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Silicone Coatings Market analysis research and trends report for 2017 to 2024
Asia Pacific, led by Japan, South Korea, India, and China silicone coatings market size should grow significantly over the foreseeable timeframe. Increasing application outlook in construction and automotive industries, mainly in China, India, Japan, and Malaysia, should drive the regional growth. Strong R&D spending in personal care products and healthcare sector, mainly in China, will influence industry growth.
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U.S. silicone coatings market size should witness steady gains owing to the rise in construction spending. Favorable government initiatives to increase infrastructural spending along with growth in automotive sales should drive regional product demand.
Europe silicone coatings market size with growth in the automotive manufacturing industry should witness an increase in demand. Major automobile companies are based in Germany, France, and the UK, which should influence regional product demand.
Global paint & coatings market was valued at USD 125 billion in 2015 and may surpass USD 180 billion by 2024 with gains at over 5.5%. Growing automobile and consumer goods industry may stimulate industry growth demand. They are usually applied on exterior and interior of house walls, vehicles body, and corporate buildings. They are formulated with silicones that improve product durability, resistant to corrosion, moisture, weathering, climatic dynamics, enhance gloss, and color retention.
In industrial processing, tire manufacturers use silicone coatings through the molding process, which ensures product quality. In the shipping industry, it increases vessel efficiency and avoid using antifouling paints, which are toxic in nature. Silicone coatings market size from consumer goods should witness significant gains as they are used in airbags, leather goods & textiles, and this coating provides aesthetic quality to products.
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Global healthcare market size may generate over USD 9 trillion by 2024. Silicone coatings are used in medical devices and pharmaceutical applications owing to high-quality chemical and biochemical characteristics. These are used for applications related to heart pacemakers and surgical drains & catheters. Gels, foams, and adhesives are used in wound dressings to improve therapy and comfort.
Marine applications may witness significant gains during the estimated timeframe. Silicone based technology create non-stick and non-toxic coatings, which enable ship passage through water to discard fouling organisms. Fluctuating raw materials and high production costs will hinder the industry profitability and affect silicone coatings market price trend.
Global silicone coatings market share is consolidated with key manufacturers including Momentive Performance Materials, BASF, Dow Corning, and Wacker Chemie AG. Other prominent companies include Shin-Etsu Chemical, China National Bluestar, Milliken, and Evonik Industries. Most of the manufacturing companies are focusing on enhancing the product portfolio and strengthening the regional presence.
Evonik offers a wide range of aromatic silicone polyester resin SILIKOFTAL brand. It is particularly used for both outer and inner coatings for bakeware and cooking utensils, which comply with FDA regulations. It has good heat resistance, low surface tension, and weathering resistance.
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