expansion rate, due to their effective hydrophobic characteristics, as well as their strong water resistance characteristics.

Challenges in the Silicone Coating Market:

Among the various advantages of silicone coatings, the industry faces a high cost of silicone coatings compared to their counterparts, which is hampering the expansion of the industry.

SILICONE COATING MARKET REPORT COVERAGE:

Silicone Coating Market Segmentation:

Silicone Coating Market - By Type:

• Silicone Additives

• Silicone Polymers

• 100% Silicone

• Silicone Water Repellents

Currently, 100% silicone is the dominant type of composition on the silicone coatings industry, while silicone-based water repellents are predicted to experience the highest CAGR between 2020 and 2025. The growing call for silicone coatings is mainly due to escalating use in construction applications and escalating calls in developing countries.

Silicone Coating Market - By Technology:

• Solvent-Based

• Solvent-Less

• Water-Based

• Powder-Based

Silicone Coating Market - By End-use :

• Construction

• Electronics

• Automotive & Transportation

• Consumer Goods

• Paper & Film

• Marine

• Others

In 2019, the consumer goods segment accounted for the largest industry share, in terms of value, followed by the construction and paper and film segments. The industry for the paper and film release segment is estimated to have the highest annual expansion rate between 2020 and 2025, in terms of value, due to the excellent characteristics of silicone coatings.

•     North America Silicone Coating Industry includes the U.S. and Canada.

• Europe Silicone Coating Industry includes the UK, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland, Netherlands, Turkey, Czech Republic & Rest of Europe.

• Asia Pacific Silicone Coating Industry includes India, China, Japan, South Korea, Australia & New Zealand, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Singapore & Rest of APA

• Latin America Silicone Coating Industry includes Brazil, Mexico, Argentina, Chile & Rest of LATAM.

• The Middle East & Africa Silicone Coating Industry includes KSA, UAE, Israel, the rest of the GCC countries, South Africa, Ethiopia, Kenya, Egypt, Sudan, and the rest of MEA.

The North American region accounted for the largest industry share in 2018. Due to escalating call for silicone coating in well-established end-user businesses such as construction, electronics, automotive, and medical devices in the region, it is predicted to record a considerable CAGR during the foreseen period. The Asia-Pacific region is considered the fastest in terms of value and volume. China is predicted to grow to a significant growth rate during the foreseen period due to the increase in applications of silicone coatings in the textile businesses and the increase in calls for consumer goods. In addition, with the expansion of electronic businesses and the escalating use of silicone coatings on circuit boards, industry call in the region is escalating further. Additionally, macroeconomic trends such as rising disposable incomes, rising consumer spending on household appliances, and the adoption of advanced technological devices are creating lucrative opportunities for producers of silicone coatings in the region. For example, due to escalated digitization and government policies, Indian investment in electronics manufacturing escalated to 29% in 2018. Moreover, the expansion in infrastructure and the influence of industrial expansion in countries such as India, China, and Southeast Asian countries should further drive the call.

The European region is also predicted to show significant expansion during the foreseen period due to the use of silicone coating in the automotive industry. Furthermore, the cumulative expansion of photovoltaic energy in the region due to escalated environmental concerns can be attributed to the industry's call for silicone coatings in the region. The Latin American and the Middle East and African regions are predicted to show substantial expansion during the outlook period. Escalating investment in construction through the GCC and industrialization in Latin American countries will boost call during the foreseen period.

Silicone Coating Market Key Players:

1. BASF SE (Germany)

2. Evonik Industries AG (Germany)

3. Momentive (US)

4. Dampney Company (USA)

5. Dow (US), Wacker Chemie AG, (US),

6. THE GRIFF NETWORK

7. CHT UK Bridgwater Ltd (UK),

8. KM COATINGS (US)

9. Henry Company (US)