Silicone coatings Market Industry Outlook, Size & Forecast 2017-2025
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Silicone coatings act as the protective layer for construction and protect the building from corrosion, damage, and wetness because of changing climate conditions. With the increasing use of silicone coatings products in waterproofing, the application is a key factor anticipated to foster the demand of silicone coating market in the coming years.
The silicone coating market is witnessing growth at a substantial rate over the coming years due to the advancements in manufacturing capabilities that are anticipated to increase advanced offerings for the industrial sector. Manufacturing industries are using various types of high-performance equipment such as hydroelectric power, drilling machines and other that operates at severe temperatures. For instance, silicone coatings are primarily being used in the manufacturing industry to provide improved anti-corrosive, thermal, and electromechanical properties that enable companies to retain the density of a product with better performance.
The silicone coating is widely adopted in defense electronics equipment because of its high electrical & thermal resistance with significant strength and protection from corrosion, moisture, dust, and water. Countries are spending towards electronics, arms, and defense-related equipment to reinforce the defense operations. For instance, in 2016, the U.S. defense budget was USD 611 billion and accounted for 36% of the global defense spending. Thus, with the rise in global defense spending is further anticipated to foster the demand for silicone coating during the forecast period.
By Product Type
On the basis of product, the silicone coating market is categorized as silicone additives, water repellents, silicone polymers, 100% silicone, and others. Among which, 100% silicone is dominating the market owing to various characteristics such as lightweight, clarity for transparency, electromechanical resistance, and high tensile strength, used in high heat applications such as wood stoves, exhaust stacks, barbeque grills, and furnaces. Moreover, it is also being used in food contact release coatings, and as for as abrasion resistant.
On the basis of application, the silicone coating market is categorized as construction, consumer goods, transportation, and others. Among which, the consumer goods is dominating the market owing to its improved gloss retention property which uses in coating the jewelry and other household appliances. Additionally, construction is a major application segment of silicone coating which is expected to grow at the highest CAGR over the coming years. Infrastructure development and focusing on green buildings with VOC regulations have further created demand for environment-friendly coatings across the globe.
North America is dominating the silicone coating market followed by Asia-Pacific and others, owing to the rise in adoption of silicone coating in automotive and industrial applications. The silicone coating has various characteristics such as resistance from heat, electricity, dust, moisture, weather, and enhanced hydrophobicity, due to which it is widely being adopted across industries. Additionally, availability of low-cost labor and raw materials with high demand in the end-use industries in the Asia Pacific region are driving the demand of silicone coating market.
In Europe, the silicone coating market is witnessing growth due to the stringent environmental regulations such as Euro 6, ASTM standards, German Renewable Energy Act (EEG), Federal Standards, green building code, and Weatherization Assistance Program (WAP), which is being adopted in the automotive industry. Thus, with the inclination towards environmental protection regulations, the silicone coating market is witnessing growth over the coming years.
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The key players operating in the silicone coating market include Shin - Etsu Chemical Co., Ltd., the Dow Chemical Company, Momentive Performance Materials Inc., Wacker Chemie AG, and others. The strategy adopted by major players to stay competitive in the market includes new product launches, mergers & acquisitions, and strategic alliances. For instance, in 2017, The Dow Chemical Company has launched a new product conformal silicone coatings for delivering the protection of printed circuit boards beside dust, moisture, harsh chemicals, extreme cycling, and vibration.
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