Silicone Coatings Market: Overview
The global silicone coatings market size was worth USD 7.56 billion in 2022 and is estimated to grow to USD 12.51 billion by 2030, with a CAGR of around 6.5 % Over the forecast from 2022 to 2030.
In coatings, silicone is utilized as a preservative and protective agent. Two forms of silicone materials, resins, and polymers are used to make silicone coatings. To prevent paint from aging, silicone coating is utilized in paints. Silicone coating is used more frequently by the automobile and construction industries. Construction and consumer products’ rising coating demands are projected to fuel industry expansion. More people using environmentally friendly and energy-saving goods is anticipated to fuel market expansion. The global silicone coatings market, which is anticipated to rise at a quick growth rate throughout the forecast period, is being negatively impacted by the present prosperity of the automotive and construction sectors. However, for developing nations, excessive costs are an issue.
Silicone Coatings Market Drivers:
Consumer electronics’ expanding demand is a key market driver. Any consumer electronics product can be coated with silicone. One advantage of coating electronics items is exceptional polish. Other advantages include an attractive look and improved quality. These goods are in high demand. In the Asia Pacific area, the sector is flourishing. The market for silicone coatings is increasing due to the increased demand for consumer products. Exceptional market advancements will result from the demand from this user end. The silicone coating market is also driven by demand from the building sector. Effective coating is highly needed in economies that are merging. Because of this, silicone coating resistant to water is in high demand. This coating is being used more and more often. Increased demand will result from the building sector’s expanding need for waterproofing.
Silicone Coatings Market: Restraints
The high cost of silicone coating constrains this market. Materials made of silicone are versatile. The market is experiencing elevated production costs as a result. This has an impact on the market’s total cost. The cost of silicone coating is higher than that of its alternatives. The majority of end customers anticipate cost-effective coatings. High prices, however, are a challenge for developing countries. In particular, emerging countries are predicted to use silicone coatings less widely in the following years, which would lead to a drop in demand. These elements may impact on the market’s overall growth rate throughout the projection period.
Silicone Coatings Market: Segmentation
The global silicone coatings market has been segmented into composition and applications.
Based on component type, the market for silicone coatings may be divided into silicone additives, silicone polymers, 100% silicone, and silicone water repellents. The market in 2021 went to the largest product category, 100% silicone. Its qualities make it suitable for various high-heat applications, including exhaust stacks, furnaces, wood-burning stoves, lighting fixtures, and barbecue grills. These qualities include low weight, high tensile strength, clarity for transparency, and electromechanical resistance.
Based on application, the market is segmented into construction, automotive & transportation, consumer goods, industrial, paper & film release, marine, and others. One of the primary elements resulting in a bright prognosis for the market is the construction industry’s significant rise across the board. To protect the walls and roofs of residential and commercial buildings from harm brought on by ultraviolet (UV) exposure, corrosion, dust, and wetness due to frequent changes in the weather, high-performance water-based acrylate-silicone coatings are widely utilized. Additionally, the market is expanding due to the expanding use of silicon coatings in marine and automotive applications.
Silicone Coatings Market: Regional Landscape
In 2021, the silicone coating market was expanded to become the largest in North America. It is an area where the product has profitable expansion potential. Additionally, it is an area that accounts for a larger market share for silicone coating. Due to North America’s sizeable industrial and automotive sectors, the need for silicone coating is expected to increase. A substantial development potential for the silicone coating market is anticipated in the area due to the growing domestic production of automobiles in Mexico and the United States and a focus on developing those countries’ industrial sectors. In the upcoming years, the market for environmentally friendly silicone coatings is projected to grow due to strict emissions and environmental laws to decrease pollution and conserve scarce resources.
Silicone Coatings Market: Competitive Landscape
Some of the prominent competitors dominating the global Silicone Coatings Market include- Evonik Industries AG; Wacker Chemie AG; Carboline Company; OMG Borchers GmbH; Shin-Etsu Chemical Co., Ltd.; Momentive Performance Materials Inc.; DOW Corning Corporation; ACC Silicones Ltd.; MAPEI SpA; Sika AG.
- December 2021 German specialty chemical producer Evonik announced the release of its brand-new silicone coating. Numerous products, including tapes, adhesives, graphic arts, industrial release liners, etc., can be utilized with the new TEGO RC 1442 silicone release coating.
COVID-19 Impact on Silicone Coating Market:
The covid 19 epidemic has had a hazardous effect on international industry. Numerous industries have stopped operating at this time. Several variables, including poor output and supply chain interruptions, impact demand. There is a decline in user demand, which results in lost revenue. The market for silicone coatings now needs help. This coating’s manufacture has decreased recently. The automobile and construction industries are experiencing losses. These industries are suffering because of limitations and lockdowns. Since 2020, there have been delays in shipments and minimal user demand. Due to the economic crisis, market investments are also dropping.
The Global Silicone Coatings Market is segmented as follows:
Silicone Coatings Market by Composition Type Outlook (Revenue, USD Million, 2017 – 2030)
- Silicone Additives
- Silicone Polymers
- 100% Silicone
- Silicone Water Repellent
Silicone Coatings Market by Application Outlook (Revenue, USD Million, 2017 – 2030)
- Automotive & Transportation
- Consumer Goods
- Paper & Film Release
Silicone Coatings Market by Region Outlook (Revenue, USD Million, 2017 – 2030)
- North America
- The UK
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
|Silicone Coatings Market Report Scope
|Market Size Value in 2022
|USD 7.56 billion
|Revenue Forecast in 2030
|USD 12.51 billion
|CAGR of 6.5 % from 2023 to 2030
|Base Year for Estimation
|2017 – 2022
|2023 – 2030
|Revenue in USD million and CAGR from 2023 to 2030
|Revenue forecast, company ranking, Trends
competitive landscape, and growth factors
|Composition Type, Application, and Region
|North America; Europe; Asia Pacific; Latin America; Middle East & Africa
|U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico and Others
|Key Companies Profiled
|Evonik Industries AG; Wacker Chemie AG; Carboline Company; OMG Borchers GmbH; Shin-Etsu Chemical Co., Ltd.; Momentive Performance Materials Inc.; DOW Corning Corporation; ACC Silicones Ltd.; MAPEI SpA; Sika AG.