Silicone Coating Market worth $6.60 billion by 2021
The market size of silicone film is to be USD 794 million in 2018 and is projected to reach USD 1,087 million by 2023, at a CAGR of 6.5%, from 2018 to 2023. The high growth of end-use industries consuming silicone film across the world coupled with efficient and superior properties of these silicone films is driving the market. Rising awareness of high-quality silicone products and demand from Asia-Pacific which is experiencing substantial growth fuelled by their increasing population also drive the market.
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Consumer goods is the largest application for silicone coating
Silicone coating are used in various applications such as construction, automotives & transportation, consumer goods, marine, paper & film release, and others. In 2015, the consumer goods application accounted for the largest market share, in terms of value. It is driven by the demand for electronics products from the growing population, especially in China, U.S., and India. The construction application is the second-largest application of silicone coating due to growing awareness about its uses in construction areas such as tiles, concrete, mortar, wood & wood panel, and perlite.
Silicone water repellent is the fastest-growing composition type for silicone coating
Silicone water repellents are the fastest-growing composition type of silicone coatings globally. This is due to its effective hydrophobic properties with excellent weather resistance properties. The key driver for the growth is the increasing usage in of silicone water repellents in construction application and growing manufacturing & construction sector in Asia-Pacific.
Rising demand in Asia-Pacific is the major driver of the silicone coating market
In 2015, North America accounted for the largest market share, in terms of volume and value. However, the high demand in Asia-Pacific is expected to be the major driver of the global silicone coating market. This is due to the increasing demand for quality coating products, rising population in the region, and growing innovation and developments in end-use industries, making it a strong industry hub.
The players profiled in the silicone coatings market report include Dow Corning Corporation (U.S.), Wacker Chemie AG (Germany), Momentive Performance Material Inc., (U.S.), Shin-Etsu Chemical Co ., Ltd. (Japan), KCC Silicone (South-Korea), and other regional players.
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