Global Silicone Coating Market to Reach US$ 9.8 Billion by 2032, Strengthened by Increasing Applications Across Numerous Industries

December 16, 2022 | Chemical & Materials

The latest report by IMARC Group, titled “Silicone Coating Market Report by Product (Silicone Additives, Silicone Water Repellents, Silicone Polymers, 100% Silicone), Technology (Solvent-Based, Solventless, Water-Based, Powder-Based), Application (Building and Construction, Consumer Goods, Automotive and Transportation, and Others), and Region 2024-2032,” finds that the global silicone coating market size reached US$ 6.7 Billion in 2023. Silicone coatings refer to synthetic substances applied to various surfaces for protection and preservation purposes. They are produced using resins and polymers as binders and additives. They possess high thermal and chemical stability, low toxicity, superior structural strength, and excellent resistance against water, weathering, corrosion, and scratch. They are commonly added to paints and coatings to improve their durability and functionality. These coatings have a longer life and are more environmentally friendly than their traditional counterparts. As a result, silicone coatings are extensively used across the automotive, chemical, construction, medical, electronics, marine, manufacturing and consumer goods sectors. 

Global Silicone Coating Market Trends:

The increasing product applications across numerous industries represent the primary factor driving market growth. For instance, high-performance water-based acrylate-silicone coatings are widely used in the construction sector on roofs and walls of commercial and residential buildings to protect against damage from corrosion, dust, ultraviolet (UV) exposure, and dampness due to frequent weather changes. Besides this, these coatings are extensively utilized in automobiles and marine vehicles to prevent fouling in naval vessels and provide lubrication, electrical insulation, and damping in cars. In addition, there has been a rise in the adoption of silicone coatings for manufacturing consumer goods and electronics owing to their superior hydrophobic properties. Along with this, the growing product usage in industrial equipment and machinery, such as boilers, heavy–duty presses, pipes, and tanks that are exposed to extreme temperatures and require heat barrier coatings, has augmented the demand for silicone coatings. Moreover, the leading players are developing novel product variants, such as organic silicone coatings with improved hydrophobicity and heat-, dust- and moisture resistance. This is further anticipated to expand product applications in medical devices as an anti-corrosion, anti-microbial, and anti-fungal barrier on surfaces of stainless steel or other metals. Other factors, including the rising construction of green buildings, escalating automobile sales, shifting focus toward sustainable development, supportive government initiatives, increasing consumer purchasing power, and technological advancements, are also providing a positive thrust to the market growth. Looking forward, IMARC Group expects the market value to reach US$ 9.8 Billion by 2032, growing at a CAGR of 4.2% during 2024-2032. 

Market Summary:

  • Based on the product, the market has been segmented into silicone additives, silicone water repellents, silicone polymers, and 100% silicone. 
  • On the basis of technology, the market has been classified into solvent-based, solventless, water-based, and powder-based. 
  • The market has been divided based on the application into building and construction, consumer goods, automotive and transportation, and others. 
  • Region-wise, the market has been segregated into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
  • The competitive landscape of the market has also been analyzed, with some of the key players being 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., and Wacker Chemie AG.

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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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Global Silicone Coating Market to Reach US$ 9.8 Billion by 2032, Strengthened by Increasing Applications Across Numerous Industries
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