Rising utilization of coatings across the end-use industries, including defense, industrial, automotive, and building & construction, are augmenting growth of the global silicone coating market share. Silicones are synthetic polymeric compounds made from siloxanes. Advancements in the silicone-based coatings make the compound be used in several forms, including oils, resins rubbers, coatings, and others. The effectiveness of the silicone-based technologies has boosted its demand across several applications and is estimated to fuel market growth. Silicone coating market share is projected to be worth USD 8.6 billion by 2030, registering a CAGR of 6.6% during the forecast period (2021 - 2030).
Higher use of silicone coating in these industries helps to result in time reduction while converting raw materials in end products. The use of silicone coating improves the life of the products by saving them from harsh weather and the environment. Thus, the coating material has a robust application across consumer electronics and automotive for packaging. Additionally, the use of silicone coated textiles across the automotive industry is fueling growth of the global silicone coating market share.
However, the complex process of coating it over its counterparts of automotive and its high costs, is hindering the growth of the global silicone coating market share. Nonetheless, the growing focus of key players on new product launches and production expansion. The players are entering into partnerships and collaborations, which are estimated to offer opportunities for growth in the coming years. For instance, the players are developing newer high-performance products; KIKUSUI announced a collaboration with BASF SE for the development of products in construction applications.
The rising application of the products based on silicone coating is augmenting its demand and is likely to fuel the market growth. Further, expanding construction industry boosts the global demand for the silicone-based roofing material, which benefits the growth of the silicone coating market share.
Some of the key players in the silicone coating market share include BASF SE, Evonik Industries AG, Momentive, Dampney Company, Dow, CHT UK Bridgwater Ltd, Wacker Chemie AG, THE GRIFF NETWORK, American WeatherStar, Karnak, KM COATINGS, Henry Company, and Shin-Etsu Chemical Co., Ltd.
The silicone coating market share is segmented on type, technology, end-user industry, and region.
By the end-user industry, the market is categorized into construction, electronics, automotive, consumer goods, textile, marine, and others.
By technology, the silicone coating market share is segmented into solvent-based, water-based, solvent-less, and powder-based.
By type, the silicone coating market share is segmented into silicone additives, 100% silicone, silicone polymers, and silicone water repellents.
Regionally, the market is segmented into Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa. Of these, North America dominated the global silicone coating market share in 2018 owing to huge demand from the well-established end-user industries including electronics, construction, automotive, and medical devices manufacturing. Europe region is estimated to account for a significant share in the coming years owing to continuously expanding the automotive industry in the region.
However, the Asia Pacific region is estimated to witness growth with the most lucrative CAGR owing to huge investment in the consumer electronics sector in China and India. Rising acceptance of silicone coating in textile industries coupled with increasing penetration of consumer goods. Additionally, increasing disposable income and spending on electronics products are likely to create the most lucrative opportunities for the growth of the market in the region. Further, investment in the Indian electronics market surged by 29% in 2018 for manufacturing and infrastructural development. This infrastructural development in China and India is driving the growth of the global silicone coating market share in the region.
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The silicone-based roof coating is designed to resist weather and offer long-lasting protection from water and humidity. Thanks to its efficiency, the demand for silicone-based roof coating is growing substantially; thus, the players are trying to enter the market by introducing newer products. For instance, in April 2019, Duro-Last, Inc. has expanded its Duro-Shield Roof Coatings solutions by launching Duro-Shield Silicone Roof Coating and materials.