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Silicone Coatings Market - Global Industry Analysis 2016 - 2024
Silicone Coatings Market
Silicone coatings are used in various end-user industries such as marine, building & construction, Industrial machineries, medical & healthcare devices, architectural and automotive among others. Silicone coatings are used in marine industry as foul release coatings. These coatings offer better protection against algae, tubeworms, barnacles and other marine organisms. These factors increases drag on the hull thus increasing the fuel consumption of ships by up to 40%. Silicone coatings prevent growth of microorganisms on the substrate and increases efficiency of the ship. One of the major applications of silicone coatings is in roofing. Silicone coatings provide excellent dirt, weathering and chemical resistance properties.
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Moreover, it increases life of roofing and enhances ponding water protection. Silicone coatings decreases roof surface temperature thus helps in reducing energy costs. Polyester based silicone coatings are used in coils and cookware as they offer better protection against higher temperature levels. Silicone alkyd coatings are used applied on tanks, steel and architectural structures. Silicone alkyd coatings enhance durability and life cycle of the products. Due to its ability to sustain elevated temperature levels, silicone coatings are used in high temperature equipment that find applications in electronics and semiconductor industry.
In terms of demand, Asia Pacific dominated the market for silicone coatings in 2013. The market for silicone coatings in Asia Pacific region was driven by increasing demand from marine and electronics industry. China, Japan and South Korea led the demand for silicone coatings in this region. However, countries from South and Southeast Asia are likely to offer huge opportunities for silicone coatings over the forecast period. Asia Pacific was closely followed by North America. The U.S. had the highest demand for silicone coatings in North America region in 2013. Cookware and roofing were the major applications for silicone coatings in this region.
Europe had the third largest share in the global silicone coatings market in 2013. Countries such as the UK, Germany and France led the demand for silicone coatings in this region. Central and East Europe is expected to show potential growth for the silicone coatings market over the forecast period. Rest of the world is anticipated to be one of the fastest growing markets for silicone coatings in next few years. Latin America is likely to exhibit better growth opportunities for silicone coatings in near future.
Some of the key manufacturers in the silicone coatings market are Dow Corning, Momentive Inc., Akzo Nobel N.V. and West Development Group among others.
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