IMARC Group, a leading market research company, has released a report titled “Silicone Coating Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“. According to the report, The global silicone coating market size reached US$ 6.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 8.5 Billion by 2028, exhibiting a growth rate (CAGR) of 4.3% during 2023-2028.
Silicone coatings are created using synthetic polymeric compounds and are designed to provide protection and preservation for various surfaces. They are manufactured using a range of resins and polymers as binders and additives and are widely available in solventless, water-, and powder-based varieties. They offer numerous benefits, including high thermal stability, structural strength, and resistance to water, weathering, corrosion, and scratches. Compared to traditional coatings, silicone variants have a longer lifespan and are more environmentally friendly. As a result, silicone coatings find extensive applications in the automotive, chemical, construction, electronics, marine, and paper and pulp industries across the globe.
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Silicone Coating Market Trends and Drivers:
The global silicone coatings market is primarily driven by the rising product utilization in the automotive and marine sectors. Moreover, the increasing use of high-performance water-based acrylate-silicone coatings to protect the roofs and walls of commercial and residential structures from corrosion, dust, UV exposure, and dampness resulting from frequent climate changes is positively influencing the market growth. Additionally, numerous product innovations, such as the development of organic silicon coatings with improved hydrophobicity, heat, dust, and moisture resistance, have catalyzed the market growth. Furthermore, the rising adoption of these novel product variants in medical devices as antimicrobial, antifungal, and anticorrosion barriers on the surfaces of stainless steel or other metals is contributing to the market growth. Other factors, including rising environmental consciousness among people, favorable government policies promoting sustainable development, and rapid expansion in the construction industry, are also anticipated to drive the market further.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Product:
- Silicone Additives
- Silicone Water Repellents
- Silicone Polymers
- 100% Silicone
Breakup by Technology:
- Solvent-Based
- Solventless
- Water-Based
- Powder-Based
Breakup by Application:
- Building and Construction
- Consumer Goods
- Automotive and Transportation
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- AFCONA Chemicals Sdn Bhd
- BASF SE
- Borchers Inc. (Milliken Company)
- Chase Corporation
- CHT Germany GmbH
- Dow Inc.
- Evonik Industries AG
- Lakma Group
- Momentive Performance Materials Inc.
- Shin-Etsu Chemical Co. Ltd.
- Wacker Chemie AG.
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