Silicone Coating Market Type Know the Untapped Growth Opportunities to 2027
Market Scenario
The global silicone coatings market is predicted to expand at a significant CAGR during the forecast period (2020-2027) owing to the increasing construction and automobile industry, asserts Market Research Future (MRFR). Silicone are generally used by the coating industry in order to improve its preservatives and protective attributes. Polymers as additives and resins as binders are the two types of silicone products which are used to produce silicone coatings. In the automotive and construction industries, silicone coatings provide water, scratch, and chemical resistance to their products.
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Drivers and Constraints Impacting the Market
The silicone coatings market is considered highly competitive due to the presence of a number of market players offering product differentiation for different applications. Innovations, technological breakthroughs, and studies are extensively carried out in order to expand the product’s application scope, which is further triggering the global silicone coatings market during the forecast period. Companies are also carrying out extensive research and development activities for developing innovative products which is considered to act as the prime factor for the business to sustain the competition. Utilization of conformal coatings in automotive, defense, building & construction, and automotive is considered to push the manufacturers backward integration in value chain during the appraisal period. Integration across value chain components will reduce the time required for transforming raw materials into finished products and gaining cost advantage. Integration of the processes from inbound logistics to after sales services is one of the new trends in the market, thus leading to low cost and improved quality products. Moreover, the coating industry players are involved in partnerships and acquisitions in order to ensure uninterrupted raw material supply. This is further considered to enhance the market growth during the appraisal period.
On the flip side, rising buyer bargaining power and focus on premium-quality products at low costs are forcing changes in the market’s supply chain. This is considered to dampen the silicone coatings market in the coming years.
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Competitive Dashboard
The major players operating the global silicone coatings market are BASF, ACC Silicones, Humiseal, Siltech Corporation, Evonik Industries, Dow Chemicals, Momentive Performance Materials, China National Bluestar, KCC Silicone, Wacker Chemie, and others.
Global Silicone Coatings Market: Segmental Analysis
The global silicone coatings market has been segmented on the basis of formulation, application, and region.
By mode of formulation, the global silicone coatings market has been segmented into solvent based, water based, powder, and others.
By mode of application, the global Silicone Coatings Market has been segmented into electronic, automobiles, construction, marine & aerospace, infrastructure, and others. Among these, the infrastructure segment has been further sub-segmented into residential and commercial. The construction segment is considered a major application and is anticipated to expand at the fastest growth rate. The growth is attributed to the infrastructure development and focus on green buildings along with VOC regulations which is triggering the demand for environment-friendly coatings.
Regional Insights
Geographically, the silicone coatings market span across regions namely, Europe, America, Asia Pacific, and the Middle East & Africa.
Among all the regions, the Asia Pacific region is considered to lead the global market. The growth is attributed to the rising construction and automobile industry, government initiatives, growing population, and increasing per capita income in this region. Moreover, rising innovation and developments in the end-use industries is stimulating the market in this region during the appraisal period. With the presence of a large population base and growing disposable income coupled with the government policies such as promotion of FDI and subsidies are supporting the market in this region. Also, the presence of a large number of silicon manufacturers is anticipated to act as a competitive advantage to the companies in this region.
In the American region, North America is considered the most lucrative market, serving the maximum demand for silicone coatings in terms of value as well as volume.
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Industry Updates
July 05, 2018: BOBST is presenting innovative advances in film barrier application and silicone coatings at Bobst Italia Coating Days. The investment program BOBST has committed in the development of innovative coating technologies for the growing market demand is remarkable.
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