Market Research Future (MRFR) studied the global silicone coating market 2021 for the analysis period till 2023. As per MRFR study, the global silicone coating market is expected to surge at about 6.6% CAGR over the forecast period. By 2023, the silicon coating market value is expected to touch a considerable revenue.
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Drivers and Restrains Impacting Silicone Coating Market
Advancements of silicone-based technologies (SBT) and the availability of silicon products in several forms, such as; silicone-based oils, resins rubbers, and coatings among others are some factors that can support the market growth in the years to come. The growing awarness about effectiveness of silicon-based coatings has widened the scope for high-performance applications in the coatings industry. Weathering resistance and high thermal stability are some features of silicone coatings that make them widely applied in the electronics industry. Silicone coatings provide corrosion resistance to different electrical assemblies used in harsh environment and are required to protect electronics from dust and electrical shorts. The increasing demand for silicone coatings in the expanding electronics industry can drive the market in forecast period.
In addition, silicone coatings are also finding applications in different end-use industries, such as; healthcare, construction, automotive, and transportation sector, on account of their high performance and reliability. Thus, is expected to promote the silicone coating market. The growing utility of silicone-based coatings in the booming marine industry to prevent fouling in naval vessels. Thus, the surging demand for high-performance silicon coatings in the shipbuilding industry is likely to generate lucrative opportunities in the forecast tenure. Further, the excellent gloss retention properties, and enhanced smoothing and leveling properties of silicon coating, make them widely used in the textile industry, which, in turn, can add value to the worldwide market of silicon coating market. Some top trends that re identified in the global silicon coating market are new product developments used in the construction applications, such as; roof coatings, can support the market upsurge. On the contrary, amidst several advantages of silicone coatings, the high cost of silicone coatings can hinder the rise of the market.
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Key Players of Silicon Coating Market
Evonik Industries AG (Germany), BASF SE (Germany), Dampney Company (USA), Momentive (US), Henry Company (US), Dow (US), Wacker Chemie AG, (US), American WeatherStar TRUE WATERPROOFING POWER (US), CHT UK Bridgwater Ltd (UK), THE GRIFF NETWORK, Shin-Etsu Chemical Co., Ltd (Japan), KM COATINGS (US), and Karnak (US) are some well-established companies in the global silicon coating market that are enlisted by MRFR in the report.
Segmentation Assessment of Silicone Coating Market
The global Silicone Coating Market segment analysis is based on the type and end-use industry. The type-based segments of the silicon coating market are silicone additives, 100% silicone, silicone polymers, and silicone water repellents. The technology-based segments of the silicon coating market are solvent-based, water-based, solvent-less, and powder-based. The end-use industry-based segments of the silicon coating market are construction, automotive & transportation, electronics, paper & film, consumer goods, and marine among others.
Regional Analysis of Silicone Coating Market
The global silicone coating market is assessed across the span of five major regions; North America, Asia Pacific, Latin America, Europe, and the Middle East & Africa.
In the North America region, the silicon coating market is likely to acquire the largest market share by end of the evaluation period. The increasing demand for silicone coating in high-end user industries, such as; electronics, construction, medical devices, and automotive, is anticipated to register a considerable growth pace over the forecast period. Further, the increase in commercial and residential construction activities in the US that offer lucrative opportunities for silicone coatings solutions in roofing applications can support the market growth.
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In Asia Pacific region, the silicon coating market can witness the expansion of the market in terms of volume and value. China is anticipated to grow with a decent CAGR in the analysis period owing to increasing silicone coatings applications across textile industries. The increase in demand for consumer goods can add to the rise of APAC silicon coating market. Also, with the expansion of electronic industry and the use of silicone coatings on printed circuit boards can augment the market rise in the region. In addition, macroeconomic trends, such as; increment in disposable income, surge in spending power of consumer, and high adoption rate of advanced technological devices, are creating lucrative prospects for silicone coating producers in APAC, thus can prompt the market upsurge.
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