Global Silicone Coating Market Report and Forecast 2024-2032

Global Silicone Coating Market Outlook

The global silicone coating market attained a value of USD 6.21 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 6.1% to reach USD 10.56 billion by 2032.          

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The Building and Construction Segment to Account for a Substantial Market Share of the Global Silicone Coating Industry

The building and construction segment is projected to account for a substantial share of the global silicone coating industry due to the rapid urbanisation and the growing prevalence of residential and commercial real estate around the world. Furthermore, new government rules and regulations have prompted the protection of old building structures, which is key in increasing the demand for silicone coating. Additionally, silicone coatings are being used for waterproofing roofs and walls and providing thermal and chemical resistance to buildings. These properties have also augmented the growth of the silicone coating industry. Meanwhile, the growing investments in construction projects have enhanced the demand for silicone coatings because of their reliability and quality. This has significantly contributed to the growth of the silicone coating industry.

The Asia Pacific to Provide Significant Growth Opportunities to the Silicone Coating Industry

Geographically, the Asia Pacific is projected to account for a significant share in the industry owing to new regulations and increased government investments to encourage the adoption of silicone coating across the region. The favourable government policies such as the new residential construction projects in China because of their developing middle class and the Indian government’s plan to create hundred new smart cities are expected to aid the silicone coating industry growth. Meanwhile, the Asia Pacific is expected to witness a robust growth in the forecast period due to the growing consumer goods industry, which is being supported by the factors like advancements in technology, extensive research and development activities, and growing Chinese production.

Silicone Coating: Market Segmentation

Silicone coatings are hydrophobic covalently bonded coatings that are formed when silicone films are applied to silica-based substrates. They possess properties like UV, chemical and thermal resistance along with strong adhesion to low temperature surfaces. Furthermore, the composition and attributes of silicone coatings can be altered by adding fillers or tailoring the chemical structure of the precursors that makes it among the most useful materials for a wide variety of applications.

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By product, the market is divided into:

• Silicone Additives
• Silicone Water Repellents
• Silicone Polymers
• 100% Silicone

Based on application, the industry can be segmented into:

• Building and Construction
• Consumer Goods
• Automotive and Transportation
• Industrial Application

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Increasing Environmental Concerns to Bolster the Growth of the Silicone Coating Industry

The global silicone coating industry is being driven by the increasing demand for eco-friendly coating across the globe. The rising environmental concern and the increasing global demand for green buildings in combination with stringent VOC regulations are supporting the growth of the industry. Additionally, the favourable government initiatives, particularly in North America and Europe, have further boosted the demand for silicone coating in repair work in the automotive and transportation segment. Over the forecast period, the rising disposable income and technological advancements are expected to favour the growth of the automotive and transportation industry, which, in turn, is expected to significantly contribute to the global silicone coating industry growth.

Key Industry Players in the Global Silicone Coating Market

The report gives a detailed analysis of the following key players in the global silicone coating market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Evonik Industries AG
• Wacker Chemie AG
• Shin-Etsu Chemical Co., Ltd.
• Carboline Company
• The Dow Chemical Company
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report