Increasing Infrastructure Development and Rising Automotive Manufacturing Will Provide Lucrative Opportunities for Silicone Coating Suppliers across the World
United States, Rockville MD, June 09, 2022 (GLOBE NEWSWIRE) -- According to a recently published Fact.MR report, the global Digital Transaction Management Software market is projected to grow at a compound annual rate (CAGR) of 25% between 2022 and 2032. The market is expected to reach US$ 93.25 Bn by the end of 2032.
The silicone coatings market will be primarily driven by trends of industrialization and urbanization across the world. Rising construction activities, increasing use of silicone coatings in automotive manufacturing, and growing popularity of the features of silicone coatings are expected to favor market growth. However, high costs of production and increased availability of low-cost alternatives are anticipated to have a hindering effect on the demand growth of silicone coatings over the coming years.
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Silicone coating manufacturers are increasing their investments in the research and development of new products to expand their product portfolios. New product launches are expected to be a popular trend among key market players going forward.
In May 2022, PPG, a leading supplier of specialty materials and coatings, showcased its innovations aimed at mobility, sustainability, and efficiency. The PPG SIGMAGLIDE™ 1290 silicone-based marine coating and other coatings were showcased at the event.
Key Segments Covered in the Silicone Coatings Industry Survey
Silicone Coatings Market by Type :
Silicone Coating Additives
Silicone Coating Polymers
Silicone Water Repellents
Silicone Coatings Market by Application :
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Key silicone coating manufacturers are focusing on expanding their product portfolio by launching new products to increase their revenue generation capacity on a global scale.
In December 2021, Evonik, a German specialty chemical manufacturer, announced the launch of its new silicone coating. The new TEGO RC 1442 silicone release coating can be used for several applications such as tapes, adhesives, graphic arts, industrial release liners, etc.
Key players in the Silicone Coatings Market
Wacker Chemie AG
Shin-Etsu Chemical Co. Ltd
Milliken & Company
CHT UK Bridgwater Ltd
Evonik Industries AG
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Key Takeaways Silicone Coatings Market Study
In 2022, the silicone coatings market accounts for a valuation of US$ 6.64 billion.
From 2022 to 2032, the silicone coatings market is expected to exhibit expansion at a CAGR of 6% to reach US$ 11.8 billion by the end of 2032.
Increasing construction activity, rising disposable income, rapid urbanization & industrialization, and increasing focus on sustainability are prime factors driving silicone coatings market growth.
The polymers segment is anticipated to be valued at US$ 3.68 billion by 2032 and currently accounts for a prominent market share of 28%.
High cost of production and presence of low-cost alternatives are expected to have a constraining effect on market growth potential.
The North America silicone coatings market accounts for a dominant market share of 32.3%.
Construction application of silicone coatings is anticipated to increase at a CAGR of 6.6% across the forecast period.
Demand for silicone coatings in India is projected to reach a revenue of US$ 924.5 million by 2032.
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