Silicone coating market size is forecast to reach US$8.6 billion by 2027 after growing at a CAGR of 5.8% during 2022-2027. The silicone coatings are employed in various end-use industries such as building and construction, automotive, and others due to silicone water repellents features, which have a waterproofing tendency, this results in more durability. Moreover, for coating applications, silicon-based polymers are excellent materials because these compounds offer exceptional features such as high chemical, thermal, and UV resistance, as well as robust adherence to most surfaces. The silicone coating market is majorly driven by the growing demand from the consumer goods industry. Similarly, the expanding demand from the automotive industry is also fueling the growth of the silicone coating industry. Moreover, the growing building and construction activities are further boosting the silicone coating demand, thereby, propelling the silicone coating market growth during the forecast period.
COVID-19 Impact
The Covid-19 pandemic in 2020 prompted countries all over the world to enforce stringent lockdown measures, as a result of which consumer goods manufacturing, including air conditioners, refrigerators, and other appliances was halted, this negatively impacted the market growth. For instance, according to the International Energy Agency (IEA), in the year 2019, the production of air conditioners in China was 45 million units, and in the year 2020, it was 42 million, a decline of 7.1%. However, in the year 2021 governments all across the world eased their Covid-19 rules and regulation to support their economies, owing to this the market will further grow. Furthermore, it is projected by the end of 2022 the Covid-19 pandemic impact will be over, this will lead to the silicone coating market growth scenario back to the pre-Covid-19 state.
Silicone Coating Market Segment Analysis – By Formulation Type
The water-based segment held the largest share in the silicone coating market in 2021 and is growing at a CAGR of 6.1% during 2022-2027. The water-based formulation provides outstanding coating characteristics, durability, and resistance to high temperatures and the impacts of corrosive environments. Silicone water repellents-based formulations are employed in silicone coatings because they have a high degree of flexibility and reduce moisture and solar radiation absorption, resulting in greater environmental resilience and fewer solvent emissions. Moreover, The VOC (Volatile Organic Compounds) content in the water-based is significantly lower when compared with solvent-based, which results in more adoption by manufacturers. As a result of these factors, the water-based formulation is utilized in silicone coating, which is accelerating the growth of the market.
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Silicone Coating Market Segment Analysis – By End-Use Industry
The consumer goods segment held the largest share in the silicone coating market in 2021 and is growing at a CAGR of 7.3% during 2022-2027. The use of silicone coating in computers enhance crucial surfaces in computer systems manufacturing; owing to this advantage silicone coating is widely employed in semiconductors. Moreover, the growing computer production is further propelling the market growth. For instance, according to Japan Electronics and Information Technology (JEITA), the total global production of computers was US$44.63 billion, and in 2020 it was US$46.72 billion, an increase of 4.7%. Thus, the growing consumer goods industry will fuel the silicone coating market growth.
Silicone Coating Market Segment Analysis – By Geography
Asia-Pacific region held a significant share in the silicone coating market in 2021 up to 38%. The increasing consumer goods industry in the region is accelerating the market. For instance, according to Invest India, it is anticipated that India’s consumer appliances and electronics industry will reach US$21.18 billion growing at a CAGR of 11% by 2025. Moreover, the increasing building and construction activities in the region are fueling the growth of the market. For instance, according to Invest India, India’s construction industry is anticipated to reach US$1.3 trillion by 2025. Also, the ongoing infrastructure development projects in China such as Shanghai Urban Rail Transit Expansion US$44.23 billion, South-North Water Transfer Project, Beijing Airport, and more will further fuel the growth of the market. Thus, the growing consumer goods and building and construction in the Asia-Pacific region are anticipated to propel the demand for the silicone coating market.
Silicone Coating Market Drivers
Rapid Development of the Automotive Sector
Silicone coatings are employed in the automotive industry in interiors and exteriors, due to their multiple advantages such as resistance to heat more than 200°C, moisture resistance, flexibility and softness, and more. The growing automotive industry is accelerating the demand for silicone coating. For instance according to Organisation Internationale des Constructeurs d’Automobiles (OICA), in the year 2020, the total motor vehicle production in North America was 5,307,516 and in the year 2021(till November 2021) was 6,999,932, an increase of 32%. Moreover, in the year 2020, the total motor vehicle production in Europe was 6,952,421 and in the year 2021 (till November 2021) was 8,807,069, an increase of 27%. Also, in the year 2020, the total motor vehicle production in North America was 17,818,598 and in the year 2021(till November 2021) was 22,685,914, an increase of 27%. Thus, it is anticipated that the growth of the automotive industry, will subsequently drive the market growth during the forecast period.
Increasing Demand from Building and Construction Industry
The silicone coating serves as an additional layer of protection for building structures, protecting them from harsh elements. The use of silicone coating for roof waterproofing and enhancing UV resistance for increased durability is expected to enhance the market even further. The increasing construction activities in the world are fueling the growth of the market. For instance, according to Unites States Census Bureau, in June 2021 statistics shows that US privately-owned housing units were 15,94,000 and in July 2021 it increased to 16,35,000, an increase of 2.6%. Moreover, according to the German Federal Statistics Office, in 2019, the residential and non-residential building and construction activities in the German region were 222,678 and in 2020 it was 232,208, an increase of 4.3%. Thus, the increasing building and construction activities across the world are accelerating the growth of the market.
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Silicone Coating Market Challenges
High Cost of Silicone Coating
The high cost of silicone coating is posing a major challenge for the growth of the market. Also, the increasing raw material price such as silicone is making the cost of the product high. Similarly, the high tech manufacturing process makes the manufacturing process costly, as a result, companies are increasing their silicone coating product price, For instance, in March 2021, Shin-Etsu Chemical Co., Ltd., based in Japan, has declared that all of its silicone goods, which are one of Shin-key Etsu’s business divisions, will be increased in price both in Japan and abroad. Thus because of these factors, the silicone coating cost is increasing.
Silicone Coating Industry Outlook
Technology launches, acquisitions, and increased R&D activities are key strategies adopted by players in the silicone coating market. Major players of the silicone coating market are:
CHT UK Bridgwater Ltd
Dow
Elkem Silicones
Evonik Industries AG
HumiSeal
KCC Silicone
Milliken & Company
Momentive
Shin-Etsu Chemical Co. Ltd
Wacker Chemie AG
Recent Developments
In March 2021, Wacker Chemie AG launched a new product DEHESIVE, it is a silicone coating for releasing papers and films that is free of fossil fuels.
In November 2020, Raleigh Coatings a UK-based silicone coating manufacturer was acquired by Advanced Medical Solutions Group plc, by integrating in-house specialist services of acrylic and silicone coating, the acquisition will boost AMS’s position in the silicone coating market.
Key Takeaways
Asia-Pacific region dominates the Silicone Coating market, owing to the increasing consumer durable industry. According to Invest India, by 2025, the appliance and consumer electronics business is predicted to grow by a factor of two, to INR 1.48 lakh crore (US$21.18 billion).
Silicone coatings’ ability to withstand severe temperatures and not break down even when exposed to UV radiation has made them a primary choice for extending the life of roofs, particularly those in oil and gas plants.
Moreover, because of its low-temperature resistance, chemical resistance, flexibility, and corrosion resistance, silicone polyurethane coating has been widely used as a finish in heavy-duty anti-corrosion systems.
Nevertheless, on the other hand, the silicon coating market growth is expected to be hampered by high raw material production costs.
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