Growing demand for silicone coatings from end-user industries and rising construction activities to drive the growth of global silicone coating market
According to TechSci Research report, “Global Silicone Coating Market By Composition Type (Silicone Polymers, 100% Silicone, Silicone Water Repellents and Others), By Technology (Solventless, Solvent-Based, Water-Based, Powder-Based), By Application (Construction, Automotive & Transportation, Consumer Goods, Marine, Industrial, Paper & Film Release, Others), By Region, Competition, Forecast & Opportunities, 2025”, global silicone coating market is expected to grow at a significant during the forecast period. Silicones are usually used by the coating industry in order to enhance protective and preservative attributes in a coating. Continuous development of products, expansions, and joint venture activities by the major market players are the factors responsible for the growth of the global silicone coatings market. Moreover, silicone coatings are used to minimize heat loss in various equipment as well as to provide the resistance from water, moisture, heat and dust, to improve performance and reduce the overall maintenance cost, which is positively influencing the growth of global silicone coating market across the globe. Major companies are focusing more on research and development activities to develop innovative products since product differentiation is the key factor to sustain in the competitive market. However, volatility in raw material prices and manufacturing cost of silicone coatings are some of the major factors that might restrain the growth of global silicone coating market.
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Global silicone coating market can be segmented based on composition type, technology, application and region. Considering the applications, the market is fragmented into construction, automotive & transportation, consumer goods, marine, industrial, paper & film release and others. The consumer goods segment dominated the global silicone coating market with around 30% market share in 2019 because silicone provides excellent gloss retention property making it a popular choice for coating household appliances as well as jewelry. Additionally, construction segment is anticipated to register high growth during the forecast period due to infrastructural developments across the globe and emphasis on green buildings along with VOC regulations which are creating high demand for environment friendly coatings, thereby bolstering the segment growth.
Wacker Chemie AG, Momentive Performance Materials Inc., Shin-Etsu Chemical Co., Ltd., DOW Corning Corporation, KCC Silicone, Evonik Industries, BASF SE, Humiseal, BYK-Chemie GmbH, ACC Silicones among others are the leading players operating in global silicone coating market. The leading players are adopting several organic and inorganic growth strategies to enhance the market demand of silicone coating. Continuous adoption of development strategies, the diverse product portfolio and strategically positioned research and development centers are amongst few factors that are responsible for strengthening market position of these companies, which is anticipated to give an added advantage to the silicone coating market over the course of next five years.
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“Asia-Pacific is forecast to dominate the global silicone coating market terms of both value and volume over the course of next 5 years on the account of increasing investments by foreign companies coupled with growing production facilities in the region. Moreover, strong industrial base for construction, automotive sectors and consumer goods is projected in giving healthy push to the market growth over the forecast period. In addition to this, improvement in standard of living is anticipated to be one of the major factors contributing to the growth of the silicone coatings market in this region until 2025.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Silicone Coating Market By Global Silicone Coating Market By Composition Type (Silicone Polymers, 100% Silicone, Silicone Water Repellents and Others), By Technology (Solventless, Solvent-Based, Water-Based, Powder-Based), By Application (Construction, Automotive & Transportation, Consumer Goods, Marine, Industrial, Paper & Film Release, Others), By Region, Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of global silicone coating market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global silicone coating market.
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Source: TechSci Research