Market Overview:
Rising utilization of coatings
across the end-use industries, including defense, industrial, automotive, and
building & construction, are augmenting growth of the global silicone
coating market. Silicones are synthetic polymeric compounds made from
siloxanes. Advancements in the silicone-based coatings make the compound be used
in several forms, including oils, resins rubbers, coatings, and others. The
effectiveness of the silicone-based technologies has boosted its demand across
several applications and is estimated to fuel market growth. The global
silicone coating market is estimated to expand by exhibiting a CAGR of 6.6%
during the forecast period.
Higher use of silicone coating in
these industries helps to result in time reduction while converting raw
materials in end products. The use of silicone coating improves the life of the
products by saving them from harsh weather and the environment. Thus, the
coating material has a robust application across consumer electronics and
automotive for packaging. Additionally, the use of silicone coated textiles
across the automotive industry is fueling growth of the global silicone coating
market.
However, the complex process of
coating it over the counterparts of automotive and its high costs, which is
hindering growth of the global silicone coating market. Nonetheless, the
growing focus of key players on new product launches and production expansion.
The players are entering into partnerships and collaborations, which are
estimated to offer opportunities for growth in the coming years. For instance,
the players are developing newer high-performance products; KIKUSUI announced a
collaboration with BASF SE for the development of products in construction
applications.
The rising application of the
products based on silicone coating is augmenting its demand and is likely to
fuel the market growth. Further, expanding construction industry boosts the
global demand for the silicone-based roofing material, which benefits the
growth of the silicone coating market.
Industry News:
The silicone-based roof coating
is designed to resist against weather and offer long lasting protection from
water and humidity. Thanks to its efficiency, the demand for silicone-based
roof coating is growing substantially; thus, the players are trying to enter
into the market by introducing newer products. For instance, in April 2019,
Duro-Last, Inc. has expanded its Duro-Shield Roof Coatings solutions by
launching Duro-Shield Silicone Roof Coating and materials.
Competitive Analysis:
·
BASF SE
·
Evonik Industries AG
·
Momentive
·
Dampney Company
·
Dow
·
CHT UK Bridgwater Ltd
·
Wacker Chemie AG
·
THE GRIFF NETWORK
·
American WeatherStar
·
Karnak
·
KM COATINGS
·
Henry Company
·
Shin-Etsu Chemical Co., Ltd.
Segmentation:
The Silicone
Coating Market is segmented on type, technology, end user industry, and
region.
By the end user industry, the
market is categorized into construction, electronics, automotive, consumer
goods, textile, marine, and others.
By technology, the silicone
coating market is segmented into solvent-based, water-based, solvent-less, and
powder-based.
By type, the silicone coating
market is segmented into silicone additives, 100% silicone, silicone polymers,
and silicone water repellents.
Regional Analysis:
Regionally, the market is
segmented into Asia-Pacific, Europe, North America, Latin America, and
the Middle East & Africa. Of these, North America dominated the global
silicone coating market in 2018 owing to huge demand from the well-established
end user industries including electronics, construction, automotive, and
medical devices manufacturing. Europe region is estimated to account for a
significant share in the coming years owing to continuously expanding the
automotive industry in the region.
However, the Asia Pacific region
is estimated to witness growth with the most lucrative CAGR owing to huge
investment in the consumer electronics sector in China and India. Rising
acceptance of silicone coating in textile industries coupled with increasing
penetration of consumer goods. Additionally, increasing disposable income and
spending on electronics products are likely to create the most lucrative
opportunities for growth of the market in the region. Further, investment in
the Indian electronics market surged by 29% in 2018 for manufacturing and
infrastructural development. This infrastructural development in China and
India is driving growth of the global silicone coating market in the region.
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