Global Silicone Coating Market To Be Driven By Rapid Technological Advancements In The Forecast Period Of 2022-2027
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter's Five Forces models.
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The key highlights of the report include:
Market Overview (2017-2027)
Historical Market Size (2020): USD 5.20 Billion
Forecast CAGR (2022-2027): 6.1%
The silicone coating industry is being driven by the robust growth of the building and construction industry. The rising demand for silicone coating can also be attributed to rapid urbanisation, increasing residential and commercial construction activities, and rapid industrialisation.
As new government rules and regulations are increasingly encouraging the protection of existing building structures from harsh weather conditions and older flawed construction, the demand for silicone coating is increasing, hence driving the market growth. Moreover, silicone coatings are utilised to waterproof roofs and walls while providing thermal and chemical protection to structures, thus bolstering the market growth.
Due to their dependability and quality, silicone coatings are increasingly gaining popularity in construction projects, which is significantly contributing to the growth of the silicone coating industry.
Industry Definition and Major Segments
Silicone coatings are hydrophobic, covalently bonded coatings that are made from the application of silicone films on silica-based substrates.
They have excellent adherence to low-temperature surfaces and are UV, chemical, and thermal resistant. Additionally, silicone coatings' composition and properties can be changed by modifying the chemical structure of the precursors or adding fillers, making them one of the most useful materials for a wide range of applications.
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The market, on the basis of product, can be segmented into:
Silicone Water Repellents
On the basis of application, the market can be categorised into:
Building and Construction
Automotive and Transportation
The regional markets for silicone coating include:
The Middle East and Africa
The growing demand for environmentally friendly coatings is propelling the silicone coating industry expansion. The industry's expansion is being aided by the increasing environmental concerns, the surging global demand for green buildings, and the introduction of various stringent governmental regulations regarding building emissions.
Furthermore, the introduction of favourable government measures, especially in North America and Europe, is bolstering the demand for silicone coating in automotive and transportation repair works. With rapid technological advancements and the increasing investments by the key players to develop innovative solutions with the latest features, the market is projected to grow robustly in the forecast period.
Key Market Players
The major players in the market are Evonik Industries AG, Wacker Chemie AG, Shin-Etsu Chemical Co. Ltd., Carboline Company, The Dow Chemical Company, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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