Industry Insights
The global silicone coating market size was valued at USD 4.07 billion in 2016 and is expected to be growing at a CAGR of 5.9% during the forecast period. Increasing coating demand from consumer goods and construction are likely to drive the industry growth. Increasing use of environment - friendly and energy saving products is expected to spur the market growth further.
The silicone coating industry is highly competitive owing to the presence of a vast number of market players striving to offer product differentiation for various applications. Companies are carrying out research & development activities for developing new and innovative products as product differentiation is the key factor for the businesses to sustain the competition. Technological breakthroughs, innovations, and studies carried out for expanding the product’s application scope are projected to foster the demand over the forecast period.
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Product Insights
100% silicone emerged as the largest product segment and accounted for more than 33% of the market in 2016. Its properties such as light weight, high tensile strength, clarity for transparency, and electromechanical resistance results in its suitability for various high heat applications such as exhaust stacks, furnaces, wood - burning stoves, lighting fixtures, and barbeque grills. Apart from heat resistant coatings, it is also used as abrasion resistant and food contact release coatings.
Silicone water repellent coating is the fastest growing product segment owing to its applicability over various surfaces and applications. In building facades, trapped moisture behind or within the substrates adversely affect longevity, degrades living comfort, and increases heating cost & thus the carbon dioxide emission.
Water repellency results in hydrophobicity which inhibit water from roaming through the substrate, thus provide moisture resistance to buildings. On account of excellent weather resistant characteristics, low heat conductivity, excellent shock resistant properties, this product segment is expected to gain popularity over the forecast period.
Silicone water repellent does not require solvents, thus contains very low volatile organic compounds (VOC), thereby making it suitable for energy - efficient buildings and indoor air quality improvement. Moreover, the rising demand for green buildings is expected to create a high growth potential for this product segment over the next nine years.
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Application Insights
Consumer goods sector emerged as the largest application segment and accounted for over 30% of the market share in 2016. Silicone offers excellent gloss retention property which makes it a suitable choice for coating household appliances and jewelry. Moreover, the growth of the consumer goods sector is directly proportional to the consumers buying power. Thus increasing disposable income results in more spending on product & services which act as a driving force behind growing consumer goods market.
Advancements in automobile technology coupled with increasing disposable income and standard of living are projected to drive the automotive and transportation industry. Infrastructure development, combined with the growing population in developing nations such as India and China is anticipated to create a high growth potential for automotive manufacturers. Economies such as China, India, Brazil, and South Africa are expected to grow exponentially over the next few years.
Regional Insights
The silicone coating is widely used in industrial and automotive applications owing to its excellent properties such as resistance from heat, dust, moisture, weather, electricity along with superior hydrophobicity. Low - cost labor and raw materials coupled with the presence of various application and end use industries in the Asia Pacific are driving demand in this region.
China and India occupy significant market shares in the global manufacturing sector and are also leading automotive producers. Developing economies such as India, Indonesia and China are expected to witness strong economic growth over the coming years.
Report Scope
Attribute
Details
Base year for estimation
2016
Actual estimates/Historical data
2014 - 2016
Forecast period
2017 - 2025
Market representation
Revenue in USD Million and CAGR from 2017 to 2025
Regional scope
North America, Europe, Asia Pacific, Central & South America, Middle East & Africa
Country scope
U.S., Germany, UK, France, China, Japan, India.
Report coverage
Revenue forecast, company share, competitive landscape, growth factors and trends
15% free customization scope (equivalent to 5 analyst working days)
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