The Future of the Silicone Coatings Industry Looks Promising Growth Opportunities
Allied Market Research has recently published a report, titled, “Silicone Coatings Market Size, Share, Competitive Landscape and Trend Analysis Report by Type, by Technology, by End-use Industry: Global Opportunity Analysis and Industry Forecast, 2023-2032.” According to the report, the global silicone coatings market generated $5.3 billion in 2022, and is anticipated to generate $10.1 billion by 2032, rising at a CAGR of 6.7% from 2023 to 2032.
Prime Determinants of Growth
The rising demand for silicone coatings from the construction industry, the durability, water repellency, and anti-corrosive properties of silicone coatings, and the growing usage of eco-friendly & energy saving products are the factors expected to drive the growth of the global silicone coatings market in the forecast period from 2023 to 2032. However, the high cost of silicone materials and adherence issues of silicone coatings on some surfaces may hamper the market growth in the coming future. On the contrary, continuous research & development activities for developing new & innovative products and technological advancements in silicone coatings are expected to offer remunerative opportunities for the expansion of the silicone coatings market during the forecast period.
Type: 100% Silicone Sub-segment to Hold Major Market Share by 2032
The 100% silicone sub-segment accounted for the largest global silicone coatings market share of 38.2% in 2022 and is expected to continue to hold major market share by 2032. This is mainly because the adaptability of 100% silicone allows for application on a wide range of surfaces and substrates, making them versatile solutions for various sectors, such as construction, automotive, and electronics. Besides, the unique molecular structure of silicone coatings enables breathability while maintaining exceptional moisture resistance, particularly beneficial for roofing applications.
Technology: Solvent-based Sub-segment to Witness Significant Growth by 2032
The solvent-based sub-segment accounted for the largest global silicone coatings market share of 43.5% in 2022 and is expected to hold its dominant position in terms of major market share during the forecast period. One of the primary reasons for this dominance is the exceptional thermal stability of solvent-based silicone coatings, which makes them highly suitable for applications involving temperature changes, particularly in industrial environments where equipment and structures are exposed to high temperatures. Besides, the strong adherence of solvent-based silicone coatings to various substrates, including metal, concrete, and brick surfaces, enhances overall protection and flexibility in application.
End-use: Paints & Coatings Sub-segment to Flourish Immensely by 2032
The paints & coatings sub-segment accounted for the largest market share of 28.5% in 2022 and is expected to witness significant growth during the forecast period. This is mainly because the increasing environmental concerns within the paints & coatings sector have led to a growing demand for eco-friendly and sustainable solutions. In addition, the exceptional heat resistance of silicone coatings makes them highly desirable for applications where high temperatures are prevalent, such as automotive, aerospace, and industrial manufacturing. This heat stability attribute preserves structural integrity and performance, driving their adoption in various end-use industries.
Region: North America Market to Hold Major Market Share by 2032
The silicone coatings market in the North America region accounted for the largest share of 36.4% in 2022 and is predicted to continue to hold major market share by 2032. This growth is mainly owing to the exceptional durability and weather resistance of silicone coatings, which make them highly sought after in the region, particularly for outdoor applications like architectural coatings and automobile paints. Besides, the demand for coatings capable of withstanding a wide range of weather conditions has significantly increased in North America due to its diverse climate, further driving the adoption of silicone coatings. Moreover, the growing usage of silicone coatings in the automobile sector in the North America region is driving the market growth.
Leading Players in the Silicone Coatings Market:
- Shin-Etsu Chemical Co., Ltd.
- Wacker Chemie AG
- Carboline Company
- OMG Borchers GmbH
- ACC Silicones Ltd.
- Momentive Performance Materials Inc.
- Sika AG
- mapei spain, s.a.
- Dow Corning Corporation
- Evonik Industries AG
The report provides a detailed analysis of the key players of the global silicone coatings market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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