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Silicone Coatings Market Top Key Players Momentive Performance Materials, BASF, Dow Corning, Wacker Chemie AG, Shin-Etsu Chemical, China National Bluestar, Milliken, and Evonik Industries
Global Market Insights
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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.
Global construction spending was over USD 8 trillion in 2015 and may exceed USD 15 trillion by 2024. Strong government spending for infrastructure projects, mainly in India, China, and Brazil, should drive the industry growth. Silicone coatings are used in the construction industry due to their durability and reduce damages caused by external climatic conditions. They prevent cold or hot air and humidity passing through cracks and joints, thereby protecting and providing aesthetic features to architectural monuments and buildings.
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.
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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.
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.
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.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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