As per the report by Grand View Research, Inc., the silicone coating market is poised to rise to a valuation of USD 6.81 billion and is projected to grow at a CAGR of 5.9% in the forecast period (2018–2025). Silicone coatings decrease the damage of heat in numerous equipment along with providing resistance from heat, water, dust, and moisture thus improving their performance and lowering the total maintenance cost.
Rising demand from consumer goods industry, growing construction industry, and development on account of developing countries such as the Middle East & Africa, Asia-Pacific, and Latin America are likely to drive the silicone coating market in the forecast period.
Rising use of silicone coatings products for waterproofing application is also key factor anticipated to propel the development of the market in the years to come. On the other hand, the high manufacturing cost of silicone coatings is anticipated to hinder the market in the years to come.
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Consumer Goods Sector Estimated to Account for the Largest Share in 2016
The application variants in the silicone coating market include industrial application, consumer goods, building and construction, automotive and transportation and others. The consumer goods sector accounted for a high market share in 2016. This silicone coating offers outstanding gloss holding characteristics which makes it an appropriate choice for jewelry and household appliances.
In addition, rising focus on thermal insulation to progress the operating effectiveness is anticipated to initiate the product demand from industrial applications sector in the years to come. It is used in heavy duty press, tanks and pipes, boilers carrying high temperature solutions, chimney, and liquids and other equipment exposed to high heat.
Building and construction segment is a foremost application segment of the industry which is estimated to grow at the fastest CAGR in the years to come. Attention on green buildings along with Volatile Organic Compound (VOC) regulations are generating high demand for eco-friendly coatings and infrastructural development are likely to drive the building and construction application demand in the foremost period.
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The Asia Pacific is one of the prominent regions and will continue to account for a large share in the silicone coating market over the forecast period. The factors such as the growing demand for quality coating products, increasing populace in the region, and increasing innovation and developments in end-use industries, making it a strong industry hub are likely to drive the regional demand for silicone coating in the years to come.
In addition, low — cost raw materials and labor along with the presence of numerous end-use industries and application in the Asia Pacific are propelling demand in this region. India and China occupy substantial market shares in the global production segment and are also foremost automotive manufacturers. Emerging economies such as Indonesia, China, and India are likely to observer strong economic development over the forecast period.
Most of the key companies have incorporated their distribution operations and raw material production to maintain the quality of the product. The solvent — based, powder-based coatings, solvent less, powder — based, and water-based coatings are some of the modern technologies. The increasing acceptance of solvent -less technology on account of the strict emission and environmental guidelines and consciousness towards using energy effective solutions and products.
The high demand for solvent less technology is mainly coming from Europe and North American region. Several major rules and regulations such as Weatherization Assistance Program (WAP), Federal Standards, Euro 6, German Renewable Energy Act (EEG), American Society for Testing and Materials (ASTM) standards, green building code, and green building code are foremost the market to solvent less coating technology.
Research activities focused on novel materials, with improved characteristics, are likely to gain acceptance in this industry. The key companies are starting research and developmental activities to progress new products to sustain market opposition. Some of the key players that fuel the growth of the silicone coating market include Momentive Performance Materials Inc; Wacker Chemie AG; Dow Corning Corporation; and Shin-Etsu Chemical Co., Ltd.
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